COVID19 Congressional Response 4.30(Rac)

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COVID19 Congressional Response 4.30(Rac)

1 COVID-19 Congressional Response R&R Partners, April 30, 2020 House Speaker Nancy Pelosi said she would like to bring the House back to Washington in two weeks. The timing is based off D.C.’s stay- at-home order, which currently goes through May 15 and House leaders are working on guidance for members and staff on how to reopen. Some House committees are starting to hold meetings even though the full House isn’t back yet. Next week, House Appropriations Subcommittee on the Departments of Labor, Health and Human Services, Education, and Related Agencies is scheduled to hold a hearing next week on COVID-19 response. Witnesses have not been announced yet, but the committee hopes Dr. Anthony Fauci will testify. Speaker Pelosi says small committees may begin meeting if they’re able to social distance. CARES Act Implementation and Regulation Tracking Our CARES Act Implementation and Regulation Tracker is linked here. MAIN STREET LENDING | The Federal Reserve Board announced it is expanding the scope and eligibility of the Main Street Lending Program. This facility is aimed toward small- and medium-sized companies not large enough to qualify for borrowing through corporate bond markets. After receiving thousands of letters in feedback after the initial program announcement, the Fed is making the following changes: • Businesses with up to 15,000 employees or up to $5 billion in annual revenue are eligible. • Minimum loan size is lowered from $1 million to $500,000. • Creating a third loan option where lenders would have a 15% risk retention The board also said it “recognizes the critical role that nonprofit organizations play throughout the economy and is evaluating a separate approach to meet their unique needs.” A start date is expected to be announced soon. This program now has three loan options: New Loans, Priority Loans and Expanded Loans. FAQs on aspects of the Main Street Lending Program and all the different loan options can be found here. FPUC | The Department of Labor announced that Federal Pandemic Unemployment Compensation (FPUC) is now being paid to those eligible in all 50 states and the District of Columbia. FPUC was a provision passed under the CARES Act to provide an additional weekly benefit of $600 on top of state unemployment benefits. .

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