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Daily Financial Regulation Update -- Thursday, December 31, 2020

December 31, 2020

By FedACTion Task Force

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PH Client Alerts

Click here to read more from our Coronavirus series.

Congress

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

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

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

Click here to view a running list of proposed legislation 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. Department of the Treasury

Treasury and IRS Begin Delivering the Second Round of Economic Impact Payments to Millions of Americans

December 29, 2020

The U.S. Department of the Treasury and the Internal Revenue Service began delivering a second round of Economic Impact Payments to Americans as part of the implementation of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021. 

Federal Reserve Bank of New York

Sophisticated and Unsophisticated Runs

December 30, 2020

The Federal Reserve Bank of New York released a report titled “Sophisticated and Unsophisticated Runs.” The report characterizes the run behavior of institutional and retail investors by studying the runs on prime money market funds at the beginning of the COVID-19 pandemic in March 2020.

U.S. Small Business Administration

SBA Extends COVID-19 Economic Injury Disaster Loan Application Deadline through December 31, 2021

December 30, 2020

The U.S. Small Business Administration announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program has been extended to December 31, 2021. The extension came as a result of the recent COVID-19 relief bill enacted.