COVID-19 Washington Update: June 2020 #4

Kelley Drye & Warren LLP
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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.

Congress

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

Other Stakeholder Statements / Letters

Federal Reserve

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

White House

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.

[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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