Policy News – May 29, 2020

Today, jobless claims for the week ending in May 23 were released. The report shows 2.1 million more Americans filed new claims for jobless benefits, falling from a total of 2.4 million applications the week before. Read the full report here.

This afternoon, the House is set to vote on H.R. 7010 the Paycheck Protection Program Flexibility Act of 2020, a bill that will amend the signature CARES Act program. The bipartisan legislation modifies the eligible expense rule from 75/25 to 60/40 for borrowers and adjust the loan covered period from eight (8) weeks to 24 weeks.

Also today, the House Committee on Small Business Subcommittee on Contracting and Infrastructure will hold a virtual forum, providing an opportunity for Members to hear how small businesses have been able to pivot their business models, through the counseling and training of their local Small Business Development Centers (SBDCs), to survive during the COVID-19 pandemic. To watch, click here.

COMMITTEE PROCEEDINGS

Senate Committee on Small Business and Entrepreneurship

• June 3rd, at 10:00 AM EDT, the Committee will hold a hearing titled, “Perspectives from Main Street: COVID-19’s Impact on Small Business.” To watch, click here.

• June 10th, at 10:00 AM EDT, the Committee will hold a hearing titled, “Implementation of Title I of the CARES Act.” To watch, click here.

 

Senate Committee on Banking, Housing, and Urban Affairs

• June 2nd, at 10:00 AM EDT, the Committee will hold a hearing titled, “Implementation of Title IV of the CARES Act.” To watch, click here.

 

 

 

AT THE AGENCIES

U.S. Department of Labor

• The Department of Labor released this week’s unemployment insurance claims. To view, click here.

 

U.S. Department of the Treasury

The Department of the Treasury, along with the Small Business Administration, announced $10 Billion for CDFIs to participate in the Paycheck Protection Program. Read the full press release here.