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Advice for Businesses in Dealing with the Expanding Coronavirus Events

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Daily Financial Regulation Update - Saturday, June 6, 2020

By
FedACTion Task Force
On Jun 06, 2020

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Major Developments

Paycheck Protection Program Flexibility Act Enacted

June 5, 2020

President Donald J. Trump signed into law the Paycheck Protection Program Flexibility Act, H.R. 7010.

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 the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 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. Senate

Committee on Banking, Housing, and Urban Affairs

Senate Banking Committee Announces Upcoming Hearings Schedule

June 5, 2020

The Senate Banking Committee (Committee) announced two upcoming hearings in the month of June:

June 9 at 10:00 AM – The full Committee will convene for a hearing entitled, “Oversight of Housing Regulators.”

June 16 at 10:00 AM – The full Committee will convene for a virtual hearing entitled, “The Semiannual Monetary Policy Report to the Congress.”

Federal Agencies

Federal Reserve Bank of Boston

Federal Reserve Bank of Boston Releases Main Street Loan Program Documents with State Street Bank & Trust

June 5, 2020

The Federal Reserve Bank of Boston released its documentation with State Street Bank and Trust Company (State Street), which is serving as a third-party vendor to serve as the custodian and accounting administrator for the Main Street Loan Program set to be launched imminently.