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Daily Financial Regulation Update - Monday, June 15, 2020

June 15, 2020

By FedACTion Task Force

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Major Developments

SBA and Treasury Announce New and Revised Guidance Regarding the Paycheck Protection Program

June 12, 2020

The U.S. Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury, issued new and revised guidance for the Paycheck Protection Program (PPP). This guidance implements the Paycheck Protection Program Flexibility Act enacted on June 5, 2020 and expands eligibility for businesses with owners who have past felony convictions. The SBA also issued revised PPP application forms to conform to changes implementing the new interim final rule relating to loan maturity, deferral of loan payments, and loan forgiveness provisions.

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.

U.S. House of Representatives

Committee on Financial Services

Waters and Heck Continues to Push for Emergency Rental Assistance

June 13, 2020

Following the release of data on the number of Americans who were unable to pay rent for the month of June, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, and Congressman Denny Heck (D-WA) issued a statement urging the Senate to pass the Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES) Act. The HEROES Act includes the Emergency Rental Assistance and Rental Market Stabilization Act, which would authorize $100 billion for an Emergency Rental Assistance program.