This week House Democrats unveiled their version of the fourth economic stimulus package or “CARES 2.” Legislators are expected to vote on the massive bill this Friday. Additionally, policymakers will also vote on two rules changes — one giving committees the authority to work remotely and another to allow “proxy” voting.
On Monday, May 11th, The Small Business Administration (SBA) published Women-Owned Small Business Federal Contracting program regulations that will provide a free, online certification and eligibility application process for women-owned small businesses and economically-disadvantaged women-owned small businesses. To read more about the program, click here.
On the Paycheck Protection Program (PPP) front, the Department of Treasury Secretary, Steve Mnuchin announced that the agency will work to correct current PPP regulations to better serve restaurants and other program participants. The changes will reportedly include clarity around loan forgiveness and additional guidance on loan utilization.
In other news, the SBA has reportedly announced that PPP loans have $120 billion in liquidity remaining for small businesses. The agency has also seen a decrease in participation in the program as the volume of loans approved dropped 84% last week.
In closing, Senate lawmakers have scheduled multiple hearings in committees this week. They include examining liability protection, issues related to returning safely to work and school, oversight of regulators, and examining broadband during COVID-19. It is very likely that the policy discussions at these hearings could find their way into legislative policy. The U.S. Senate is not putting together any measures like the House of Representatives is currently. It is likely that the Republican Senate majority will wait until the House of Representatives acts.
House Committee on Energy and Commerce
- Subcommittee on Health: May 14, at 10:00 AM hearing on Protecting Scientific Integrity in the COVID-19 Response. Watch here.
Senate Judiciary Committee
- Thursday, May 14, at 10 AM EDT Executive Business Meeting. Watch here.
Bills of Interests
Senator Ron Wyden (D-OR) introduced S. 3676 a bill to extend certain temporary credit union provisions enacted under the CARE Act, to include an exception for disaster area member business loan made by insured credit unions
At the Agencies
Small Business Administration
- The Small Business Administration Issues Regulations for Women-Owned Small Business Federal Contracting Program