Nearly three months since it was created, the commission is still missing its fifth member and chairman, whom Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell are supposed to jointly select. Its two Republicans are Rep. French Hill of Arkansas and Sen. Patrick J. Toomey of Pennsylvania, and the two Democrats are Rep. Donna E. Shalala of Florida and Bharat Ramamurti, a former staffer for Massachusetts Sen. Elizabeth Warren and a fellow at the Roosevelt Institute.
Despite the potential for partisan deadlock, the commission’s second report only hints at disagreement once, over the Fed’s decision to reduce the requirement on Main Street facility borrowers to keep workers from making “reasonable efforts” to “commercially reasonable efforts.”
“While the Commission does not have a consensus view on the sufficiency of this requirement, we do agree that businesses receiving Main Street loans should faithfully adhere to their loan obligations, including making commercially reasonable efforts to maintain payroll and retain employees while their Main Street loans are outstanding,” the commission wrote.
Unlike the SBA’s forgivable PPP loans, the Fed will publish the names of borrowers using its lending facilities and the terms of the credit transactions.
While the PPP program is outside of the commission’s purview, Hill told CQ Roll Call last week that he thought the program should follow the public disclosure rules of the SBA’s Section 7(a) loan guaranty program. The SBA publishes all of the details of the 7(a) loans it backs, including the borrower, lender, amount, interest rate, purpose of the loan and repayment status.
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June 19, 2020 at 04:00AM
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COVID-19 panel questions Fed effort to help small businesses - Roll Call
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