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On Thursday, April 2, the Small Business Administration (SBA) issued an interim final rule for the Paycheck Protection Program (PPP), a forgivable loan that provides up to $10 million to small businesses impacted by the coronavirus pandemic. Among others, the interim rule provides clarity on several issues and changes the interest rate on the PPP loans from 0.5% to 1%. Small businesses with less than 500 are eligible to apply for loans starting today. To access the PPP application and view eligibility requirements, click here

On Friday, April 3, the SBA issued a notice declaring that Economic Injury Disaster Loan (EIDL), loans that provide relief to small businesses suffering from economic injury caused directly by the COVID-19 disaster have been issued for each U.S. State and Territory. To access the EIDL application and view eligibility requirements, click here

In other news, 48 U.S. Governors nationwide have declared a state of emergency for their states in response to the coronavirus outbreak. To view the full list of states, click here

 

Floor Proceedings 

House: Not in Session

               The House is not in session.

Senate: Not in Session

              The Senate is not in session and will reconvene on April, 20th, 2020.

 

Committee Proceedings

House Committee on Financial Services

  • POSTPONED: the Subcommittee on National Security, International Development, and Monetary Policy will hold a hearing titled, “A Review of Domestic and International Approaches to Digital Currencies.”
  • POSTPONED: the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets will hold a hearing titled, “The End of LIBOR: Transitioning to an Alternative Interest Rate Calculation for Mortgages, Student Loans, Derivatives, and Other Financial Products.”

Senate Committee on Banking, Housing, and Urban Affairs

  • POSTPONED: the full Committee will hold a hearing titled, “Oversight of the Office of the Comptroller of the Currency.”
  • POSTPONED: the Subcommittee on Economic Policy will hold a hearing titled, “US – China: Winning the Economic Competition.”

Senate Committee on Health, Education, Labor, and Pensions

  • POSTPONED: the Full Committee will hold a hearing titled, “An Emerging Disease Threat: How the U.S. Is Responding to COVID-19, the Novel Coronavirus – Part 2.”

At the Agencies 

U.S. Department of Labor

  • The Department released a news release titled, “U.S. Department Of Labor Announces New Paid Sick Leave And Expanded Family and Medical Leave Implementation.”
  • The Department released a news release titled, “U.S. Department Of Labor Announces New CARES Act Guidance on Unemployment Insurance for States in Response to COVID-19 Crisis.”

Small Business Administration

  • The Department released a news release titled, “With $349 Billion in Emergency Small Business Capital Cleared, SBA and Treasury Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds.”