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Advice for Businesses in Dealing with the Expanding Coronavirus Events

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Daily Financial Regulation Update -- Saturday, October 10, 2020

By
FedACTion Task Force
On Oct 10, 2020

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Click here to read more from our Coronavirus series.

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 Calls on SBA to Provide COVID-19 Relief Program Data to Government Watchdog

October 8, 2020

Congresswoman Nydia M. Velázquez (D-NY), Chairwoman of the House Committee on Small Business, requested that the U.S. Small Business Administration (SBA) release data related to COVID-19 relief programs. In her letter, Chairwoman Velázquez asked that the SBA comply with data requests from the Government Accountability Office related to the SBA’s COVID-19 response programs, specifically the Economic Injury Disaster Loan Program.

Federal Agencies

Department of the Treasury

SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less

October 8, 2020

The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.

Conference of State Bank Supervisors

CSBS Senior Economist Publishes Blog Post on Bankers’ Uncertainty in the Context of COVID-19

October 8, 2020

In a blog post titled “2020 Hindsight is Uncertainty,” Thomas F. Siems, Ph.D., Senior Economist and Director of Research at the Conference of State Bank Supervisors (CSBS), stated that community bankers’ responses to CSBS’ Community Bank Sentiment Index (CBSI) survey for the third quarter of 2020 “express more uncertainty now than ever before.” In his post, Siems states the CBSI shows that the upsurge in the uncertainty index is driven primarily by an increase in regulatory burden uncertainty.

Consumer Financial Protection Bureau

Deadline Extended to Claim Stimulus Funds

October 8, 2020

The Consumer Financial Protection Bureau issued a notice that the IRS has extended the deadline for individuals to claim their Economic Impact Payment. The IRS’ Non-Filers tool will now be available through November 21, 2020.  

International

Bank of England

Bank Issues Market Notice Providing Updates on CCFF

October 9, 2020

The Bank of England issued a Market Notice providing an update on how Covid Corporate Financing Facility (CCFF) issuers’ credit quality will be monitored and reviewed in advance of the closure of the CCFF.