The Senate Republican “skinny” economic stimulus bill failed to get the necessary votes to open debate on the bill. Since the bill failed, it is unclear whether Congress will enact any of the credit union priorities before leaving at the end of the month.
Senate Republicans on Tuesday unveiled a “skinny” economic stimulus bill that calls for another round of Payroll Protection Program loans, a simplified loan forgiveness process and limited liability for businesses reopening during the coronavirus economic crisis.
The Senate is likely to vote on the bill later this week. It is unlikely the measure has the votes to pass, but it could serve as the next step in the haggling over the next stimulus legislation.
Senate Republican plans to provide liability immunity to businesses as they reopen following the pandemic are “unconscionable,” 42 senators said this week in a letter to Majority Leader Mitch McConnell (R-Ky.). The group, which includes Democrats and Sen. Bernie Sanders (I-Vt.), would be enough to block Senate consideration of pandemic-related legislation if the senators decide it is a large enough issue to oppose the overall bill. Due to the filibuster rule it often takes 60, rather than 51 senators, for controversial legislation to pass the Senate. The immunity provisions remain a sticking point as lawmakers and the Trump Administration try
Amid signs that federal pandemic assistance funds have not reached businesses that need them the most, Sen. Brian Schatz (D-Hawaii) this week introduced legislation creating a new $2 billion emergency fund for Community Development Financial Institutions.
The legislation, S. 4430, would automatically provide capital for CDFIs during a natural disaster or economic crisis. The legislation is cosponsored by nine Democrats and Independent Bernie Sanders of Vermont.
The Senate Republican pandemic economic stimulus plan, a three-bill package released Monday, would simplify the loan forgiveness process for Paycheck Protection Program loans, but the measure so far contains few other priorities that credit union trade groups have been pushing.
The Senate late last week passed legislation that would protect federal pandemic economic stimulus payments to individuals from garnishment—an issue that may gain importance now that Congress is considering another round of payments.
Saying that the economic impact of the coronavirus pandemic crisis has hit low-income and minority neighborhoods the hardest, Senate Democrats Tuesday proposed using Community Development Financial Institutions to funnel billions of dollars into those areas.
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.