PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update -- Tuesday, July 21, 2020
July 21, 2020
FedACTion Task Force
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Major Developments
Department of the Treasury
SBA and Treasury Update Lender Applications for the Paycheck Protection Program
July 20, 2020
The U.S. Small Business Administration (SBA) and U.S. Department of the Treasury updated the following application forms for lenders seeking to make financing available as part of the SBA’s Paycheck Protection Program:
(i) for federally insured deposit or institutions, federally insured credit unions and farm credit system intuitions; and
(ii) for non-bank and non-insured federally insured depository institution lenders.
Congress
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.
Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.
Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.
Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing, and Urban Affairs, 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 Small Business
Velázquez Issues Statement on Oversight of the Small Business Administration and Department of the Treasury Pandemic Programs
July 17, 2020
Representative Nydia M. Velázquez (D-NY), Chairwoman of the Committee on Small Business, stated she hoped that Secretary of the Treasury Steven Mnuchin and SBA Administrator Jovita Carranza would commit to do more for minority- and women-owned businesses and establish a more efficient process for forgiving loans under the SBA’s Paycheck Protection Program, in remarks during a hearing on oversight of the Small Business Administration and Department of the Treasury pandemic programs.