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May 27, 2020
An Update from NAW Government Relations Team - 5.22

Efforts are being undertaken in both the House and Senate to pass legislation providing much-needed flexibility in the PPP. While the legislative situation remains fluid and negotiations reportedly are continuing this weekend, this is the current situation:

There is still no official guidance from the Fed on when the MSLP will be stood up. Of note on this matter: we reported yesterday on the less-than-detailed Mnuchin and Powell testimony before the Senate Banking Committee. In today’s Wall Street Journal, the editorial board was sharply critical of

I believe the Forest City Trading Group has done an outstanding job at navigating the rapid changes brought about by COVID-19. I was impressed by how quickly we moved and how flexible our leadership has been in providing alternate work solutions.

Treasury Secretary Mnuchin and Fed Chairman Powell testified before a virtual hearing of the Senate Banking Committee today. In his prepared testimony, Chairman Powell briefly addressed the MSLP, noting that the Fed is “preparing to launch” the program and that they “will continue to adjust facilit

The CARES Act established a 5-person Congressional Commission to oversee the implementation of the law’s lending programs, requiring the Commission to report every 30 days. While a chairman has yet to be named, the Commission’s four appointed members released the first 30-day report today.

ast evening Treasury and the Small Business Administration issued a press statement and released the PPP loan forgiveness application. Of note: in the press release they also say that the “SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applicat

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