Policy News – June 26, 2020

As the June 30th deadline approaches for small businesses to apply for the Paycheck Protection Program (PPP), the Small Business Administration (SBA) reports that nearly $130 billion in unallocated liquidity remain in the program. To view the latest PPP approvals, click here. 

On the labor front, the Department of Labor (DOL) released last week’s report on unemployment insurance claims. As the economy continues to recover following the COVID-19 economic downturn, the agency reported that last week’s claims totaled 1,480,000, a decrease of 60,000 from the previous week’s revised level. To view the full report, click here. 

The SBA also released an interim final that allows owners with pending misdemeanor charges and those on probation or parole for older crimes the ability to apply for a PPP loan. To view the interim rule, click here. 

Yesterday, the House convened and began legislative business on H.R. 7120, the George Floyd Justice in Policing Act of 2020 and H.J.Res. 90, a resolution providing congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to “Community Reinvestment Act Regulations, among others.

 

COMMITTEE PROCEEDINGS

 

 House Committee on Small Business

  • On Wednesday, July 1, at 10 AM, the Committee will hold a hearing titled, “The Economic Injury Disaster Loan Program: Status Update from the Administration.” 

House Committee on Financial Services

  • 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.”

Senate Committee on Banking, Housing, and Urban Affairs

  • On June 30, at 10 AM, the Committee will hold a hearing titled, “The Digitization of Money and Payments.”

Senate Committee on Finance

  • On Tuesday, June 30th, at 10:15 AM, the Committee will hold a hearing titled, “2020 Filing Season and IRS COVID-19 Recovery.”
  • On Tuesday, June 30th, at 2:30 PM, the Committee will hold a hearing titled, “Censorship as a Non-Tariff Barrier to Trade.”

BILLS OF INTEREST

  • Rep. Elise Stefanik (R-NY-21) introduced HR 7321 to amend the Workforce Innovation and Opportunity Act to establish grants to support the establishment of personal reemployment accounts to assist Americans in gaining skills and returning to work following the economic disruption caused by COVID-19.
  • Rep. Pete Stauber (R-MN-8) introduced HR 7320 to amend the Small Business Act to require equitable adjustments to certain construction contracts.
  • Rep. James Clyburn (D-SC-6) introduced HR 7302 to  make high-speed broadband internet service accessible and affordable to all Americans.

AT THE AGENCIES

U.S. Department of Labor

  • The Department of Labor released the weekly report on unemployment insurance claims.