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Daily Financial Regulation Update -- Friday, September 4, 2020

September 04, 2020

By FedACTion Task Force

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Congress

to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.

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

to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.

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.

Federal Agencies

U.S. Small Business Administration

SBA Offering Webinar About Preparing for Disasters

September 3, 2020

September is National Preparedness Month, and this year’s theme is “Disasters Don’t Wait. Make your Plan Today.” Join the U.S. Small Business Administration, the Insurance Institute for Business & Home Safety and the Insurance Information Institute on September 16, 2020 at 2 p.m., Eastern, for a live webinar on preparing for severe weather, future COVID-19 interruptions and other disasters that can have a significant impact on small businesses. The webinar will showcase small businesses as they share their stories of preparing for and successfully recovering from disaster. In addition to these stories, the webinar will also identify the small business loans that are available after a disaster, the tools that are available to help businesses prepare, and the things that small business owners need to know about insurance coverage.

Department of Labor

DOL Releases Unemployment Insurance Weekly Claims Report Update

September 3, 2020

The U.S. Department of Labor’s Unemployment Insurance Weekly Claims Report found that in the week ending August 29, 2020, the advance figure for seasonally adjusted initial claims was 881,000, a decrease of 130,000 from the previous week’s revised level. The previous week’s level was revised up by 5,000 from 1,006,000 to 1,011,000. The 4-week moving average was 991,750, a decrease of 77,500 from the previous week’s revised average. The previous week’s average was revised up by 1,250 from 1,068,000 to 1,069,250.

International

Bank of England

BoE Releases Monthly Decision Maker Panel Data for August 2020

September 3, 2020

The Bank of England released the August 2020 Monthly Decision Maker Panel (DMP) data, results from a survey of Chief Financial Officers of small, medium and large UK businesses. The August DMP survey was conducted between August 7 and August 21, 2020 and received 2,759 responses.
In the August DMP survey, businesses estimated that their sales in the 2020 Q3 would be 14% lower than they would otherwise have been because of COVID-19, employment 7% lower and investment 32% lower. Overall uncertainty remained high. Seventy percent of firms viewed overall economic uncertainty as high or very high in August 2020. This result was slightly lower than 76% in the July 2020 survey and 74% in the June 2020 survey.