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Advice for Businesses in Dealing with the Expanding Coronavirus Events

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Daily Financial Regulation Update -- Monday, August 3, 2020

By
FedACTion Task Force
On Aug 03, 2020

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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. Senate

Committee on Banking, Housing, and Urban Affairs

Crapo Recommends Extension, Expansion of COVID-19 Relief

July 31, 2020

U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent two letters to financial agencies and regulators urging the extension and expansion of existing provisions key to providing relief and economic stability.  

The first letter encourages the Board of Governors of the Federal Reserve System and the U.S. Department of the Treasury to quickly expand the Main Street Lending Program by setting up an asset-based lending program and commercial real estate program.  

The second letter recommends that the federal financial regulators use their existing authority to extend relief provided under certain CARES Act provisions.