Below, please find today’s update on the federal government’s recent activities in response to COVID-19, including major announcements from the Federal Reserve regarding its Main Street Lending Program and its Secondary Market Corporate Credit Facility.
Congressional Democrats continue to press the administration following its decision not to release the names of companies receiving funding through the Paycheck Protection Program (see Speaker Pelosi’s statement here and a letter from several House committee chairs here).
On a related note, Treasury Secretary Mnuchin tweeted today that he would be working with the Senate Small Business Committee and others “on a bipartisan basis to strike the appropriate balance for oversight of #ppploans and appropriate protection of small business information.”
Also today, SBA Administrator Carranza issued a statement asking PPP lenders to “redouble” efforts to “assist eligible borrowers in underserved and disadvantaged communities” prior to the June 30 application deadline.
Looking ahead, Federal Reserve Chairman Powell will appear before the Senate Banking Committee tomorrow in a hearing on the Fed’s Semiannual Monetary Report to Congress. He will be before the House Financial Services Committee during a Wednesday hearing.
Recent Congressional Statements / Letters
- Senators Schatz, Wicker Lead Bipartisan Group Of 30 Senators In Calling For Permanent Expansion Of Telehealth Following COVID-19 Pandemic, June 15, 2020
- Senators Cardin, Portman, Booker & Lankford Issue Statement on Administration’s Updated Rules on PPP Eligibility for Justice-Involved Entrepreneurs, June 15, 2020
- Sens. Coons, Warren aim to hold Trump Administration accountable for COVID relief spending, June 15, 2020
- Speaker Pelosi Statement on Trump Administration Concealing PPP Loan Data, June 12, 2020
- Following the Trump Administration’s Refusal to Release Names of PPP Loan Recipients, Chairs Waters, Neal, and Velázquez Demand Transparency: “Taxpayers Have a Right to Know How Their Money Was Spent”, June 15, 2020
- As Americans Continue to Struggle to Pay Rent During Pandemic Crisis, Financial Services Committee Leaders Waters and Heck Continues to Push for Emergency Rental Assistance, June 13, 2020
- House Oversight Government Operations Subcommittee Chair Connolly Demands Urgent Investigations to Ensure Health and Safety of Federal Workforce as Agencies Reopen Offices, June 15, 2020
- Democratic Health Leaders Reassert Request to Trump Administration to Help Uninsured and Underinsured, June 15, 2020
- House Foreign Affairs Committee Lead Republican Michael McCaul Releases Interim Report on Origins of COVID-19 Pandemic, June 15, 2020
- Representatives Balderson, Lawrence, Joyce and Quigley Offer Bipartisan Tax Break to Small Businesses for COVID-19 Protective Gear, June 15, 2020
- Congressman Panetta Introduces Legislation to Create a Tax Credit for Small Businesses to Safely Reopen, June 15, 2020
- Reps. Levin, Blumenauer, and Cartwright Lead 177 Members of Congress in Calling for Clean Energy Industry Relief, June 15, 2020
- Representative Lynch Introduces Bill To Enhance Air Travel Safety During COVID-19 Pandemic, June 15, 2020
- Congresswoman Luria Advocates for More COVID-19 Testing and Transparency in Nursing Homes, June 15, 2020
Other Stakeholder Statements / Letters
Main Street Lending Program Open for Lender Registration, June 15, 2020; on June 8, the Fed announced the expansion of the Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support
Federal Reserve Board announces it will be seeking public feedback on proposal to expand its Main Street Lending Program to provide access to credit for nonprofit organizations, June 15, 2020
Federal Reserve Board Announces Updates To Secondary Market Corporate Credit Facility (SMCCF), Which Will Begin Buying A Broad And Diversified Portfolio of Corporate Bonds To Support Market Liquidity And The Availability Of Credit For Large Employers, June 15, 2020
Federal Reserve Board Announces It Will Resume Examination Activities For All Banks, After Previously Announcing A Reduced Focus On Exam Activity In Light Of The Coronavirus Response, June 15, 2020
White House / Agency Activity
Department of the Treasury
Internal Revenue Service
Department of Labor
Department of Health and Human Services
Centers for Diseases Control and Preventions
Food and Drug Administration
National Institutes of Health
Department of Homeland Security
Federal Housing Finance Agency
U.S. Patent and Trademark Office
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.