On May 12, 2020, the Democratic Speaker of the House of Representatives, Nancy Pelosi, released her proposal for “phase four” of federal legislation to provide relief regarding the coronavirus pandemic. This legislation, the Health and Economic Recovery Omnibus Emergency Solutions Act, or “HEROES” Act, totals $3 trillion and is expected to pass the House of Representatives on Friday, May 15, 2020. Republican Senate Majority Leader Mitch McConnell has called the bill “aspirational” and said several times he does not plan to act immediately on another round of stimulus legislation. However, he and Senate Republicans have started developing their own major package of COVID-related liability reforms to foster economic recovery. The final bill that is passed into law will be a result of negotiations between the two sides, and it will likely look much different than this iteration of the HEROES Act.
Additional information, updates, and analysis regarding the HEROES Act, and all relevant Congressional relief efforts, will be posted on Foley’s Coronavirus Resource Center. Please check back frequently for updates. Foley is available to assist in interpretation of the HEROES Act for your business and can help you find ways to claim and/or use available funding for your company.
For more information about recommended steps, please contact your Foley relationship partner. For additional web-based resources available to assist you in monitoring the spread of the coronavirus on a global basis, you may wish to visit the CDC and the World Health Organization.
Foley has created a multi-disciplinary and multi-jurisdictional team, which has prepared a wealth of topical client resources and is prepared to help our clients meet the legal and business challenges that the coronavirus outbreak is creating for stakeholders across a range of industries. Click here for Foley’s Coronavirus Resource Center to stay apprised of relevant developments, insights and resources to support your business during this challenging time. To receive this content directly in your inbox, click here and submit the form.