Category: congress
New guidance on SBA loans means most startups are still excluded from $349 billion stimulus
Under new guidance issued by the Small Business Administration it seems non-profits and faith-based groups can apply for the Paycheck Protection Program loans designed to keep small business afloat during the COVID-19 epidemic, but most venture-backed companies are still not covered. Late Friday night, the Treasury Department updated its rules…
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Proposed amendments to the Volcker Rule could be a lifeline for venture firms hit by market downturn
In the wake of the financial crisis, Congress passed regulations limiting the types of investments that banks could make into private equity and venture capital funds. As cash strapped investors pull back on commitments to venture funds given the precipitous drop of public market stocks, loosening restrictions on the how…
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House passes historic $2 trillion coronavirus economic rescue bill
A massive bipartisan effort to provide relief to a U.S. economy on ice just leapt over its last major hurdle. On Friday, the House of Representatives passed a historic stimulus package known as the Coronavirus Aid, Relief, and Economic Security or “CARES” act, which contains an unprecedented $2.2 trillion in…
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Gig workers could get unemployment benefits under $2 trillion Senate stimulus bill
The Senate’s historic $2 trillion stimulus package will make history in one more way: by providing some financial assistance to gig workers. Late last night, the Senate passed a $2 trillion stimulus bill in response to the COVID-19 pandemic. As part of the bill, which makes its way to the…
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Senate, White House reach deal on $2 trillion stimulus package to lessen COVID-19’s economic impact
After five days of negotiations, Senate leaders and the Trump administration the White House said early Wednesday morning that Senate leaders and the Trump administration have reached a deal on a $2 trillion stimulus package to help relieve the economic impact of COVID-19. “Ladies and gentlemen, we are done. We…
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Stocks blast higher on expectation of sweeping federal action
There are no free market fanatics on corporate boards the moment the economy wobbles. Today makes the point, with stocks shooting higher on the back of news that a sweeping federal package of aid and stimulus should soon pass Congress. The goal of the financial package is to blunt the…
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