A House committee late Wednesday approved legislation that would continue to provide credit unions—but not banks—free rent on military installations. Voting just before midnight, the House Armed Services Committee approved its version of the huge annual defense authorization legislation 56-0. The bill now goes to the House floor. The bill does not change the rent provision that has been contained in the annual defense bill during the past several years. That provision provides credit unions with free rent on military bases as long as 95% of the membership serviced by the branch are military members. Banks are not provided with
With some $130 billion still in the lending pot, the House and Senate have passed legislation to extend the Small Business Administration’s Paycheck Protection Program through August 8.
The measure now goes to President Trump, who is expected to sign it. The PPP program expired Tuesday.
It appears likely that a plan to allow banks to have the same free rent benefit on military bases that credit unions have will have to be settled later this year when House and Senate conferees meet to iron out differences in the annual defense authorization bill.
The Trump Administration is violating federal law by refusing to provide the Government Accountability Office with information concerning the Coronavirus Aid, Relief, and Economic Security (CARES) Act, five House committee chairs charged Wednesday.
Expressing concern about who received loans under the Paycheck Protection Program, Democrats on the Select Subcommittee on the Coronavirus Crisis are demanding that the Trump Administration and the nation’s largest banks provide the panel with specific details about lending under PPP.
All 45 Democratic senators are pushing the Trump Administration to develop a streamlined process for the smallest businesses to obtain loan forgiveness under the Paycheck Protection Program.
The 45 senators, in a letter to Treasury Secretary Steven Mnuchin and Small Business Administration Administrator Jovita Carranza, did not go as far as credit union trade groups, which have called for automatic loan forgiveness for certain borrowers.
In what could be a blow to credit unions, the Senate Armed Services Committee on Wednesday approved a 2021 defense authorization bill that would require the Pentagon to provide equal treatment for banks and credit unions on military installations.
The Paycheck Protection Program continues to be plagued by a lack of transparency and unclear rules, Democrats and credit unions said this week.
The Senate passed legislation Wednesday that would allow businesses to use a larger percentage of Paycheck Protection Program loans for non-payroll purposes.
Now that the Trump Administration has agreed to set aside $10 billion from the Paycheck Protection Program for loans made by Community Development Financial Institutions, Democrats are pushing the administration to do the same for minority institutions.