Earlier this week, the Federal Reserve Board rolled out the Main Street Lending Program, a $75 billion program that targets small and medium-sized businesses impacted by the economic downturn of COVID-19. The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF). The lender registration is now open for eligible borrowers to apply. To learn more about the program, click here.
Amid the roll out of the Main Street Lending Program, the Reserve Board announced that it will be seeking public feedback on its recent proposal that will expand the lending program to provide access to credit for nonprofit organizations. In short, the expansion would offer loans to small and medium-sized nonprofits that were in sound financial condition before the coronavirus pandemic and could benefit from additional liquidity to manage through this challenging period. The agency will accept feedback no later than Monday, June 22, 2020. To learn more about the proposal, click here. To submit feedback on the proposal, click here.
Finally, the Department of Labor released last week’s Unemployment Insurance Claims. The report, which shows a continued decrease in the rate of claims from previous weeks, marked today’s figures at 1,508,000. To view the full release, click here.
House: Not in Session
- The House is expected to reconvene at the end of June.
Senate: In Session
- The Senate convened at 10:00 a.m. to resume consideration of the nomination of Justin Reed Walker, of Kentucky, to be United States Circuit Judge for the District of Columbia Circuit. Following today, the Senate is expected to reconvene Monday, June 22nd, 2020.
House Committee on Education and Labor
- On Monday June 22nd at 12 PM, the Committee will hold a hearing titled “Inequities Exposed: How COVID-19 Widened Racial Inequities in Education, Health, and the Workforce.”
House Committee on Energy and Commerce
- On Tuesday June 23rd at 11 AM, the Committee will hold a hearing titled “Oversight of the Trump Administration’s Response to the Covid-19 Pandemic.”
House Committee on Small Business
- On Wednesday June 24th at 10 AM, the Committee will hold a hearing titled “An Overview of the Dynamic Between the Defense Production Act and Small Contractors.”
House Committee on Financial Services
- On Thursday June 25th at 12 PM, the Committee will hold a hearing titled “Capital Markets and Emergency Lending in the COVID-19 Era.”
- On Friday, June 26th at 12 PM, the Committee will hold a hearing titled “Insuring Against a Pandemic: Challenges and Solutions for Policyholders and Insurers.”
House Committee on Appropriations
- On Tuesday June 23rd at 11 AM, the Committee will hold a hearing titled “Member Day Testimony for FY21 Appropriations.”
House Committee on Ways and Means
- Today at 12 PM, the Committee will hold a hearing titled “Tax Relief to Support Workers and Families During the Covid-19 Recession.”
Senate Committee on Banking, Housing, and Urban Affairs
- On Tuesday June 23 at 2:30 PM, the Committee will hold a hearing titled “Oversight of the Export-Import Bank of the United States.”
Senate Committee on Health, Education, Labor, and Pensions
- On Tuesday June 23rd at 10 AM, the Committee will hold a hearing titled “COVID-19: Lessons Learned to Prepare for the Next Pandemic.”
Senate Judiciary Committee
- On Tuesday June 23rd at 2:30 PM, the Committee will hold a hearing titled “The Foreign Sovereign Immunities Act, Coronavirus, and Addressing China’s Culpability.”
BILLS OF INTEREST
- Sen. Ted Cruz (R-TX) introduced S 3992 to amend the Small Business Act to provide that certain chambers of commerce and destination marketing organizations are eligible for loans under the paycheck protection program.
- Sen. Thomas Carper (D-DE) introduced S 3984 to provide that payments for waste and recycling collection services are allowable expenses under the paycheck protection program and eligible for loan forgiveness under the CARES Act.
AT THE AGENCIES
U.S. Department of Labor
- The Department of Labor released their Unemployment Insurance Weekly Claims Report