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Government Affairs Committee Dissects CARES Act Impact on OFS Sector

Remote-Events Header3Throughout the ongoing developments at federal, state and local levels, PESA’s Government Affairs team and Committee continue to provide the oilfield services and equipment sector with up-to-date and relevant information. PESA’s Government Affairs Committee, led by PESA Advisory Board Member Todd Ennenga, Halliburton, hosted a teleconference on March 27 discussing the implications of the CARES Act on the sector.

Tim Tarpley, Vice President Government Affairs, offered members an overview of various key portions of the CARES Act, including individual payments and Small Business Administration loans. PESA’s diverse membership includes a majority of small businesses, where companies have fewer than 500 employees and who could be eligible for emergency loans. Tarpley reviewed various other requirements for eligibility included in guidance published by PESA. 
Microsoft Word - PESA SBA Loan Guidance.docx

For companies that are more than 500 employees, they can access resources through the Treasury stabilization funds. Tarpley also noted the requirements, which include that the loans are short term and must be secured. Companies would lose eligibility if they do not maintain at least 90% of their employment levels as of March 24, 2020. Tarpley also highlighted that the Treasury Inspector General and the Congressional Advisory Board are currently being formulated. Additional details about the Treasury funds are in PESA’s summary of the CARES Act. Ennenga and Tarpley encouraged those on the call to apply for funds as soon as Treasury releases guidance on accessing the program.

Considering future legislation at the federal and state level, PESA’s prioritizes continued inclusion of our sector’s workforce as essential workers in critical infrastructure. PESA along with the International Association of Drilling Contractors (IADC), are requesting that state and local jurisdictions facilitate continued oilfield service and equipment operations as essential services. Additional priorities ranged from 301 tariff relief and diplomatic resolutions between Russian and Saudi Arabia. Through its committee structure, PESA will continue to work on priorities for the entire oilfield sector, including an information page that details the current shutdown orders for states and counties where PESA Members have significant operations. This page will be updated as the crisis continues. 

 If you would like to join the Government Affairs Committee or be included on future calls, please contact Tim Tarpley, Vice President Government Affairs.

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