Crickets from DC, but Fireworks Likely in Harrisburg

April 23, 2020

Doing a scan of the various major news outlets, I don’t see much in the way of controversy over the PPP Increase Act of 2020 (aka, Stimulus 3.5).  All you can hear are the crickets out of DC, which tells me that Stimulus 3.5 is likely to be passed and approved by President Trump tomorrow.  If you have not submitted your PPP application, I would strongly suggest you contact your bank or lender ASAP.

In local news, there is a big disconnect between the Republican controlled PA State Legislature and the Democrat Governor.  It may be worth your time to watch tomorrow’s Senate hearing.  It starts at 10am and the link for access is here.   When you look at tomorrow’s panel combined with recent remarks from Governor Wolf about employers and employees going on unemployment and mix in some commentary from the floor of the PA House, there are likely to be fireworks in Harrisburg tomorrow.

A few things that I think may be relevant or important for you to know:

  • NFIB Update on Stimulus 3.5, PPP Forgiveness and Alternative Funding options:  The NFIB conducted a small business update today.  Below are the key points from the presentation:
    • Stimulus 3.5:  It goes to the House for a vote tomorrow, which is likely to pass and be signed by President Trump shortly thereafter.
    • PPP Forgiveness Overview and Clarification.  There are some helpful slides and examples as to what counts for PPP forgiveness, what does not and what needs to be further clarified.
    • Alternative Funding Options were also reviewed.  Of note, check out the link to all the State Governors’ sites, which will have any available State specific relief funding options.
  • WC Insurance Recommendation from PCCI – Update:  I sent out a release earlier this week from the NCCI related to Workmen’s Comp payments and mistakenly referred to the recommendation as a waiver of payments, which it is not.  Apologies for any confusion and here are the corrections/clarifications:
    • Correction:  The recommendation from the NCCI is that payroll dollars that are being paid to workers that are not actually working may be excluded from the annual audit done to determine your upcoming WC premium (i.e., it should lower your upcoming premium, not waive it as I wrote).
    • Clarification:  PA is not an NCCI State.  It is governed by the PA Compensation Ratings Bureau.
  • Insightful Commentary on the Market:  Brian Luster, Chief Investment Officer of Collective Family Office, sent out a market update (Why isn’t the market more worried about the social distancing recession?) that has 7 key points which I think are very insightful (see below):    
    • Remembering an Important Lesson from Recent History
    • Global Covid-19 Incidence Rates are Stabilizing
    • The Economy Isn’t A Democracy
    • Earnings Drive Valuations
    • Investors Are Again Being Pushed Up the Risk Spectrum
    • The Expectations for a Reopening of the Economy are Accelerating
    • Markets Bottom Well in Advance of the End of a Recession
  • Upcoming Webinars and Helpful Resources
    • RKL Weekly Coronavirus Webinar Series (Friday, 4/24 @ 11am):  Here is the link for the upcoming webinar:
    • Stambaugh Ness Town Hall (Tuesdays 2-4pm):  Here is the link for the webinar registration
    • National Small Business Town Hall presented by and the US Chamber of Commerce (4/24 @ 12pm) Here is the registration link.

Please see all of our prior updates at the this link.  

As always, please don’t hesitate to email myself, Andy Miller (, Christian Miller ( or anyone in our office with questions or comments.  


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