Federal Government Updates: Vaccination Requirements and Loan Opportunities
Yesterday, President Biden made a number of announcements about upcoming federal vaccine requirements. Many of these requirements have yet to be written formally, but we learned in general what they will cover. The announcement also included an update on new and expanded opportunities for loans from the Small Business Administration (SBA).
Here is a summary of what was announced yesterday regarding vaccines:
The Occupational Safety and Health Administration (OSHA) will require that all employers with 100 or more employees ensure that their workforce is fully vaccinated or require that any employees who remain unvaccinated produce a negative COVID-19 test each week before coming to work. The order will also require large employers to provide paid time off for workers to get vaccines or to recover from side effects. The timeline for OSHA to issue this Emergency Temporary Standard has not been announced.
The Centers for Medicare & Medicaid Services (CMS) is working on action torequire vaccination for workers in most healthcare settings, such as hospitals, dialysis facilities, ambulatory surgical centers, and home health agencies. These rules will expand on the requirements currently in place for nursing home staff.
The president issued an Executive Order requiring that all Federal employees be vaccinated. This particular order only applies to federal government employees.
The president encouraged large entertainment venues to require patrons to be vaccinated or show a negative test for entry, but did not announce a requirement to that effect.
Increasing the EIDL loan cap from $500,000 to $2,000,000. The SBA will start approving loans greater than $500,000 on October 8 (the SBA will only approve loans of up to $500,000 until then).
Allowing EIDL funds to be applied to payment of higher-interest debt (including pre-payment of commercial debt).
Allowing a24-month deferment of payment on all EIDL loans, including adjusting existing loans with shorter deferment terms.
Simplifying affiliation rules and raising the aggregate loan cap for entities within a single corporate group to $10,000,000.
Adding ways to meet program size standards for businesses in particularly hard-hit industries (including accommodations, food service, arts, and entertainment).
Businesses can apply for COVID-19 EIDL on the SBA website.
As always, the Chamber is ready to assist our members. Please visit our COVID-19 Resource Center for more COVID-19 resources. Please reach out to Scott E. Pedowitz, Government Affairs Director, at advocacy@arlingtonchamber.org with any questions and we will work to get you an answer as quickly as possible.