PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update - Sunday, April 5, 2020
April 06, 2020
FedACTion Task Force
Major Developments
COVID-19: Treasury Provides Additional Guidance on the Paycheck Protection Program
April 5, 2020
The U.S. Department of the Treasury updated its website with additional information and further guidance on the Paycheck Protection Program (PPP), including the Small Business Administration’s interim final rule on affiliation, guidance on affiliation rules, and commenced a frequently asked question release, initially focused on lender obligations regarding confirmation of a borrower’s average payroll.
Congress
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), 116 HR. 748, Enacted March 27, 2020.
Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing and Urban Development, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.
U.S. House of Representatives
Committee on Financial Services
COVID-19: Committee on Financial Services Launches COVID-19 Resource Center
April 5, 2020
The House Financial Services Committee launched an online resource center to increase access to information for consumers, renters, homeowners, small business owners, investors and others who may have questions about the Committee’s fiscal stimulus and public policy responses to the COVID-19 crisis.
Federal Agencies
Small Business Administration
COVID-19: Small Business Administration Clarifies Eligibility of Faith-Based Organizations to Participate in Paycheck Protection and Economic Injury Disaster Loan Programs
April 4, 2020
The Small Business Administration (SBA) issued further guidance clarifying that all faith-based organizations impacted by Coronavirus (COVID-19) are eligible to participate in the Paycheck Protection Program and the Economic Injury Disaster Loan program, without restrictions based on their religious identity or activities, to the extent they meet the eligibility criteria outlined in the CARES Act.
Department of Labor
COVID-19: U.S. Department Of Labor Publishes Guidance on Federal Pandemic Unemployment Compensation
April 4, 2020
The Department of Labor announced the publication of Unemployment Insurance Guidance Letter 15-20 (UIPL) providing guidance to states for Federal Pandemic Unemployment Compensation (FPUC). Under FPUC, states will administer an additional $600 weekly payment to certain eligible individuals who are receiving other benefits. This provision is contained in Section 2104 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted on March 27, 2020.