Today’s update on federal government activities in response to COVID-19, includes the Fed’s release (last night) of additional information on the forthcoming Main Street Lending Program.
Congress
Today, by a vote of 417-1, the House
passed the bipartisan
Paycheck Protection Program Flexibility Act, authored by Reps. Phillips (D-MN) and Roy (R-TX). The bill modifies the CARES Act’s Paycheck Protection Program (PPP) to provide additional flexibility for borrowers. As reported in our
Wednesday update, the bill was modified at the last minute to reduce from 75 to 60 percent the portion of loan proceeds required to go toward payroll (as introduced, the bill would have completely eliminated the requirement).
Also today, the House failed to pass a separate bill introduced by Rep. Phillips that would have imposed additional transparency requirements on SBA lending programs. The bill had majority support, but not the two-thirds necessary for passage under suspension of the rules.
After votes, House Majority Leader
announced that no votes are expected in the House next week – although committees will continue to work remotely. Leader Hoyer also said an updated 2020 legislative calendar will be release in the coming days.
Recent Congressional Statements / Letters
- Senate Democratic Leader Schumer Statement On Trump Admin Announcement They Will Set Aside $10 Billion For CDFIs To Participate In The Paycheck Protection Program, May 28, 2020
- Senators Risch, Murphy, Cardin Introduce Comprehensive Global Health Bill to Prevent Future Pandemics, May 28, 2020
- Senators Hassan, Scott, Booker, Loeffler Call on Education Department to Support Students Whose Financial Aid Eligibility is Impacted by COVID-19 Pandemic, May 27, 2020
- Top Democrats Request Assurances Mnuchin Would Not Follow Illegal Orders To Withhold Federal Aid From States, May 28, 2020
- Senator Warren, Colleagues Call for Inspector General Audit of OSHA's Inadequate Enforcement Amid Growing Worker Illnesses and Deaths During COVID-19 Pandemic, May 28, 2020
- Senator Brown Introduces Legislation to Protect America’s Food Supply, May 28, 2020
- Speaker Pelosi Remarks at Press Conference Highlighting the Administration’s Failures on Testing and House Democrats’ Strong Testing Plan in The Heroes Act, May 27, 2020
- Reps. Upton, Clyburn Introduce “Rural Broadband Acceleration Act” to Speed Up Access to High-Speed Internet in Rural America, May 28, 2020
- Ohio Reps. Gonzalez and Fudge Introduce Bill Aimed at Helping Schools Reopen in the Fall, May 27, 2020
- Ways and Means Democrats Demand Answers on the Use of Prepaid Debit Cards to Deliver Economic Impact Payments, May 28, 2020
- Chairwoman Adams Opening Statement at Workforce Protections Subcommittee Hearing on Protecting Workers from COVID-19, May 28, 2020; additional hearing details here
- Coronavirus Panel to Hold 5/29 Member Briefing with Mayors on Urgent Need for More Federal Support During Pandemic, May 28, 2020
Other Stakeholder Statements / Letters
- National Restaurant Association Statement on Bipartisan Vote to Pass the Paycheck Protection Program Flexibility Act, May 28, 2020
- Retailers welcome House measure giving small businesses more time to spend Paycheck Protection Program funds, May 28, 2020
- NAM Survey: Manufacturers Face Major Headwinds, but Continue Operating in Support of COVID-19 Response, May 28, 2020
- IEA: The Covid-19 crisis is causing the biggest fall in global energy investment in history, May 27, 2020
- Urgent Need for Nonprofit Property Protection Act, May 27, 2020
- Higher Education Groups’ Letter re: COVID-19 Limited Liability Protections, May 28, 2020
- American Council on Education, Other Associations Call for Creation of New Federal Lending Facility for Nonprofits, May 26, 2020
Federal Reserve
Federal Reserve Bank of Boston releases additional information for potential lenders and borrowers in the Main Street Lending Program, May 27, 2020 (
program launch date remains TBD)
Upcoming Fed Events:
Agency Activity
Department of the Treasury
Internal Revenue Service
Department of Labor
Occupational Safety and Health Administration
Department of Health and Human Services
Food and Drug Administration
National Institutes of Health
Centers for Disease Control and Prevention
Federal Emergency Management Agency
Department of Defense
Department of Transportation
Environmental Protection Agency
U.S. Patent and Trademark Office
National Credit Union Administration
Federal Communications Commission
Commodity Futures Trading Commission
Export-Import Bank
State / Local Activity
Given the plethora of state and local actions, we recommend MultiState’s
COVID-19 Policy Tracker as a comprehensive tool to monitor the response