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:
 

• For Borrowers: Webinar on Main Street Lending Program – May 29


• For Borrowers: Main Street Lending Program Drop-in Session – June 3


• For Lenders: Ask the Fed Webinar on the Main Street Lending Program – June 4

 

Agency Activity

Department of the Treasury
 

• Small Business Administration and Treasury Department Announce $10 Billion for CDFIs to Participate in the Paycheck Protection Program, May 28, 2020

Internal Revenue Service
 

• Treasury, IRS provide safe harbor for taxpayers that develop renewable energy projects, May 27, 2020
  
  Related: Beginning of Construction for Sections 45 and 48; Extension of Continuity Safe Harbor to Address Delays Related to COVID-19


• Updated COVID Tax Tip: Employers can grant paid leave for COVID-19, May 28, 2020


• FAQs for Individuals Claiming the Medical Condition Exception in 2020, May 27, 2020

Department of Labor
 

• U.S. Department Of Labor Issues Alert On Social Distancing To Keep Employees Safe At Work During The Coronavirus Pandemic, May 28, 2020

Occupational Safety and Health Administration
 

• U.S. Department of Labor’s Occupational Safety and Health Administration Actions to Protect America’s Workers During the Coronavirus Pandemic, May 28, 2020,
  
  Related:  Testimony Of Loren E. Sweatt, Principal Deputy Assistant Secretary, Occupational Safety And Health Administration before the Subcommittee On Workforce Protections, Committee On Education And Labor, United States House Of Representatives, May 28, 2020

Department of Health and Human Services
 

• HHS Awards $15 Million to Combat the COVID-19 Pandemic in Rural Tribal Communities, May 28, 2020

Food and Drug Administration
 

• FDA Provides New Tool to Aid Development and Evaluation of Diagnostic Tests That Detect SARS-CoV-2 Infection, May 27, 2020


• FDA Update: Daily Roundup,  May 27, 2020

National Institutes of Health
 

• Special Request for Information: Digital Health Solutions for COVID-19, May 26, 2020

Centers for Disease Control and Prevention
 

• Travelers Prohibited from Entry to the United States, May 28, 2020


• Information for Sanitation and Wastewater Workers on COVID-19, May 28, 2020


• COVID-19 Employer Information for Office Buildings, May 27, 2020

Federal Emergency Management Agency
 

• Distribution of Infrared Thermometers, May 26, 2020

Department of Defense
 

• DOD Announces Defense Production Act Title 3 COVID-19 PPE Project: $2.2 Million Investment Will Increase U.S. Domestic Production of N95 Mask Respirator and Mask Ventilator Filter Production by Over 30 Million Combined Over the Next 120 Days, May 28, 2020

Department of Transportation
 

• U.S. Department of Transportation to Distribute Over 15 Million Cloth Facial Coverings to America’s Transportation Workforce, May 28, 2020

Environmental Protection Agency
 

• EPA Emphasizes the Need to Continue Cleaning and Disinfection Practices, May 28, 2020

U.S. Patent and Trademark Office
 

• USPTO grants further relief for certain patent-related fees and deadlines, May 27, 2020; see Kelley Drye advisory here

National Credit Union Administration
 

• NCUA’s Harper: Joining the CLF Will Bolster the System’s Access to Liquidity, May 28, 2020

Federal Communications Commission
 

• FCC Approves Eighth Set of COVID-19 Telehealth Program Applications, May 28, 2020

Commodity Futures Trading Commission
 

• Opening Statement of Chairman Heath P. Tarbert Regarding the CFTC’s Further Response to the Coronavirus Pandemic, May 28, 2020

Export-Import Bank
 

• EXIM Extends Several Temporary COVID-19 Relief Measures Through August 31, 2020, May 28, 2020

 

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