Congressional Update: Next Phase of COVID-19 Relief

US Capitol

Congress has adapted to the new normal. While members of Congress are physically out of Washington, D.C., they are working to advance policy.

The House continues virtual hearings and markups, while the Senate is out through July 17. Behind the scenes, high-level markers have been outlined for a stimulus bill that all parties agree should be completed before Aug. 1.

Senate GOP leaders are pushing an agenda of business liability protections, as well as a mixture of state assistance in battling the surge of the current pandemic’s infection rate. House Democrats are pushing an agenda focused on state and local funding, extension of unemployment benefits, and an increase in aid to combat the Coronavirus. As of now, the White House has engaged publicly on a priority of a payroll tax holiday. All parties have more items they are pursing in addition to these high-level items.

For credit unions and the lending community, the priorities include continual regulatory flexibility, which encompasses multiple components, extending the CARES Act provision related to Troubled Debt Restructures and loan forgiveness for Paycheck Protection Program recipients that took less than $150,000. With an estimated $130 billion remaining in the PPP tranche, expansion of these funds and loan parameters is being given considerable debate.

Stay tuned to the League’s messages and the Advocacy Blog for updates as Congress returns.

Pin It