Removing Barriers Blog

The Week Ahead - May 26, 2020
Posted May 25, 2020 by CUNA Advocacy

ON THE FLOOR

The House of Representatives will consider several bills under suspension of the rules, including:

H.R. 6782, the ‘‘Small Business Transparency and Reporting for the Underbanked and Taxpayers at Home Act’’ or the ‘‘TRUTH Act’’. 
The TRUTH Act would require the SBA to make the following information publicly available …

  • Every recipient of a grant or loan that was funded by the CARES Act or the Payroll Protection Program and Health Care Enhancement Act,
  • An explanation of the SBA’s decision-making process,
  • The number of employees at the entity in question,
  • The date when the grant or loan was disbursed,
  • An identification of the bank or lender that administered the grant or loan, and
  • The amount of assistance provided to small businesses owned by socially and economically disadvantaged individuals, women, and veterans.

H.R. __, the Paycheck Protection Program Flexibility Act of 2020. 
The legislation will …

  • Allow forgiveness for expenses beyond the 8-week covered period.
  • Eliminate restrictions limiting non-payroll expenses to 25% of loan proceeds.
  • Eliminate restrictions that limit loan terms to 2 years.
  • Ensure full access to payroll tax deferment for businesses that take PPP loans.
  • Extend the rehiring deadline to offset the effect of enhanced Unemployment Insurance. 

Also, the House may consider H.R. 6172, the USA FREEDOM Reauthorization Act of 2020.  Finally, the House may consider try to override the veto of H.J.Res. 76, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Education relating to "Borrower Defense Institutional Accountability."

 

IN COMMITTEE

Thursday

The House Committee on Small Business will hold a bipartisan virtual forum: "Small Business Priorities for the Next Phase of Recovery: How to Leverage the Small Business Development Center Network."

The House Committee on Financial Services Subcommittee on National Security, International Development, and Monetary Policy will host a virtual roundtable:  “Understanding the Cyber Threats and Actors Exploiting the COVID-19 Crisis.”