H.R. 6844, the "Employer and Employee COVID Protection Act"
To provide expanded unemployment protection for employees and a limitation on liability for employers with respect to exposure to COVID-19.
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S. 3714, "PPP Deadline Extension Adjustment for Loans Act” or the “PPP DEAL Act”
A bill to extend the covered period for loan forgiveness and the rehiring period under the CARES Act, and for other purposes.
H.R. 6850, the "Protect our Checks Act of 2020"
To protect stimulus checks from garnishment and fees and from being used as an offset by a credit union or depository institution, and for other purposes.
H.R. 6886, the "Paycheck Protection Program Flexibility Act of 2020"
To amend the Small Business Act and the CARES Act to modify certain provisions related to the forgiveness of loans under the paycheck protection program, to allow recipients of loan forgiveness under the paycheck protection program to defer payroll taxes, and for other purposes.
H.R. 6892
To amend the CARES Act to add requirements for the Main Street Lending Program related to non-profit organizations, small businesses, minority depository institutions, and community development financial institutions, and for other purposes.
H.R. 6893, the "More PPP Act"
To amend the CARES Act and the Small Business Act to make certain adjustments to the paycheck protection program, and for other purposes.
Bipartisan Commission Offers Blueprint for Fed, Treasury Oversight of Emergency Lending Programs
A congressional commission charged with supervising hundreds of billions of dollars in emergency lending programs for businesses and municipalities provided a blueprint on Monday for where it will focus its oversight efforts, Politico reported. Among the more than 50 questions posed in its first report, the bipartisan panel pressed the Federal Reserve and Treasury Department on how they will measure the success of those lending programs — almost none of which have yet started. “If the agencies use economy-wide metrics, like GDP growth, unemployment rates, or wage growth, how will they isolate the effects of this program from other factors, including other federal and state relief measures?” the four-member commission, which does not yet have an appointed chair, asked. “If the agencies use more narrow metrics, like [company borrowing costs], how will they assess how changes in those metrics affect the broader economy, including the financial well-being of the people of the United States?” they added. While the massive bailout is a centerpiece of the government's efforts to rescue the economy from the coronavirus crisis, Treasury has not begun lending to airlines and businesses important to national security, though it has received applications. Commission reports are required every 30 days on the progress of the Fed and Treasury in carrying out lending to businesses and municipalities. The current members are Sen. Pat Toomey (R-Pa.); Bharat Ramamurti, a former aide to Sen. Elizabeth Warren (D-Mass.); Rep. Donna Shalala (D-Fla.) and Rep. French Hill (R-Ark.).
Powell, Mnuchin to Face Senate Banking Committee in Hearing on U.S. Coronavirus Economic Response
The U.S. government’s handling of its massive economic response to the coronavirus pandemic will come under scrutiny today as Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell testify before the Senate Banking Committee at 10 a.m. EST. Senators are expected to grill Mnuchin and Powell about actions still needed to keep the world's largest economy afloat and about missteps in rolling out some $3 trillion in aid so far. As more states reopen businesses, the government is closing in on the end of an eight-week program to funnel money to small businesses to avoid layoffs, prompting calls to extend the $660 billion Paycheck Protection Program. President Donald Trump said on Monday that such an extension “should be easy.” Other programs aimed at helping larger companies and municipal bond issuers through a sharp recession are just getting started and Powell and Mnuchin may provide details on their application. Powell said in prepared remarks for the hearing released on Monday that the Coronavirus Aid, Relief and Economic Security (CARES) Act was “critical” to the U.S. central bank’s ability to expand credit throughout the economy to offset the economic blow from the coronavirus. To obtain prepared testimony and a link to the live webcast of the hearing, please click here.
Justice Dept. Subpoenas Wall Street Banks for Small Business Loans Info
The U.S. Justice Department has sent grand jury subpoenas to big banks seeking records as part of a broader investigation into potential abuse of a $660 billion emergency loan program to help small businesses hurt by the novel coronavirus, Reuters reported. The previously unreported subpoenas issued by the department’s Washington fraud division do not necessarily indicate wrongdoing on the part of the banks, but will compound growing worries among lenders that they risk being swept up in a federal crackdown on Paycheck Protection Program fraud. The program allows small businesses hurt by the pandemic to apply with lenders for a government-backed loan which can be forgiven provided at least 75 percent is spent on payroll costs. Policymakers worry that the huge pot of cash has been a magnet for fraudsters, and U.S. Treasury Secretary Steven Mnuchin has warned that companies found to have lied to secure loans could face prosecution. The Justice Department opened a probe into the program last month and has already brought criminal charges against borrowers it alleges lied about the state of their businesses and numbers of employees.
