The Senate will return from recess to debate narrower relief options without provisions impacting the ARM industry. Editor’s note: This article is available for members only.
9/4/2020 9:00
As negotiations on COVID-19 economic relief continue, ACA International is working closely with Congress to ensure problematic provisions of the legislation impacting the accounts receivable management (ARM) industry are modified or not included in the next legislative package.
These advocacy efforts are paying off as the U.S. Senate GOP is slated to vote on a narrower $1.3 trillion relief package next week based on The Health, Economic Assistance, Liability Protection and Schools (HEALS Act) from the Senate and the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) ACT from the U.S. House of Representatives.
The relief bill is not expected to include provisions in the HEROES Act that would impact the ARM industry. However, there may be additional packages still this year and ACA’s advocacy team continues to educate lawmakers crafting those.
ACA has been working with members of Congress to educate them about problematic provisions in the HEROES Act, which would impede the work of the industry.
The Senate will return from its August recess next week. The Hill reports the “focused” coronavirus relief bill needs 60 votes to pass in the Senate.
Democrats are proposing a $2.2 trillion relief package at the center of discussions between House Speaker Nancy Pelosi, D-Calif., and Treasury Secretary Steven Mnuchin, according to The Hill.
When the negotiations on the HEROES Act and HEALS Act stalled in August, President Donald Trump announced four executive orders or moratoriums to provide economic relief, ACA previously reported.
There was also some debate on the legal standing of the president’s executive actions, The Hill reports.
Under the president’s moratorium on continued student loan payment relief during the COVID-19 pandemic, the suspension of student loan payments as well as a 0% interest rate for loans will continue until Dec. 31, 2020. Student loan payment relief started in March under an order from the White House and it was first extended in the Coronavirus Aid, Relief, and Economic Security (CARES) Act through Sept. 30, 2020.
The president also issued a moratorium on deferring payroll tax obligations and extended the moratorium on evictions and unemployment insurance.
ACA will continue to follow the economic relief legislation to provide updates for readers.
Related Content from ACA International:
From the Web: Debate on Unemployment Insurance Benefits Continues
U.S. Senate Takes Recess Until September; No Agreement on Coronavirus Relief Funding
ACA Advocacy: Comparing Senate and House Economic Relief Proposals
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