H.R. 6544, the "Payday and Predatory Loans Moratorium Act of 2020"
To establish a moratorium on collection efforts made by certain lenders against borrowers affected by coronavirus.
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H.R. 6576, the "Stop Overdraft Profiteering during COVID–19 Emergency Act of 2020"
To prohibit depository institutions from assessing overdraft and nonsufficient fund fees during the novel coronavirus crisis and other disasters, and for other purposes.
H.R. 6597, the "Equity in Student Loan Relief Act"
To extend zero interest rate benefits and payment suspension to certain Federal student loan borrowers, and for other purposes.
H.R. 6632
To amend the CARES Act to provide for repayment terms for mortgages in forbearance, and for other purposes.
H.R. 6642, the "Court Access Amid the Pandemic Act"
To authorize video teleconferencing and telephone conferencing of proceedings during the COVID–19 emergency period, and for other purposes.
H.R. 6683, the "Relief for America's Small Farmers Act"
To provide loan forgiveness for certain borrowers of Department of Agriculture direct farm loans, and for other purposes.
S. 3596, the "“Safeguarding Small Business Act."
To make technical corrections to the CARES Act to remove all tax liability associated with loan forgiveness under the Paycheck Protection Program.
Mnuchin Supports Changes to Small-Business Aid Program
Treasury Secretary Steven Mnuchin said Monday that the government will look to make fixes to help restaurants and others participate in the $660 billion small-business aid program, a move that could help ease some of the criticism surrounding the program, the Wall Street Journal reported. The Paycheck Protection Program’s forgiveness requirements mandate that borrowers spend 75 percent of the loan on worker salaries, and for the forgivable amount to be spent over an eight-week period. That has drawn objections from many business owners who say they need more money for rent and other overhead costs and from industries that remain mostly closed, as mandated by state regulations. The National Restaurant Association, for example, has suggested the period should begin at least three weeks after applicable state restaurant closures are lifted. Mnuchin signaled yesterday that he would be open to some program tweaks. “One of the things we’re particularly sympathetic to are the restaurants,” Mnuchin said. “Many of the restaurants are just beginning to open up and have said that they’d really like to hold the money. They can’t do that; that’s not something we can do. But we’ll look at a technical fix.” Small-business advocates, lawmakers and small firms themselves have been pushing for federal agencies to issue additional guidance on the program’s forgiveness requirements, and for more leniency in the terms. Read more. (Subscription required.)
In related news, Treasury Secretary Steven Mnuchin also said yesterday that he sees no need for the country to buy back debt and that he plans to borrow money long-term to lock in low interest rates, as the coronavirus pandemic rocks the economy, Reuters reported. “One of the reasons I do feel comfortable with us spending all this money is because interest rates are very low. And we’re taking advantage of long-term rates,” Mnuchin said. “Because of the amount of debt we have in short-term that does roll off and the amount of debt we’re using for these deficits, I think we have tremendous opportunities without needing to buy back debt.” The Treasury last week announced a record-busting plan to borrow $3 trillion during the April-June quarter to fund coronavirus economic rescue programs and cover a massive drop in revenues. It launched a new 20-year bond to extend maturities. Read more.
Senate Hearings Today to Examine Liability During COVID-19 Pandemic, Returning to Work and School and Oversight of Financial Regulators
Three Senate Committees will hold hearings today looking at key issues related to the COVID-19 pandemic and the financial fall-out from it:
The Senate Health, Education Labor and Pensions Committee will hold a hearing today at 10 a.m. EST titled, "COVID-19: Safely Getting Back to Work and Back to School.” For the witness list and to access a live web stream of the hearing, please click here.
The Senate Judiciary Committee will hold a hearing today titled "Examining Liability During the COVID-19 Pandemic" at 2:30 p.m. EST. For the witness list and to access a live web stream of the hearing, please click here.
The Senate Banking Committee will hold a hearing today at 10 a.m. EST titled "Oversight of Financial Regulators." For the witness list and a link to the live webcast, please click here.
