Prism Group's Daily Summary
COVID-ERA LOANS IN DEFAULT REFERRED TO TAXING AGENCIES... The U.S. Small Business Administration recently announced it had begun referring defaulted Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL) borrowers to the IRS for collection. However, the SBA is reminding small businesses there are a number of options to pursue to avoid significant consequences relating to default, such as loan forgiveness and hardship accommodation.
THE SBA IS UNVEILING NEW CREDIT LINES OF UP TO $5 MILLION TO FUND SMALL BUSINESSES… The U.S. Small Business Administration plans to unveil new government-backed credit lines of up to $5 million for small businesses, SBA Administrator Isabel Casillas Guzman told CNBC. The SBA is launching a working capital pilot program in the coming months that is designed to be more attractive to both lenders and borrowers than the agency’s existing products, Guzman said in a phone interview.
NEW NATIONAL STOCK EXCHANGE… TXSE Group, backed by BlackRock and Citadel, plans to launch the Texas Stock Exchange in Austin later this year. Backers of the exchange pledge it will be more CEO-friendly.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Twelve state legislatures are in regular session. South Carolina is in special session.
WHAT WE'RE WATCHING:
New York lawmakers have reached agreement on digital privacy legislation that would bar social media companies from displaying “addictive feeds” to youth users. The bill would bar push notifications to minors during overnight hours without parental consent.
LAWMAKERS... IN OR OUT?
The House... convenes today at 9:00 AM ET. The full schedule may be found here.
The Senate... convenes today at 10:00 AM ET. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
Committee on Financial Services will hold a hearing TODAY, 6/5 at 9:00 AM on “Next Generation Infrastructure: How Tokenization of Real-World Assets will Facilitate Efficient Markets.”
Committee on Small Business will hold a hearing Wednesday, 6/26 at 10:00 AM on “Under the Microscope: Examining the Censorship-Industrial Complex and its Impact on American Small Businesses.”
The Senate...
Committee on Finance will hold a hearing TODAY, 6/5 at 10:00 AM on “Revitalizing and Renewing GSP, AGOA and Other Trade Preference Programs.”
Committee on Homeland Security will hold a hearing TODAY, 6/5 at 10:00 AM on “Streamlining the Federal Cybersecurity Regulatory Process: The Path to Harmonization.”
Committee on Finance's Subcommittee on Social Security, Pensions, and Family Policy will hold a hearing Friday, 6/7 at 10:00 AM on “Keeping the Promise of Social Security for Ohio’s First Responders and Public Servants."
BILLS OF INTEREST
Rep. Teresa Leger Fernandez (D-NM-3) introduced a bill to direct the Secretary of Education to establish a personal finance education portal on a centralized website of the Department of Education pertaining to Federal financial aid.
Rep. Mike Carey (R-OH-15) introduced a bill to amend the Internal Revenue Code of 1986 to modify the rules of governing the State administration of self-employment assistance programs.
Rep. Brad Wenstrup (R-OH-12) introduced a bill to amend the Internal Revenue Code of 1986 to provide for S corporation reform, and for other purposes.
AT THE AGENCIES
The U.S. Department of Labor
The U.S. Department of Labor announced a federal judge upheld the Department of Labor’s finding that a Houston company violated federal law by terminating a company truck driver.
The. U.S. Department of Labor announced that Arakelian Enterprises will resolve the company allegations of hiring discrimination.
The U.S. Department of the Treasury
Check back tomorrow for possible updates.
The U.S. Department of Commerce
The U.S. Department of Commerce released a readout of Secretary Raimondo’s roundtable discussion with senior business leaders on the Indo-Pacific Economic Framework for Prosperity.
The U.S. Department of Commerce released a readout of Secretary Raimondo’s meeting with Deputy Prime Minister and Minister of Trade and Industry for Singapore, Gan Kim Yong.
The U.S. Department of Commerce released a readout of Secretary Raimondo’s roundtable discussion in Singapore on artificial intelligence.
The U.S. Department of Commerce released a joint statement from Secretary Raimondo and Deputy Prime Minister and Minister of Trade and Industry Gan Yim Yong at the 2024 U.S.-Singapore Partnership for Growth and Innovation Ministerial Meeting.
The U.S. Department of Commerce released a readout of the meeting between Secretary Raimondo and Prime Minister of Singapore Lawrence Wong.
The U.S. Trade Representative
Check back tomorrow for possible updates.
The U.S. Small Business Administration
Check back tomorrow for possible updates.
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