left-caret
Insights

ph fedaction financial regulatory updates homepage

Daily Financial Regulation Update - Sunday, April 5, 2020

April 06, 2020

By FedACTion Task Force

Major Developments

COVID-19: Treasury Provides Additional Guidance on the Paycheck Protection Program

April 5, 2020

The U.S. Department of the Treasury updated its website with additional information and further guidance on the Paycheck Protection Program (PPP), including the Small Business Administration’s interim final rule on affiliation, guidance on affiliation rules, and commenced a frequently asked question release, initially focused on lender obligations regarding confirmation of a borrower’s average payroll.

Congress

to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), 116 HR. 748, Enacted March 27, 2020.

from the Senate Committee on Banking, Housing and Urban Development, 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

COVID-19: Committee on Financial Services Launches COVID-19 Resource Center

April 5, 2020

The House Financial Services Committee launched an online resource center to increase access to information for consumers, renters, homeowners, small business owners, investors and others who may have questions about the Committee’s fiscal stimulus and public policy responses to the COVID-19 crisis.

Federal Agencies

Small Business Administration

COVID-19: Small Business Administration Clarifies Eligibility of Faith-Based Organizations to Participate in Paycheck Protection and Economic Injury Disaster Loan Programs

April 4, 2020

The Small Business Administration (SBA) issued further guidance clarifying that all faith-based organizations impacted by Coronavirus (COVID-19) are eligible to participate in the Paycheck Protection Program and the Economic Injury Disaster Loan program, without restrictions based on their religious identity or activities, to the extent they meet the eligibility criteria outlined in the CARES Act.

Department of Labor

COVID-19: U.S. Department Of Labor Publishes Guidance on Federal Pandemic Unemployment Compensation

April 4, 2020

The Department of Labor announced the publication of Unemployment Insurance Guidance Letter 15-20 (UIPL) providing guidance to states for Federal Pandemic Unemployment Compensation (FPUC). Under FPUC, states will administer an additional $600 weekly payment to certain eligible individuals who are receiving other benefits. This provision is contained in Section 2104 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted on March 27, 2020.