Good Friday and welcome to On The Money. My name is Sylvan Lane and here is your night guide on everything that affects your bills, your bank account and your financial results.
THE BIG DEAL: Treasury, SBA will disclose small business loans of $ 150,000 and more:
The Department of the Treasury and the Small Business Administration (SBA) announced Friday that they would reveal recipients of loans of $ 150,000 or more made through the Paycheck Protection Program (PPP) after increasing pressure from Congress.
The SBA will disclose the names, addresses, classification codes, postal codes, type of business, demographics, nonprofit information, jobs supported and loan amount of each business to receive an emergency relief loan against coronavirus of at least $ 150,000. The loan amount will be disclosed within a range, not a specific amount.
The announcement comes amid growing backlash from lawmakers over the lack of transparency of the more than $ 500 million loaned through the PPP, which is intended to help keep small businesses afloat during the coronavirus pandemic.
secretary of the treasury Steven MnuchinSteven Terner MnuchinOn The Money: Trump says “decouple” China on the table | Over 1.5 million people file new unemployment claims in the second week of June | Democrats unveil $ 500 billion infrastructure plan Bolton’s book shows rules of wickedness at Trump White House Conservative groups urge Mnuchin to extend tax payments until 2021 PLUS said earlier this week that he was open to bipartite discussions with legislators on the disclosure of PPP loans.
Mnuchin said in a statement on Friday that he was pleased to conclude an agreement to create “the appropriate balance between public transparency and the protection of wage and personal income information for small businesses, sole proprietors and entrepreneurs independent ”.
LEADING THE DAY
Apple is closing stores in the states with spikes in coronavirus cases: Apple Closes 11 US Stores in Regions with Coronavirus Cases starting to increase again.
The company announced Friday that it would close stores in Florida, Arizona, North Carolina and South Carolina that had recently reopened.
“Due to the current conditions of COVID-19 in some of the communities we serve, we are temporarily closing stores in these areas,” the company said in a statement. “We are taking this action very carefully as we closely monitor the situation and look forward to seeing our teams and clients again as soon as possible.”
Artists ask Congress to help clubs and concert halls during the pandemic: Several hundred musicians and performers – including Billy Joel, Whoopi GoldbergWhoopi GoldbergJoy Behar returns to his remark calling Trump a “ domestic terrorist ” in “ The View ” and Billie Eilish – signed a letter calling on Congress to help the club and concert halls struggling with the coronavirus pandemic.
The National Independent Venue Association (NIVA), which is made up of club and concert hall owners, led the letter on Thursday to seek federal assistance for independent music venues.
“We urge you to remember that we are the nation that gave jazz, country, rock & roll, bluegrass, hip hop, metal, blues and R&B to the world. Entertainment is America’s largest economic export, with songs written and produced by American artists sung all over the world, ”said the letter.
The NIVA pushed Congress to offer tax breaks, unemployment insurance, mortgage and rent forbearance, business recovery funds and debt deferral to the sites.
ON TAP THE NEXT WEEK
- The House Education and Labor Committee hold a virtual audience entitled “Exposed inequalities: how COVID-19 has widened racial inequalities in education, health and the workforce”, 12 noon.
- A House Ways and Means Subcommittee hold a hearing titled “The Child Care Crisis and the Coronavirus Pandemic,” 2 p.m.
- Kimberly Reed, President of Export-Import Bank testify before the Senate Banking Committee, 2:30 p.m.
- The House Budget Committee hold a virtual audience entitled “Health and wealth inequality in America: how COVID-19 clarifies the need for change”, 2:30 p.m.
- The Senate Budget Committee hold appointment hearing on Derek T. Kan as Deputy Director of the White House Office of Budget and Management, 2:30 p.m.
- A House Financial Subcommittee hold a virtual audience entitled “Capital markets and emergency loans in the COVID-19 era”, 12 noon
Summarize the week with On The Money:
- Monday: Coronavirus cases on the rise fuel lock-out fears | Mnuchin Says There Will Be Bipartite Discussions On Monitoring P3s | Fed Launches Emergency Business Loan Program
- Tuesday: Fed chief says full recovery from recession “unlikely” until coronavirus is contained Congress to tackle expiration of unemployment benefits | CBO: COVID-19 emergency bills will add $ 2.4 trillion to deficit
- Wednesday: Powell Urges Congress To Continue Increasing Unemployment Benefits “In A Form” | Commerce chief denies Bolton saying Trump asked for election help in Xi | Trump Administration Releases New PPP Loan Remittance Forms
- Thursday: Trump says China’s “decoupling” is on the table | Over 1.5 million people file new unemployment claims in the second week of June | Democrats unveil $ 1.5 trillion infrastructure plan