Treasury Economic Response Timeline - Content

last updated October 22, 2020 3:10 PM EDT

 

Treasury Economic Response Timeline

The U.S. Department of the Treasury is leading the response to COVID-19 by providing fast and direct economic assistance for American workers, families, and small businesses and preserving jobs for American industries.

 
Economic Recovery
October 22, 2020

Initial Unemployment Insurance claims fell notably in the week ending October 17, decreasing by 55,000 (-6.5%) to their lowest level since the start of the pandemic. In the preceding week, continuing UI claims continued their significant decline, falling by 1,024,000 (-10.9%).

Source: Department of Labor

 
Economic Recovery
October 20, 2020

Total housing starts rose by 1.9% in September to 1.415 million units at an annual rate. In Q3, housing starts were 351,000 units higher on average than in Q2, suggesting a robust contribution from residential investment to Q3 GDP growth.

Source: U.S. Census

 
Economic Recovery
October 16, 2020

In the week ending in October 3, 2020, the continuing unemployment claims fell by 10,018, a 10.4% decrease from the previous week.

Source: Department of Labor

 

Retails sales in September reached a new all-time high, more than doubling market expectations and coming in 5.4% higher than retail sales in September 2019.

Source: U.S. Census

 
 
Treasury Response
October 15, 2020

Watch Secretary Mnuchin discuss the details of coronavirus discussions and the progress of Operation Warp Speed on Squawk Box CNBC.

Source: YouTube

 
Treasury Response
October 14, 2020

Watch Secretary Mnuchin discuss the status of coronavirus negotiations and the recent economic successes with Lou Dobbs on Fox Business.

Source: YouTube

 

Watch Secretary Mnuchin discuss coronavirus relief at the Milken Institute Global Conference.

Source: YouTube

Economic Recovery
October 8, 2020

Initial Unemployment Insurance (UI) claims decrease by 1.1% in the week ending October 3, and in the preceding week, continuing UI claims fell by 1,003,000 (-8.4%).

Source: Department of Labor

Treasury Response
October 8, 2020

SBA, in consultation with Treasury, releases a simpler loan forgiveness application for PPP loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.

Source: Treasury Press Release

Economic Recovery
October 2, 2020
Monica Crowley @TreasurySpox: President @realDonaldTrump has always put American workers FIRST! Today, on #NationalManufacturingDay we celebrate the important role of American workers and businesses, and the pro-growth policies that have contributed to a strong economy and recovery Flag of United States [American flag emoji] Source: Twitter
 

In September, the U.S. economy regained 877,000 private sector jobs and the unemployment rate declined to 7.9%, dropping below 8% four months sooner than many experts predicted. The number of unemployed persons also declined by 1.0 million – continuing the 5-month consecutive decrease.

Source: U.S. Department of Labor

Treasury Response
October 2, 2020

SBA begins approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers, demonstrating the Administration’s commitment to providing swift economic relief to America’s small businesses.

Source: Treasury Press Release

Economic Recovery
October 1, 2020

Real personal consumption expenditures (PCE) increased 0.7% in August, a stronger increase than the 0.5% expected by the Bloomberg median forecast.

Source: Bureau of Economic Analysis U.S. Department of Commerce

 

In the week ending September 26, the adjusted initial unemployment claims number was 837,000, a decrease of 36,000 from the previous week.

Source: U.S. Department of Labor

 
 
Treasury Response
September 30, 2020

Watch Secretary Mnuchin discuss the status of coronavirus relief negotiations with Lou Dobbs on Fox Business.

Source: YouTube

 
Treasury Response
September 28, 2020

Watch Secretary Mnuchin discuss the recent coronavirus relief package negotiations and current economic progress with Becky Quick on CNBC’s Delivering Alpha.

Source: YouTube

Economic Recovery
September 25, 2020

Manufacturers report that new orders for durable goods increased by .4% in August, representing the fourth consecutive month of increases. To date, durable good orders have risen by 21% since April. In addition, new orders for core capital goods rose by 1.8% in August, the fourth consecutive month of increases.

Source: census.gov

 

Shipments of core capital goods – a key component used to estimate business equipment investment – increase by 1.5% in August, exceeding the 0.8 percent gain expected by the Bloomberg median.  In the first two months of the third quarter, core shipments have been nearly 30% at an annual rate higher than the average in the second quarter, pointing to a large gain in equipment investment.

Source: census.gov

Treasury Response
September 25, 2020

Secretary Mnuchin leads a call with the G7 Finance Ministers, where they decided to suspend official bilateral debt payments for the poorest countries through the end of 2020. This critical action provides relief for vulnerable countries affected by the COVID-19 pandemic.

Source: Department of Treasury, Press Release

 
Treasury Response
September 24, 2020

Secretary Mnuchin and Chairman Powell testify before the Senate Committee on Banking, Housing, and Urban Affairs on the Administration’s implementation of the CARES Act. This marks Secretary Mnuchin’s seventh appearance before Congress for a CARES Act hearing.

Source: senate.gov

 
Treasury Response
September 22, 2020

Secretary Mnuchin and Chairman Powell testify before the House Financial Services Committee on the Administration’s implementation of the CARES Act. This marks Secretary Mnuchin’s sixth appearance before Congress for a CARES Act hearing.

Source: house.gov

Economic Recovery
September 16, 2020

The August retail sales report shows that total sales were roughly 2% higher than before the pandemic, and core retail sales – a key component of personal consumption expenditures on goods and food services – were 2.5% higher.

Source: census.gov

 
Economic Recovery
September 15, 2020
Monica Crowley @TreasurySpox: Another sign of a strong economic recovery: Industrial production increased for the 4th consecutive month in August & output levels in May, June & July were revised up. Thanks to @POTUS & the bipartisan #CARESAct, our economic rebound is robust! [American flag emoji] Source: Twitter
 
Economic Recovery
September 10, 2020

The September Blue Chip survey revises its 2020 Q3 GDP growth projection up 5.3 percentage points to 24% at an annual rate. The survey also expects personal consumption expenditures to increase 29.2% in Q3, up 7.4 percentage points from the August projection.

Source: bluechipdaily.com

 
 
Treasury Response
September 9, 2020

Secretary Mnuchin participates in a call with his counterparts from Australia, Canada, New Zealand, and the United Kingdom to discuss the economic impact of the coronavirus pandemic and the policy responses underway.

Source: Treasury Press Release

Federal Response
September 9, 2020

Nebraska begins participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov

 
Federal Response
September 8, 2020

Washington, D.C. and Guam begin participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov Guam, D.C.

 
Federal Response
September 7, 2020

Kansas begins participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov

 
 
Economic Recovery
September 4, 2020

The U.S. economy adds 1.4 million jobs in August, and the unemployment rate falls by 1.8 percentage points to 8.4%. Payroll employment rose 1.37 million in August, beating market expectations of a 1.35 million gain. Since April, firms have added back 10.6 million jobs, roughly 48% of those lost in March and April due to the pandemic-related economic shutdowns.

Source: bls.gov

Federal Response
September 4, 2020

New Jersey begins participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov

 
 
Economic Recovery
September 3, 2020

The ISM’s survey on the services sector indicates that business growth extended into August, marking three consecutive months of expansion.

Source: PR Newswire

 
 
Federal Response
September 2, 2020

Delaware begins participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov

 
Federal Response
September 1, 2020

Illinois, Wisconsin, and South Carolina begin participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov IL, WI, SC

Treasury Response
September 1, 2020

Secretary Mnuchin testifies before the House Select Subcommittee on the Coronavirus Crisis on the Administration’s implementation of the CARES Act.

Source: House.gov

 

The payroll tax holiday goes into effect for workers making less than $104,000 annually, giving hardworking Americans a bigger paycheck until the end of the year.

Source: IRS.gov

 
Federal Response
August 31, 2020

North Dakota begins participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov

 
Federal Response
August 29, 2020

Minnesota, Florida, and Hawaii begin participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov MN, FL, HI

 
Treasury Response
August 28, 2020

Treasury and the IRS release guidance allowing employers to defer certain payroll tax obligations.

Source: Treasury Press Release

Federal Response
August 28, 2020

Wyoming and Oregon begin participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov WY, OR

 
Federal Response
August 27, 2020

West Virginia begins participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov

 
Federal Response
August 26, 2020

Ohio and Virginia begin participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov OH, VA

 
Federal Response
August 25, 2020

Maine and Arkansas begin participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov ME, AR

 
Federal Response
August 24, 2020

Connecticut, Pennsylvania, Washington, and New Hampshire begin participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov CT, PA, WA, NH

 
Federal Response
August 23, 2020

New York, Alaska, and Georgia begin participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov GA, AK, NY

 
Federal Response
August 22, 2020

Vermont, Mississippi, Tennessee, and Rhode Island begin participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov VT, MS, TN, RI

 
Federal Response
August 21, 2020

Massachusetts, Alabama, California, Indiana, North Carolina, Texas, Kentucky, and Michigan begin participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov MA, AL, CA, IN, NC, TX, KY, MI

 
Federal Response
August 19, 2020

Idaho and Maryland begin participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov ID, MD

 
 
Economic Recovery
August 18, 2020

Residential construction climbs much higher than expected in July, as housing starts nearly recovered to pre-pandemic levels. According to the Census Bureau, housing starts rose 22.6 percent in July, following a 17.5 percent gain in June. The single-family sector accounted for roughly 25 percent of the gain. Meanwhile, total building permits, a forward looking indicator for starts, increased 18.8 percent, vastly exceeding the 6.5 percent pace expected.

Source: census.gov

Federal Response
August 18, 2020

Montana and Oklahoma begin participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov MT, OK

 
Federal Response
August 16, 2020

Colorado, Missouri, and Utah begin participating in the Lost Wages Assistance Program, which was established by President Trump’s executive order on August 8 and provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov

 
Federal Response
August 15, 2020

Iowa, Arizona, New Mexico, and Louisiana become the first states to begin participating in the Lost Wages Assistance Program, one week after it was established by President Trump’s executive order on August 8. The Lost Wages Assistance Program provides Americans unemployed due to the coronavirus pandemic $300 per week on top of their regular unemployment benefit.

Source: FEMA.gov

 
 
Economic Recovery
August 17, 2020
Monica Crowley @TreasurySpox: Thanks to the #PPP, small businesses are able to provide health insurance for their workers. Businesses with a PPP loan only saw a 2.6% reduction in health insurance benefits, while businesses without a PPP loan saw a 12% reduction. Source: Twitter Monica Crowley @TreasurySpox: In addition to helping workers keep their jobs, the #PPP has ensured that small businesses can continue providing health insurance to employees. 95% of small businesses that offered health insurance pre-COVID have continued that coverage as of June. Source: Twitter
Treasury Response
August 17, 2020

Secretary Mnuchin hosts a discussion with his counterparts from Canada, France, Germany, Italy, Japan, the United Kingdom, the European Commission, the Eurogroup, the IMF, and the World Bank to continue their coordination on timely and effective responses to the COVID-19 pandemic.

Source: Treasury Press Release

 
 
Economic Recovery
August 14, 2020

The retail sales report signals that consumer spending – at least for goods – has recovered from the March to mid-May economic shutdown. Relative to February, total retail sales were roughly 1.6% higher. Meanwhile, core retail sales – a key component of personal consumption expenditures (PCE) on goods and food services – are 2.3% higher than immediately before the pandemic.

Source: census.gov

 

According to Federal Reserve data, automotive manufacturing output, which plummeted 83% from February to April, nearly fully returns to its pre-pandemic levels in July.

Source: federalreserve.gov

 

The Federal Reserve announces its industrial production index increased 3.0% in July.

Source: federalreserve.gov

 
Economic Recovery
August 13, 2020

Initial unemployment claims fall below 1 million for the first time since the U.S. economy began to feel the effects of the pandemic in March.

Source: dol.gov

 
 
Treasury Response
August 12, 2020

Secretary Mnuchin reiterates his commitment to reaching a bipartisan agreement on a Phase IV coronavirus relief package that provides substantial funds for schools, child care, food, vaccines, hospitals, PPP for small businesses, rental assistance, broadband, airports, state and local government assistance, and liability protection for universities, schools, and businesses.

Source: Treasury Press Release

 

Listen to Secretary Mnuchin discuss the state of the Phase IV coronavirus relief package negotiations on a FOX Business interview with Maria Bartiromo.

Source: YouTube

 
Treasury Response
August 9, 2020

SBA launches the PPP Loan Forgiveness Platform, allowing PPP lenders to begin submitting applications for PPP loan forgiveness.

Learn more about the PPP loan forgiveness process.

 
Treasury Response
August 8, 2020

PPP closes to new loan applications and adjustments with over $130 billion remaining, demonstrating the PPP’s success in meeting the critical economic needs of American small businesses and their workers. This unprecedented program approved more than 5.1 million loans worth more than $525 billion.

Federal Response
August 8, 2020

The President signs Executive Orders to provide the American people federal supplemental unemployment insurance, student loan relief, a payroll tax holiday, and an eviction moratorium.

Source: White House Memorandum

Source: White House Executive Order

Economic Recovery
August 7, 2020

The United States adds 1.8 million jobs in July, showing promising signs of an economic recovery and beating market expectations, which projected 1.5 million jobs gained.

Source: bls.gov

 

To date, the economy has regained 9.28 million jobs – 41.9% of those lost in March and April due to the COVID-19 pandemic.

Source: bls.gov

 

The unemployment rate declines by 0.9% to 10.2% in July.

Source: bls.gov

 
Economic Recovery
August 1, 2020

Initial claims for unemployment insurance fall 17.4% from the previous week.

Source: dol.gov

 
Economic Recovery
August 2020

Blue Chip Report expects GDP to grow in the third quarter by an annual rate of 18.7%, 1.0% higher than last month’s projection.

Source: bluechipdaily.com

 

Blue Chip predicts real personal consumption expenditures will increase 21.8% in the third quarter.

Source: bluechipdaily.com

 
 
Treasury Response
July 29, 2020

Treasury and SBA meet with Minority Depository Institutions (MDIs) to discuss MDIs’ experiences as lenders in the Paycheck Protection Program (PPP), including their work to serve small businesses in low- and moderate-income communities.

Source: Treasury Press Release

Federal Response
July 29, 2020

The Federal Reserve Board extends its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement facility for foreign and international monetary authorities (FIMA repo facility) through March 31, 2021.

Source: federalreserve.gov

 
Treasury Response
July 28, 2020

Following Secretary Mnuchin’s authorization, the Federal Reserve Board extends through December 31, 2020 its lending facilities that were scheduled to expire on September 30, providing certainty that the facilities will continue to be available to help the economy recover.

Source: federalreserve.gov

 
 
Economic Recovery
July 24, 2020

To date, 171 Minority Depository Institutions have participated in PPP, approving over 120,000 loans for more than $10 billion, demonstrating the Program’s commitment to reaching all small businesses in need, including predominantly minority communities.

Source: sba.gov

 
 
Treasury Response
July 17, 2020

Secretary Mnuchin and Administrator Carranza testify before the House Small Business Committee on the implementation and success of the Paycheck Protection Program.

Source: Treasury Press Release

 

The Federal Reserve Board and Treasury expand the Main Street Lending Program to provide greater access to credit for nonprofit organizations, such as educational institutions, hospitals, and social service organizations.

Source: Treasury Press Release

 
Treasury Response
July 15, 2020

Secretary Mnuchin participates in a call with the Finance Ministers of Australia, Canada and the United Kingdom to discuss ongoing policies to combat unemployment and support jobs in industries adversely impacted by the COVID-19 pandemic.

Source: Treasury Press Release

 
Treasury Response
July 14-15, 2020

The EU – U.S. Joint Financial Regulatory Forum meets virtually to exchange views on the economic impacts of the COVID-19 crisis.

Source: Treasury Press Release

 
Treasury Response
July 13, 2020

Secretary Mnuchin hosts a discussion with his counterparts from Canada, France, Germany, Italy, Japan, the United Kingdom, the European Commission, the Eurogroup, the IMF, and the World Bank to continue their coordination on timely and effective actions in response to the COVID-19 pandemic.

Source: Treasury Press Release

Economic Recovery
July 11, 2020

To date, the SBA provides more than $20 billion in economic relief to small businesses and non-profits through the Economic Injury Disaster Loan (EIDL) Advance Program.

Source: SBA.gov

 
 
Treasury Response
July 7, 2020

Treasury agrees to loan terms with Alaska Airlines, Delta Air Lines, JetBlue Airways, United Airlines, and Southwest Airlines, to provide critical funds to save jobs and maintain operations.

Source: Treasury Press Release

 
Treasury Response
July 6, 2020

The Main Street Lending Program is now operational and ready to purchase qualifying loans, providing a safety net for small and medium-sized businesses that were in sound financial condition before the pandemic.

Source: Treasury Press Release

 

Treasury and SBA release detailed loan-level data regarding the loans made under the Paycheck Protection Program (PPP), disclosing each of the 4.9 million PPP loans that have been made to date.

Source: Treasury Press Release

 
Federal Response
July 4, 2020

The President signs S.4116, a bill that extends the PPP through August 8, 2020, into law, allowing more small businesses an opportunity to secure economic assistance through this critical program.

Source: White House Briefing

Economic Recovery
July 2, 2020

The U.S. economy adds 4.8 million jobs in June and the unemployment rate declines 2.2 percentage points to 11.1%.

Source: bls.gov

Treasury Response
July 2, 2020

Treasury agrees to loan terms with American Airlines, Frontier Airlines, Hawaiian Airlines, Sky West Airlines, and Spirit Airlines, providing much-needed financial assistance to a critical sector of the U.S. economy

Source: Treasury Press Release

Economic Recovery
June 2020

For the second consecutive month, the number of job openings increased in June, rising 518,000 to 5.9 million. The ratio of unemployed persons to job openings in the economy dropped nearly a full percentage point to 3.0.

Source: bls.gov

 

Total industrial production rises 5.4% in June.

Source: federalreserve.gov

 

The ISM manufacturing index rose strongly and above the growth threshold in June.

Source: PR Newswire

 

The ISM non-manufacturing index surged in June, also climbing back above the growth threshold and signaling expansion.

Source: PR Newswire

 

The Philadelphia Federal Reserve Bank’s manufacturing survey rose sharply in June.

Source: philadelphiafed.org

 

Retail Sales rose 7.5% in June, while core retail sales advanced 7.3%.

Source: census.gov

 
 
Treasury Response
June 30, 2020

Secretary Mnuchin and Chairman Powell testify before the House Financial Services Committee on CARES Act implementation.

Source: Treasury Press Release

 

To date, nearly 75% of the funds disbursed to State, Local, and Tribal governments under the Coronavirus Relief Fund remain unspent.

Source: Treasury Press Release

 
Treasury Response
June 29, 2020

Secretary Mnuchin announces that since launching the Primary and Secondary Market Corporate Credit Facilities (PMCCF) and (SMCCF) in late March, there have been significant improvements in credit market liquidity.

Source: Treasury Press Release

Federal Response
June 29, 2020

The Federal Reserve Board releases new term sheet for the Primary Market Corporate Credit Facility (PMCCF), adding pricing and other information.

Source: FederalReserve.gov

 
Treasury Response
June 19, 2020

Treasury and SBA reach agreement with the bipartisan leaders of the U.S. Senate Small Business Committee to make public additional data regarding the PPP.

Source: sba.gov

Federal Response
June 19, 2020

The SBA launches an online tool dedicated to matching small businesses and non-profits with Community Development Financial Institutions (CDFI), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), Farm Credit System lenders, Microlenders, as well as traditional smaller asset size lenders in the PPP, providing additional assistance for eligible borrowers in underserved and disadvantaged communities.

Source: sba.gov

 
Treasury Response
June 18, 2020

Secretary Mnuchin participates in a call with the Finance Ministers of the Five Eyes nations to discuss the economic impact of COVID-19.

Source: Treasury Press Release

 
Treasury Response
June 17, 2020

Treasury and the SBA post a revised, borrower-friendly PPP loan forgiveness application implementing the PPP Flexibility Act (PPPFA) of 2020.

Source: sba.gov

 
Treasury Response
June 15, 2020

The Main Street Lending Program Lender Portal opens, allowing small and medium-sized businesses to apply for loans.

Source: Treasury Press Release

Federal Response
June 15, 2020

The Federal Reserve Board updates the Secondary Market Corporate Credit Facility (SMCCF) to include buying a broad and diversified portfolio of corporate bonds to support market liquidity and the availability of credit for large employers.

Source: FederalReserve.gov

 

The Federal Reserve Board seeks public feedback on proposal to expand the Main Street Lending Program to provide access to credit for nonprofit organizations.

Source: FederalReserve.gov

 

SBA reopens the Economic Injury Disaster Loans and Advance Program (EIDL) to all eligible small businesses and non-profits.

Source: sba.gov

 
Treasury Response
June 12, 2020

Treasury and the SBA issue new and revised guidance for the PPP, implementing the PPPFA and expanding eligibility for businesses with owners who have previous felony convictions.

Source: sba.gov

 

Treasury disburses the remaining balances for tribal governments under the Coronavirus Relief Fund (CRF).

Source: Treasury Press Release

 
Treasury Response
June 10, 2020

Secretary Mnuchin and SBA Administrator Carranza testify before the Senate Small Business Committee on the PPP and Economic Impact Disaster Loans.

Source: senate.gov

 
Treasury Response
June 8, 2020

Secretary Mnuchin approves expansion of the Federal Reserve Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support.

Source: Treasury Press Release

Federal Response
June 8, 2020

Secretary Mnuchin and Administrator Carranza release a joint statement thanking the leadership of President Trump, Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy in passing the bipartisan PPP Flexibility Act.

Source: sba.gov

 

The Federal Reserve Board expands its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support.

Source: FederalReserve.gov

Economic Recovery
June 5, 2020

The U.S. economy adds 2.5 million jobs in May and the unemployment rate declines to 13.3%.

Source: bls.gov

Federal Response
June 5, 2020

The President signs the PPP Flexibility Act into law, which modifies certain provisions related to forgiveness of loans under the Paycheck Protection Program and allows loan forgiveness recipients to defer their payroll taxes.

Source: White House Briefing

Economic Recovery
June 3, 2020

To date, 159 million Economic Impact Payments (EIPs), worth more than $267 billion, have been distributed to Americans in two months. Payments have been sent to all eligible Americans for whom the IRS has the necessary information to make a payment. These totals do not include the more than $2.5 billion that have been delivered to U.S. territories for payment to territory residents.

Source: Treasury Press Release

Federal Response
June 3, 2020

The Federal Reserve Board expands the number and type of entities eligible to directly use its Municipal Liquidity Facility (MLF).

Source: FederalReserve.gov

Treasury Response
June 3, 2020

Secretary Mnuchin commits to implementing the Debt Service Suspension Initiative agreed to by the G20 and the Paris Club, by suspending official bilateral debt payments for the poorest countries to year-end 2020 and possibly longer, providing those countries fiscal space to fund social, health, and other measures in response to the pandemic.

Source: Treasury Press Release

 

Secretary Mnuchin conducts a phone call with G7 Finance Ministers, World Bank President Malpass, European Commissioner for Economy Paolo Gentiloni, Eurogroup President Mário Centeno, and International Monetary Fund Managing Director Kristalina Georgieva to discuss helping low-income countries address the impacts of COVID-19 through participation in the Debt Service Suspension Initiative.

Source: Treasury Press Release

Economic Recovery
May 2020

In May, the number of hires increased by 2.4 million to a record high of 6.5 million. Job openings increased to 5.4 million, indicating increased economic activity following the lockdowns of March and April.

Source: bls.gov

 

Total industrial production increases 1.4 percent in May, as many factories resumed at least partial operations following suspensions related to COVID-19.

Source: FederalReserve.gov

 
 
Treasury Response
May 28, 2020

SBA and Treasury set aside $10 billion of Round 2 PPP funding to be lent exclusively by Community Development Financial Institutions, which expand economic opportunity in low-income communities.

Source: sba.gov

 

Since the second round of PPP loan processing began on April 27, 2020, 4.4 million loans have been issued to date to small businesses, surpassing the number of all loans made in the first round. The total value of PPP loans issued reaches over $511 billion. Notably, the average loan size in Round 2 is $79,000, yet another indicator that the program is broadly based and assisting the smallest of businesses.

Source: Treasury Press Release

 
Treasury Response
May 19, 2020

Secretary Mnuchin participates in a call with G7 Finance Ministers from Canada, France, Germany, Italy, Japan, the United Kingdom, the European Commission, and the Eurogroup to discuss economic responses underway and strategies to accelerate economic activity as economies begin reopening, in line with necessary health and safety measures.

Source: Treasury Press Release

 

Secretary Mnuchin and Chairman Powell testify before the Senate Banking, Housing, and Urban Affairs Committee to discuss Treasury’s implementation of the CARES Act.

Source: Treasury Press Release

 
Treasury Response
May 18, 2020

Treasury and IRS begin to deliver nearly four million economic impact payments by prepaid debit card, instead of paper check.

Source: Treasury Press Release

 
Treasury Response
May 15, 2020

Treasury and the SBA release the PPP Loan Forgiveness Application.

Source: sba.gov

 
Federal Response
May 12, 2020

The Federal Reserve Bank of New York begins purchasing shares of eligible U.S.-listed exchange-traded funds in the secondary market through the SMCCF and eligible corporate bonds through the PMCCF.

Source: newyorkfed.org

 

The Federal Reserve Board announces additional information regarding borrower and collateral eligibility criteria for the Term Asset-Backed Securities Loan Facility (TALF).

Source: FederalReserve.gov

Treasury Response
May 12, 2020

Treasury updates transparency measures for the Payroll Support Program (PSP).

Source: Treasury Press Release

Economic Recovery
May 8, 2020

Treasury and IRS deliver 130 million Americans economic impact payments, worth more than $218 billion, in less than five weeks.

Source: Treasury Press Release

 
 
Treasury Response
May 5, 2020

Treasury and Interior begin making $4.8 billion in critical funds available to Tribal governments in all states. Additionally, Treasury releases guidance on the distribution of the CRF to Native American Tribes.

Source: Treasury Press Release

 
Federal Response
May 4, 2020

SBA expands the EIDL program to include U.S. agricultural businesses impacted by the COVID-19, pandemic, providing vital economic relief to America’s farmers, ranchers, and other agricultural business owners and employees.

Source: sba.gov

 
 
Economic Recovery
April 30, 2020

To date, over 120 million EIPs had been distributed to hardworking Americans.

 

Boeing raises $25 billion in bond offering and announces it does not plan to seek federal aid.

Source: Reuters

Federal Response
April 30, 2020

The Federal Reserve Board expands loan options and increases the maximum size of businesses eligible for the Main Street Lending Program after receiving feedback from the public.

Source: FederalReserve.gov

Treasury Response
April 30, 2020

Secretary Mnuchin hosts a phone call with G7 counterparts to coordinate timely and effective actions in response to the economic fallout of the COVID-19 pandemic.

Source: Treasury Press Release

 
Treasury Response
April 29, 2020

Treasury and the SBA establish dedicated hours for institutions with asset sizes less than $1 billion to submit PPP loan applications from 4:00 p.m. and 11:59 p.m. daily, continuing efforts to aid small community lenders, their small business customers, and ensure SBA’s systems run efficiently.

Source: sba.gov

Economic Recovery
April 28, 2020

Treasury and the SBA decide to review all PPP loans in excess of $2 million to ensure PPP Loans are limited to eligible borrowers.

Source: sba.gov

 

Treasury and SBA announce that a number of large companies appropriately reevaluated their need for PPP loans and promptly repaid loan funds in response to SBA guidance reminding all borrowers of an important certification required to obtain a PPP loan.

Source: sba.gov

 

As of April 28, 2020, Treasury and the IRS have distributed over 130 million economic impact payments, totaling more than $207 billion.

 
 
Treasury Response
April 27, 2020

Treasury and the SBA resume accepting PPP applications from participating lenders, providing vital economic aid to America’s small businesses and non-profits.

Source: sba.gov

 
Treasury Response
April 26, 2020

Treasury and IRS significantly enhance the “Get My Payment” web app to deliver an improved experience for Americans eligible to receive an economic impact payment.

Source: Treasury Press Release

 
Treasury Response
April 25, 2020

Treasury announces policy taxpayer compensation policy for small and medium sized cargo air carriers and contractors receiving payroll support funds.

Source: Treasury Press Release

 

Treasury publishes the application form for loans to businesses critical to maintaining national security.

Source: Treasury Press Release

 

To date, Treasury has disbursed $12.4 billion in initial payments to 93 air carriers under the Payroll Support Program.

Source: Treasury Press Release

 
Treasury Response
April 24, 2020

The President signs the PPP and Health Care Enhancement Act (H.R.266.) into law after passage by the House and the Senate.

Source: Treasury Press Release

 

To date, PPP Loans support over 30 million jobs and support more than 1.66 million small businesses.

Source: Treasury Press Release

 
Federal Response
April 23, 2020

The Federal Reserve Board takes action to increase the availability of intraday credit on both a collateralized and uncollateralized basis.

Source: FederalReserve.gov

Economic Recovery
April 20, 2020

To date, Treasury mails out over 4 million EIP paper checks. Additionally, over 5 million Americans upload their direct deposit information on the “Get My Payment” web app.

Treasury Response
April 20, 2020

Treasury reaches PSP agreements with Allegiant Air, American Airlines, Delta Air Lines, Southwest Airlines, Spirit Airlines, and United Airlines and disburses initial payments.

Source: Treasury Press Release

 
Treasury Response
April 19, 2020

Treasury allows certain importers to defer payment of duties, taxes, and fees during the COVID-19 pandemic.

Source: Treasury Press Release

 
Treasury Response
April 18, 2020

The President signs an Executive Order authorizing the Secretary of the Treasury to provide relief to certain U.S. businesses, including critical supply chains for U.S. manufacturers, during the COVID-19 pandemic.

Source: Treasury Press Release

 
Treasury Response
April 17, 2020

Treasury partners with Veterans Affairs to deliver economic impact payments to veterans automatically.

Source: Treasury Press Release

 
Federal Response
April 16, 2020

The Federal Reserve launches its Paycheck Protection Program Liquidity Facility to provide liquidity to eligible financial institutions, which help support small businesses.

Source: FederalReserve.gov

Economic Recovery
April 15, 2020

To date, over 80 million Americans receive economic impact payments via direct deposit.

 

PPP processes 14 years’ worth of loans in less than 14 days.

Source: sba.gov

Treasury Response
April 15, 2020

The Social Security Administration announces that Supplemental Security Income recipients will automatically receive COVID-19 economic impact payments.

Source: Treasury Press Release

 

Treasury and the IRS launch the “Get My Payment” web app, allowing taxpayers who filed their tax return in 2018 or 2019 but did not provide their banking information on their return to submit direct deposit information and track payments.

Source: Treasury Press Release

 
Treasury Response
April 14, 2020

Treasury announces Alaska Airlines, Allegiant Air, American Airlines, Delta Air Lines, Frontier Airlines, Hawaiian Airlines, JetBlue Airways, United Airlines, SkyWest Airlines, and Southwest Airlines intend to participate in the Payroll Support Program.

Source: Treasury Press Release

 
Treasury Response
April 13, 2020

Treasury launches web portal and begins disbursing $150 billion in CARES Act funding to State, Local, and Tribal Governments.

Source: Treasury Press Release

 
Treasury Response
April 10, 2020

Treasury announces Payroll Support Program policy supporting aviation industry workers while ensuring appropriate taxpayer compensation.

Source: Treasury Press Release

 

Treasury and the IRS launch an online tool to help non-tax filers receive economic impact payments quickly.

Source: Treasury Press Release

 
Treasury Response
April 9, 2020

Treasury and the Federal Reserve Board announce new and expanded lending programs to provide up to $2.3 trillion in financing to support the economy.

Source: Treasury Press Release

 

Treasury and the IRS extend over 300 tax filing, payment, and administrative deadlines to provide taxpayer relief.

Source: Treasury Press Release

 
Federal Response
April 4, 2020

SBA issues guidance clarifying that all faith-based organization impacted by COVID-19 are eligible to participate in the PPP and EIDL program.

Source: sba.gov

 
Federal Response
April 3, 2020

SBA launches the PPP, which authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 pandemic. (This unprecedented program was launched less than 5 business days after the President signed the CARES Act).

Source: sba.gov

 
Treasury Response
April 1, 2020

Treasury and the IRS announce that Social Security recipients will automatically receive economic impact payments into their bank accounts.

Source: Treasury Press Release

 

Treasury and the IRS offer small and mid-size employers more information on refundable tax credits that reimburse them for the cost of providing their employees paid sick and family leave wages related to COVID-19.

Source: Treasury Press Release

 
Federal Response
March 31, 2020

The Federal Reserve establishes a temporary repurchase agreement facility for foreign and international monetary authorities (FIMA Repo Facility) to support the smooth functioning of financial markets, including the U.S. Treasury market, and thus maintain the supply of credit to U.S. households and businesses.

Source: FederalReserve.gov

Treasury Response
March 31, 2020

Treasury delays tax payment due dates for wine, beer, distilled spirits, tobacco products, firearms, and ammunition excise taxes to accommodate businesses that have been negatively affected by COVID-19.

Source: Treasury Press Release

 

Treasury and the IRS launch the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19.

Source: Treasury Press Release

 

SBA Administrator Carranza and Secretary Mnuchin initiate a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.

Source: sba.gov

 
Treasury Response
March 30, 2020

Treasury publishes guidance on payroll support for airline industry workers and CARES Act loans to eligible airline and national security businesses.

Source: Treasury Press Release

 
Federal Response
March 27, 2020

The President signs the CARES Act, the single biggest economic relief package in American history, into law to deliver urgently needed relief to America’s families, workers, and businesses.

Source: White House Briefing

 
Federal Response
March 26, 2020

Federal Agencies encourage banks, savings associations and credit unions to offer responsible, small-dollar loans to consumers and small businesses affected by COVID-19, and state they are working on guidance and lending principles to effectively meet credit needs.

Source: FederalReserve.gov

Treasury Response
March 26, 2020

Watch Secretary Mnuchin discuss congressional negotiations, disbursing money to American workers through economic impact payments, supporting small businesses, the Administration’s whole of government approach, and coordinating with the Federal Reserve.

Source: Youtube

 
Federal Response
March 24, 2020

The Department of Homeland Security issues guidance identifying financial services sector workers as essential workers during the COVID-19 pandemic to ensure continuity of functions that are critical to economic security.

Source: Treasury Press Release

 
Treasury Response
March 23, 2020

Treasury and the Federal Reserve announce extensive new measures to support the economy, including:

  • Support for critical market functioning;
  • Supporting the flow of credit to employers, consumers, and businesses by establishing new programs;
  • Establishing two facilities to support credit to large employers;
  • Establishing a third facility, the Term Asset-Backed Securities Loan Facility (TALF), to support the flow of credit to consumers and businesses; and
  • Facilitating the flow of credit to municipalities.

Source: FederalReserve.gov

Federal Response
March 23, 2020

SBA changes loan terms to allow borrowers still paying back SBA loans from previous disasters to defer payments through December 31, 2020.

Source: sba.gov

 
Federal Response
March 22, 2020

Federal financial institution regulatory agencies provide additional information to encourage financial institutions to work with borrowers affected by COVID-19.

Source: FederalReserve.gov

 
Treasury Response
March 20, 2020

Treasury and IRS extend the tax filings and payments for all federal income taxes due on April 15, 2020 to July 15, 2020.

Source: Treasury Press Release

 

Treasury, IRS, and Labor announce that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them for the cost of providing Coronavirus-related leave to their employees.

Source: Treasury Press Release

Federal Response
March 20, 2020

The Federal Reserve Board expands its program of support for flow of credit to the economy by taking steps to enhance liquidity and functioning of crucial state and municipal money markets.

Source: FederalReserve.gov

 

The Federal Reserve, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank take coordinated action to expand liquidity provisions via the standing U.S. dollar liquidity swap line arrangements.

Source: FederalReserve.gov

 
Federal Response
March 19, 2020

Following encouragement from federal agencies and the Federal Reserve’s changes to the discount window, discount window borrowing notably increases, demonstrating banks’ willingness to use the discount window as a source of funding to support the flow of credit to households and businesses.

Source: FederalReserve.gov

 

The Federal Reserve establishes temporary U.S. dollar liquidity arrangements (swap lines) with the Reserve Bank of Australia, the Banco Central Do Brasil, the Danmarks Nationalbank, the Bank of Korea, the Banco de Mexico, the Norges Bank (Norway), the Reserve Bank of New Zealand, the Monetary Authority of Singapore, and the Sveriges Riksbank (Sweden), designed to lessen strains in global U.S. dollar funding markets and mitigate the effects of these strains on the supply of credit to households and businesses, both domestically and abroad.

Source: FederalReserve.gov

 
Federal Response
March 18, 2020

The President signs the Families First Coronavirus Response Act into law, which provides for supplemental appropriations related to COVID-19, as well as waivers and modifications of Federal nutrition programs, employment-related protections and benefits, health programs and insurance coverage requirements, and related tax credits during the COVID-19 public health emergency.

Source: White House Briefing

Treasury Response
March 18, 2020

Treasury and the IRS issue guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax, including self-employment tax, and other payments due on April 15, 2020, until July 15, 2020, without penalties or interest.

Source: Treasury Press Release

 

Secretary Mnuchin approves the establishment of the Money Mark Mutual Fund Liquidity Facility (MMLF), broadening the flow of credit to households and businesses.

Source: FederalReserve.gov

 
Treasury Response
March 17, 2020

Secretary Mnuchin approves the establishment of a Primary Dealer Credit Facility (PDCF) to help address illiquidity, mitigate disruptions in funding markets, support smooth market functioning and help facilitate the availability of credit to American workers and businesses.

Source: Treasury Press Release

 

Secretary Mnuchin approves the establishment of a Commercial Paper Funding Facility (CPFF) to support the flow of credit to households and businesses. Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs of a range of companies.

Source: FederalReserve.gov

Federal Response
March 17, 2020

Federal banking agencies provide banks additional flexibility to support households and businesses by gradually phasing in the automatic distribution restrictions if a firm’s capital levels decline.

Source: FederalReserve.gov

 

SBA updates criteria for states or territories seeking an economic injury declaration related to COVID-19, creating a faster, easier qualification process for states seeking SBA disaster assistance and expanding statewide access to SBA disaster assistance loans for small businesses.

Source: sba.gov

 
Treasury Response
March 15, 2020

Watch Secretary Mnuchin discuss the state of the economy, a legislative deal to support businesses, and financial markets on Fox News Sunday.

Link: Youtube

Federal Response
March 15, 2020

The Federal Reserve Board takes a series of actions to support the flow of credit to households and businesses:

  • Discount Window – the Federal Reserve lowers the primary credit rate to encourage more active use of the window by banks and allows banks to borrow from the discount window for as long as 90 days.
  • Intraday Credit - The Federal Reserve encourages banks to use intraday credit provide liquidity to households and businesses
  • Bank Capital and Liquidity Buffers – The Federal Reserve encourages banks to use their capital and liquidity buffers as they lend to households and businesses in a responsible manner
  • Reserve Requirements – The Federal Reserve Board reduces reserve requirement ratios to zero percent effective March 26 to support lending to households and businesses

Source: FederalReserve.gov

 
Federal Response
March 12, 2020

The Federal Reserve, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank take coordinated action to provide liquidity via the standing U.S. dollar liquidity swap line arrangements to ease strains in global funding markets.

Source: FederalReserve.gov

 

SBA announces the process for accessing COVID-19 Disaster Relief Lending for small businesses.

Source: sba.gov

 
Treasury Response
March 11, 2020

Secretary Mnuchin testifies before the House Appropriations Subcommittee on State, Foreign Operations, and Related Programs, where he commits to developing an economic response plan to manage the impact of the COVID-19 pandemic.

Source: house.gov

Federal Response
March 11, 2020

President Trump suspends travel to the United States from 26 European states in response to COVID-19.

Source: White House Presidential Action

 
Treasury Response
March 10, 2020

Secretary Mnuchin meets with Senate Republicans to discuss potential economic response options for COVID-19. Additionally, the Secretary meets with Speaker Pelosi (D-CA) to discuss the same.

 

Secretary Mnuchin convenes a call of the President’s Working Group on Financial Markets to discuss recent market conditions and activity, including impacts of COVID-19.

Source: Treasury Press Release

 
Treasury Response
March 3, 2020

Secretary Mnuchin and Chairman Powell lead a call with the G7 Finance Ministers and Central Bank Governors to discuss the impact of COVID-19 on markets and economic conditions.

Source: Treasury Press Release

 
Federal Response
Februrary 29, 2020

President Trump suspends travel from Iran in response to COVID-19.

Source: White House Presidential Action

 
Federal Response
January 31, 2020

President Trump suspends travel from China in response to COVID-19.

Source: White House Presidential Action