Policy News – July 8, 2020

Last week, the Congress passed legislation to extend the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loan application period through August 8, 2020. The extension measure was signed into law by the president over the weekend. To date, the signature PPP loan has $130 billion in remaining liquidity. To learn more about the program, click here. 

In the meantime, Prism Group has updated the PPP loan forgiveness guide to reflect recent federal updates as it relates to the cornerstone loan program. To view the updated loan forgiveness guide, click here.

In more great news, the U.S. Bureau of Labor Statistics reported that payroll employment rose by 4.8 million in June, and the unemployment rate declined to 11.1 percent. These labor market improvements are the result of the nation’s resumption of economic activity, which halted in March and April due to the COVID-19 pandemic. To view the full labor employment summary, click here.

 

COMMITTEE PROCEEDINGS

 

House Committee on Energy and Commerce

  • On Thursday, July 9th, at 12 PM, the Committee will hold a hearing titled “Consumers Beware: Increased Risks During the COVID-19 Pandemic.”

House Committee on Financial Services

  • On Wednesday, July 8th, at 12 PM, the Committee will hold a hearing titled “Task Force on Artificial Intelligence: Exposure Notification and Contact Tracing: How AI Helps Localities Reopen Safely and Researchers Find a Cure.”
  • On Thursday, July 9th, at 12 PM, the Committee will hold a hearing titled “Access Denied: Challenges for Women- and Minority-Owned Businesses Accessing Capital and Financial Services During the Pandemic.”
  • On Tuesday, July 14th, at 12 PM, the Committee will hold a hearing titled “Promoting Economic Recovery: Examining Capital Markets and Worker Protections in the COVID-19 Era.”

 

BILLS OF INTEREST

  • Rep. Jennifer Wexton (D-VA-10) introduced HR 7478 to require Federal agencies to conduct a benefit-cost analysis on relocations involving the movement of employment positions to different areas.
  • Rep. Bonnie Watson Coleman (D-NJ-12) introduced HR 7477 to require the Secretary of Labor to establish a program to provide grants for job guarantee programs.
  • Rep. Eric Swalwell (D-CA-15) introduced HR 7473 to amend the Internal Revenue Code of 1986 to allow small businesses to defer the payment of certain employment taxes.
  • Rep. Dwight Evans (D-PA-3) introduced HR 7451 to provide forgivable physical disaster loans to businesses damaged due to civil unrest.
  • Rep. Angie Craig (D-MN-2) introduced HR 7437 to extend the authority for commitments for the paycheck protection program and separate amounts authorized for other loans under section 7(a) of the Small Business Act.
  • Sen. Charles Schumer (D-NY) introduced S 4143 to extend the unemployment insurance provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act for the duration of the economic recovery.
  • Sen. Pat Toomey (R-PA) introduced S 4135 to provide forgivable physical disaster loans to businesses damaged due to civil unrest.
  • Sen. Cory Gardner (R-CO) introduced S 4125 to extend the paycheck protection program and to provide supplemental loans to recipients of loans under the paycheck protection program.

 

AT THE AGENCIES

U.S. Department of Labor

  • The Department of Labor released a statement titled “Simultaneous Release of Unemployment Insurance Weekly Claims and Monthly Employment Situation Reports.”
  • The Department of Labor released their Unemployment Insurance Weekly Claims Report.