PH FedACTion: Financial Regulatory Updates
Daily Financial Regulation Update - Monday, June 15, 2020
By FedACTion Task Force
PH Client Alerts
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.
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.