PH FedACTion: Financial Regulatory Updates

Daily Financial Regulation Update - Monday, June 22, 2020

By FedACTion Task Force

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Major Developments

SBA and Treasury Announce Enhanced Transparency Regarding the Paycheck Protection Program

June 19, 2020

The U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury have agreed with the bipartisan leaders of the U.S. Senate Small Business Committee to make public additional data regarding the Paycheck Protection Program (PPP). Under the agreement, the SBA will disclose the business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, jobs supported and loan amount ranges as follows:

(i) $150,000-350,000

(ii) $350,000-1 million

(ii) $1-2 million

(iv) $2-5 million

(v) $5-10 million

• Disclosed PPP Data through 6/12/2020

• News Release

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.