Policy News – June 5, 2020

Wednesday, the Senate passed H.R.7010 the Paycheck Protection Program Flexibility Act (PPPFA) of 2020. The provisions in the PPPFA are set to have a major impact on loan forgiveness. Among the key provisions, is a change in the threshold for the amount of PPP funds required to be spent on payroll costs to qualify for forgiveness to 60% of the loan amount. 

Yesterday morning, the Department of Labor released last week’s unemployment insurance claims which totaled $1.8 million. This figure is down from the proceeding week’s figure of $2.1 million. Yesterday, the House Committee on Appropriations’ Subcommittee on Departments of Labor, Health and Human Services, Education, and Related Agencies held a hearing titled, “COVID-19 Response.” To view the hearing, click here. 

 

COMMITTEE PROCEEDINGS

House Committee on Appropriations

  • Yesterday at 11 AM, the Committee held a hearing titled, “COVID-19 Response.”

Senate Committee on Small Business and Entrepreneurship

  • On Wednesday, June 10th, the Committee will hold a hearing titled, “Implementation of Title I of the CARES Act.”

Senate Committee on Finance

  • On Tuesday, June 9th, at 2:30 PM, the Committee will hold a hearing titled “Unemployment Insurance During COVID-19: The CARES Act and the Role of Unemployment Insurance During the Pandemic.” 

AT THE AGENCIES

U.S. Department of Labor

  • The Department of Labor released the Unemployment Insurance Weekly Claims 

 

U.S. Department of the Treasury

  • The Department of the Treasury and the IRS released a statement titled, “Delivery of 159 Million Economic Impact Payments”