The U.S. Treasury issued a new loan forgiveness application form for Payroll Protection Program (PPP) loans of $50,000 or less, intending to simplify the loan review process for smaller loan amounts. While the new form was reduced from five to two pages, it still requires the borrower to submit significant documentation (bank statements, tax forms, payment receipts, employee benefit statements, etc.). While welcoming the revised form, SEMA has joined a coalition of companies and organizations seeking a more streamlined process so that small-business owners can invest in jobs and supporting their local economies rather than spending time and resources on paperwork. The PPP has provided 5.2 million loans worth $525 billion to American small businesses, according to the U.S. Treasury.
The U.S. Trade Representative (USTR) has processed additional requests for exclusions from the 25% tariffs imposed on Lists 1 and 2 imports from China.
President Trump directed the U.S. Department of Commerce to investigate whether imported cars and auto parts pose a national security threat justifying tariffs of up to 25%.
Legislation to increase the age requirement of antique, rare or special-interest motor vehicles from 20 years old or older to 30 years old or older was introduced.
December 17, 2015
A federal judge has approved a $5.7 billion settlement between Visa/MasterCard and U.S. merchants over fees charged each time a customer swipes a credit or debit card. The ruling follows years of litigation over allegations that the fees were improperly fixed.