COVID-19 Washington Update: April 2020 #11

Kelley Drye & Warren LLP
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Today’s federal government actions in response to COVID-19, includes House passage of the Paycheck Protection Program and Health Care Enhancement Act. President Trump is expected to sign the bill as soon as tonight.

Congress

This evening, by a vote of 388-5, the U.S. House of Representatives passed the bipartisan $484 billion “interim emergency” relief package known as the Paycheck Protection Program and Health Care Enhancement Act

  • The bill contains $310 billion for the Paycheck Protection Program (with $60 billion in set-asides for smaller lenders), $60 billion for the SBA Economic Injury Disaster Loan (EIDL) / grant program, $75 billion for hospital and healthcare providers, and $25 billion for testing

President Trump has indicated he will sign the bill as soon as this evening.

The House also voted 212-182 to establish a Select Subcommittee on the Coronavirus Crisis as an investigative subcommittee of the Committee on Oversight and Reform.

Talks on a subsequent relief / recovery package are already underway, although action is not expected until next month; both chambers are in recess until May 4.

Recent Congressional Statements / Letters

Agency Activity

White House

Department of the Treasury

  • Update to the Department’s PPP FAQs, addressing the qualification of “businesses owned by large companies with adequate sources of liquidity” for PPP loans (see Question 31); April 23, 2020

Department of Labor

Department of Health and Human Services

Centers for Medicare and Medicaid Services

Food and Drug Administration

Department of Energy

Environmental Protection Agency

Department of Education

Securities and Exchange Commission

Commodity Futures Trading Commission

Consumer Financial Protection Bureau

Federal Trade Commission

Federal Communications Commission

Federal Reserve

Federal Reserve Board outlines the extensive and timely public information it will make available regarding its programs to support the flow of credit to households and businesses and thereby foster economic recovery, April 23, 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

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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