Treasury Economic Response Timeline - Content
Employers added 245,000 jobs in November, marking seven consecutive months of job growth. The unemployment rate declined to 6.7%, beating market expectations. Since April, payrolls have risen by 12.3 million, recovering 56% of the jobs lost in the state and local lockdowns in spring 2020 due to the coronavirus.
Source: U.S Bureau of Labor Statistics
Secretary Mnuchin testifies before the House Financial Services Committee on Treasury’s implementation of the CARES Act. Read his opening statement to the Committee here.
Source: Treasury
Secretary Mnuchin testifies before the Senate Banking, Housing, and Urban Affairs Committee on Treasury’s implementation of the CARES Act. Watch the hearing here.
Source: Treasury
Secretary Mnuchin approves the extension of four Federal Reserve lending facilities until March 31, 2021 to continue providing liquidity to the financial system and stabilizing credit markets. The four facilities are the Commercial Paper Funding Facility, the Money Market Mutual Fund Liquidity Facility, the Primary Dealer Credit Facility, and the Paycheck Protection Program Liquidity Facility.
Source: Treasury
New home sales exceeded expectations in October. Meanwhile, estimated sales in September, August, and July were all revised up. The Census Bureau now estimates that sales have held near 1 million units for three consecutive months. New home sales have more than recovered from the pandemic-related low in April.
Source: U.S. Census Bureau
According to the Census Bureau, manufacturers reported continued and faster than expected growth in new orders for durable goods. As of October, total new orders have increased for six consecutive months and are now only 2.2 percent below pre-pandemic levels. In addition, the report suggested a positive outlook for business investment as new orders of core capital goods continued to exceed core shipments.
Source: U.S. Census Bureau
Watch Secretary Mnuchin on CNBC discuss his request to the Federal Reserve to return unused emergency lending facility funds to the Treasury to allow Congress to re-appropriate $455 billion to those areas of the economy that have been particularly hard hit by the pandemic and require additional relief.
Source: YouTube
Secretary Mnuchin sends a letter to Chairman of the Federal Reserve Board of Governors Jerome Powell requesting a 90-day extension of the Commercial Paper Funding Facility (CPFF), the Primary Dealer Credit Facility (PDCF), the Money Market Liquidity Facility (MMLF) and the Paycheck Protection Program Liquidity Facility (PPPLF). Secretary Mnuchin also requests the Federal Reserve to return unused emergency lending facility funds to the Treasury to allow Congress to re-appropriate $455 billion to those areas of the economy that have been particularly hard hit by the pandemic and require additional relief.
Source: Treasury
Total housing starts increased 71,000 (4.9 percent) in October to 1.530 million units at an annual rate, beating market expectations. This data suggests that new residential construction grew moderately at the beginning of Q4, which if maintained would contribute to GDP growth in the current quarter. In addition, data for August and September were revised upward on net, suggesting a slightly stronger contribution from residential investment to real Q3 GDP growth.
Source: U.S. Census Bureau
Treasury and the IRS issue guidance clarifying the deductibility of expenses where a business received a PPP loan. The provisions provide taxpayers with greater clarity and flexibility and ensure that all small businesses receiving PPP loans are treated fairly.
Source: Treasury
Total industrial production rebounded in October due to increased output at non-automotive factories, as well as higher utilities production, with the Federal Reserve’s industrial production index coming in above expectations. The increase was accompanied by upward revisions to estimated output in August and September, indicating stronger production in Q3 than previously projected.
Source: The Federal Reserve
The Census Bureau reports that total retail sales increased 0.3 percent in October and growth in August was revised up from 0.6 percent to 1.4 percent. Relative to October 2019, nominal retail and food sales were about 5.5 percent higher.
Source: U.S. Census Bureau
Initial Unemployment Insurance claims continued their recent decline in the week ending November 7, decreasing by 48,000 (-6.3 percent). In the preceding week, continuing UI claims fell by 436,000 (-6.0 percent).
Source: Department of Labor
In the November Blue Chip Survey, the average projection for real GDP growth on a Q4/Q4 basis was revised up 0.7 percentage points.
Source: Blue Chip
In the month of October, the U.S. economy added 638,000 jobs, beating expectations. The unemployment rate declined to 6.9%, continuing its six consecutive month decline and crushing all expectations. Of note, the unemployment rate continued its decline for several minority groups, including African Americans, Asian Americans, and Hispanic Americans. The labor force participation rate also increased, demonstrating confidence in our strong economic recovery.
Source: U.S Bureau of Labor Statistics
Since the labor market’s recovery began in May, the U.S. economy has regained 12.1 million jobs in six months, marking historic and unprecedented job growth!
Source: U.S Bureau of Labor Statistics
Marking an historic day for the American economy, third quarter GDP grew by a monster 33.1%, smashing all expectations and crushing the previous historical record for quarterly GDP growth!
Source: Bureau of Economic Analysis
Initial Unemployment Insurance claims once again fell by over 5% in the week ending October 24, decreasing by 40,000 from the previous week. In the preceding week, continuing UI claims continued their significant decline, falling by 709,000 (-8.4%).
Source: Department of Labor
Watch Assistant Secretary Monica Crowley discuss the monster third quarter GDP growth with Lou Dobbs on Fox Business.
Source: Fox Business Video
Manufacturers report continued growth in new orders for durable goods, rising 1.9% in September, surpassing the Bloomberg consensus forecast of a 0.5% gain. As of September, total new orders have risen for five consecutive months. The report also suggests a positive business investment outlook as new orders for core capital goods continue to exceed core shipments.
Source: U.S. Census Bureau
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
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
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
Watch Secretary Mnuchin discuss the details of coronavirus discussions and the progress of Operation Warp Speed on Squawk Box CNBC.
Source: YouTube
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
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
![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](https://webarchive.library.unt.edu/web/20201218031433im_/https://home.treasury.gov/system/files/291/oct-2-tweet_0.PNG)
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
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
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
Watch Secretary Mnuchin discuss the status of coronavirus relief negotiations with Lou Dobbs on Fox Business.
Source: YouTube
Watch Secretary Mnuchin discuss the recent coronavirus relief package negotiations and current economic progress with Becky Quick on CNBC’s Delivering Alpha.
Source: YouTube
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
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.
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
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
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
![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](https://webarchive.library.unt.edu/web/20201218031433im_/https://home.treasury.gov/system/files/291/SEPT%2015%20Tweet.PNG)
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
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
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
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.
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
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
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
The ISM’s survey on the services sector indicates that business growth extended into August, marking three consecutive months of expansion.
Source: PR Newswire
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
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.
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
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
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.
Treasury and the IRS release guidance allowing employers to defer certain payroll tax obligations.
Source: Treasury Press Release
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
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.
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.
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.
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.
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
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
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
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
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
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
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
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.
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.
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
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
Initial claims for unemployment insurance fall 17.4% from the previous week.
Source: dol.gov
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 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
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
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
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
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
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
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
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
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 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
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
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
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 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
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
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
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
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 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
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
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 and the SBA post a revised, borrower-friendly PPP loan forgiveness application implementing the PPP Flexibility Act (PPPFA) of 2020.
Source: sba.gov
The Main Street Lending Program Lender Portal opens, allowing small and medium-sized businesses to apply for loans.
Source: Treasury Press Release
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 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
Secretary Mnuchin and SBA Administrator Carranza testify before the Senate Small Business Committee on the PPP and Economic Impact Disaster Loans.
Source: senate.gov
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
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
The U.S. economy adds 2.5 million jobs in May and the unemployment rate declines to 13.3%.
Source: bls.gov
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
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
The Federal Reserve Board expands the number and type of entities eligible to directly use its Municipal Liquidity Facility (MLF).
Source: FederalReserve.gov
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
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
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
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 and IRS begin to deliver nearly four million economic impact payments by prepaid debit card, instead of paper check.
Source: Treasury Press Release
Treasury and the SBA release the PPP Loan Forgiveness Application.
Source: sba.gov
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 updates transparency measures for the Payroll Support Program (PSP).
Source: Treasury Press Release
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 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
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
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
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
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 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
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 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 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 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
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
The Federal Reserve Board takes action to increase the availability of intraday credit on both a collateralized and uncollateralized basis.
Source: FederalReserve.gov
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 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 allows certain importers to defer payment of duties, taxes, and fees during the COVID-19 pandemic.
Source: Treasury Press Release
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 partners with Veterans Affairs to deliver economic impact payments to veterans automatically.
Source: Treasury Press Release
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
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
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 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 launches web portal and begins disbursing $150 billion in CARES Act funding to State, Local, and Tribal Governments.
Source: Treasury Press Release
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 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
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
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 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
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 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 publishes guidance on payroll support for airline industry workers and CARES Act loans to eligible airline and national security businesses.
Source: Treasury Press Release
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 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
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
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 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
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 financial institution regulatory agencies provide additional information to encourage financial institutions to work with borrowers affected by COVID-19.
Source: FederalReserve.gov
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
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
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
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 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
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 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
Watch Secretary Mnuchin discuss the state of the economy, a legislative deal to support businesses, and financial markets on Fox News Sunday.
Link: Youtube
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
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
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
President Trump suspends travel to the United States from 26 European states in response to COVID-19.
Source: White House Presidential Action
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
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
President Trump suspends travel from Iran in response to COVID-19.
Source: White House Presidential Action
President Trump suspends travel from China in response to COVID-19.
Source: White House Presidential Action