Hearings on the ppp, and weve heard from borrowers and lenders about the challenges theyve faced in accessing the program. Ive also traveled across my district of burlington and ocean counties in new jersey to speak with Business Owners about how theyve fared during the pandemic, and ive heard some of the successes and challenges theyve faced with ppp and uncertainty about what the future holds. From borrowers who eventually did access a loan, the Committee Heard concerns about complicated, unclear, and sometimes conflicting Program Rules and other requirements associated with loan forgiveness. Lenders also expressed a great deal of frustration over the needlessly complicated rules and reported feeling unable to adequately help their borrowers through the forgiveness process. Through it all, borrowers simply wanted to ensure they were using loan proceeds consistent with the law so they could qualify for full loan forgiveness, and effectively convert the loan into a grant, which was the
For you with Jackie Deangelis watching these markets today, Edward Lawrence has some reporting from washington, well get to edward in a moment but on a friday afternoon jackie we start with you. Reporter well, lets take a look at where the markets finish for the day because the dow started a little bit higher there was optimism about reopening but that petered out because you can see that the dow is down 207 points the s p finished for the day by 17 and the nasdac managing to get out a small gain of three points there but also early optimism about some commentary coming from china about its commitment to the phase i trade deal too, but what really took the wind out of the sales was this report coming out of apple saying that its going to close close to a dozen stores because of spikes in coronavirus cases across the country that have raised concerns so when the market sees apple is a little bit worried the market gets a little worried and they said in a statement and ill just give you
Massive local tax increases. Anyone of those alone threatens to make this economic crisis even worse and the combination of all three is almost unthinkable. The bureau of labor statistics just reported that state and local governments laid off nearly one million workers in april. That is almost one million firefighters, police officers, teachers, Emergency Personnel that should be on the front lines of the Public Health crisis but are sidelined instead. Chairman powell, let me start by asking, do you agree that our economy will get worse if state and local governments are forced to lay off even more firefighters, teachers, any and Emergency Personnel . Let me say what we are doing. We have a liquidity facility that is there to address the shortterm liquidity needs that these entities have because of their loss of revenue due to the effects of the pandemic. That is really the tool that we have. I appreciate that. That is not my question. States,ion is if counties, and municipalities con
To this virtual hearing the honorable steven mnuchin, secretary of the department of treasury and the honorable jerome powell, chairman of the board of governors of the Federal Reserve system. We will receive testimony from the secretary of the treasury and the chairman of the Federal Reserve as required under title iv of the cares act. Congress has appropriated 3 trillion to protect and support americans to fight the pandemic and also to stabilize the infrastructure of our economic system. A large portion of this funding is authorized under title iv of the cares act which provides resources for loans, guarantees, and other investments from treasury and the Federal Reserve 13. 3 emergency Lending Facility and programs in support of eligible businesses, states, municipalities, and tribes. Title iv of the cares act provided 454 billion as an infusion into the Exchange Stabilization fund to support the Federal Reserves emergency lending facilities that facilitate liquidity in the marketpl
We will receive testimony from the secretary of the treasury and e chairman of the Federal Reserve as required under title iv of the cares act. Congress has appropriated 3 trillion to protect and support americans to fight the pandemic and also to stabilize the infrastructure of our economic system. A large portion of this funding is authorized under title iv of the cares act which provides resources for loans, guarantees, and other investments from treasury and the Federal Reserve 13. 3 emergency Lending Facility and programs in support of eligible businesses, states, municipalities, and tribes. Title iv of the cares act provided 454 billion as an infusion into the exchange stabilizatiofund to support the Federal Reserves emergency lending facilities that facilitate liquidity in the marketplace and support eligible businesses, states, governments, and tribes. This unique authority known as 13. 3 authority is authorized under section 13 of the Federal Reserve act and plays a Critical R