April 23rd COVID-19 Information & Resources Update
Congress Approves Additional Funding for Paycheck Protection Program & EIDL

Both the U.S. Senate and House have now passed, and the President is expected to sign, The Paycheck Protection Program and Health Care Enhancement Act, which provides additional funding to the SBA Paycheck Protection Program for businesses in response to the COVID-19 disaster, among other provisions.

The final bill, summarized below, provides additional funding for small business loans, health care providers, and COVID-19 testing.

Paycheck Protection Program
The bill:
  • Increases the appropriation level for the Paycheck Protection Program from $349 billion to $670.335 billion; this section adds $310 billion for loans and an additional $11.335 billion for administrative fees;
  • Creates a set-aside for Insured Depository Institutions, Credit Unions, and Community Financial Institutions for the Paycheck Protection Program;
  • Defines Community Financial Institutions as Community Development Financial Institutions (CDFIs), minority depository institutions (MDIs), certified development companies, microloan intermediaries, and State or Federal Credit Unions

This bill sets aside the following amounts for the Paycheck Protection Program to be
made by the following institutions:
  • $30 billion for banks and credit unions, including minority depository institutions (MDIs), with more than $10 billion in assets but less than $50 billion in assets that are PPP lenders; and
  • $30 billion for banks and credit unions with less than $10 billion in assets, as well as all Community Development Financial Institutions (CDFIs), MDIs, certified development companies (CDCs), and microlenders that are PPP lenders.
This set-aside does not prohibit these community lenders to access additional PPP funds available to all lenders.


Economic Injury Disaster Program
The Paycheck Protection Program and Health Care Enhancement Act expands the Economic Injury Disaster Loan program to increase assistance to small businesses by:
  • Increasing the authorization level for the Emergency Economic Injury Disaster (EIDL) Grants from $10 billion to $20 billion;
  • Allowing agricultural enterprises as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)) with not more than 500 employees to receive EIDL grants and loans;
  • Appropriating an additional $50 billion for the Disaster Loans Program Account to remain available until expended; and Appropriating an additional $10 billion for Emergency EIDL Grants to remain available until expended.


Health Care Providers
This bill provides $100 billion in FY2020 supplemental appropriations to the Department of Health and Human Services for the Public Health and Social Services Emergency Fund, including:
  • $75 billion to reimburse health care providers for health care related expenses or lost revenues that are attributable to the coronavirus outbreak; and
  • $25 billion for expenses to research, develop, validate, manufacture, purchase, administer, and expand capacity for COVID-19 tests to effectively monitor and suppress COVID-19.
State Legislature Passes Bill Enabling Remote Notarization of Documents

The state legislature has passed S. 2645, An Act Providing for Virtual Notarization to Address Challenges Related to COVID-19, which now proceeds to the Governor for his signature. The legislation carries an emergency preamble, meaning if signed by the Governor, it will take effect immediately.

This legislation, among other provisions:

  • Authorizes a notary public appointed under the laws of the Commonwealth to perform an acknowledgement, affirmation or other notarial act utilizing electronic video conferencing in real time.

  • Provides that an acknowledgment, affirmation or other notarial act utilizing electronic video conferencing will be valid and effective if:
  • the notary public observes each principal’s execution of a document;
  • both the notary public and each principal are physically located within the commonwealth;
  • each principal provides the notary public with satisfactory evidence of identity;
  • each principal makes the acknowledgment, affirmation or other act to the notary public, as appropriate;
  • a principal causes the executed document to be delivered to the notary public by delivery service, courier or other means in accordance with the notary public’s instructions; and
  • if the document requiring notarization and executed in the course of closing a transaction involves a mortgage or other conveyance of title to real estate, upon receipt of the executed document, the notary public and each principal engage in a second video conference during which each principal verifies to the notary public that the document received by the notary public is the same document executed during the first video conference.

  • Requires each principal, during a video conference executed under this act, to: (i) swear or affirm under the penalties of perjury that the principal is physically located within the commonwealth; and (ii) make a disclosure of any person present in the room with the principal and make that person viewable to the notary public.

  • Requires that the notarial certificate attached to an executed document include a recital indicating that the document was notarized remotely under this act.

  • Provides that nothing in this act shall affect any law or regulation governing, authorizing or prohibiting the practice of law, including, but not limited to, that the requirement that the closing of a transaction involving a mortgage or other conveyance of title to real estate only be conducted by an attorney duly admitted to practice law in the Commonwealth.

  • Requires that only a notary public appointed under the laws of the Commonwealth who is an attorney licensed to practice law in the Commonwealth, or a paralegal under the direct supervision of such an attorney, shall perform an acknowledgment, affirmation or other notarial act utilizing electronic video conferencing in real time as provided in this act, with additional requirements relative to paralegals.

  • Repeals authorization for this Act 3 business days after termination of the Governor’s March 10, 2020 declaration of a state of emergency.
As always, please do not hesitate to reach out if the Partnership can be of any assistance to you. Partnership operations are continuing throughout the duration of the current public health crisis, with our staff working remotely. You may reach me directly via email at [email protected] .
Sincerely,

Jason Palitsch
Executive Director
The 495/MetroWest Partnership