Mnuchin And Powell To Testify Remotely On Coronavirus Relief
The Treasury secretary and Federal Reserve chair are giving a quarterly report on the CARES Act to the Senate Banking Committee.
Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell are testifying remotely Tuesday in front of the Senate Banking Committee.
The two are giving a quarterly report on the CARES Act, which is the $2.2 trillion coronavirus relief package passed by Congress in late March.
But a report released Monday by the Congressional Oversight Commission says the Treasury has loaned out little of the $500 billion set aside in that bill for businesses and state and local governments.
Besides asking questions about the report, lawmakers are also expected to ask Mnuchin and Powell about the economic stimulus payments being sent to eligible Americans and the Paycheck Protection Program.
In his prepared opening statement, Mnuchin plans to say the federal government has processed 4.2 million small business loans so far.
Businesses are not required to pay back those loans if they spend 75% of the money on payroll costs. They also must spend the money within eight weeks of receiving it. But a government watchdog has already warned the Paycheck Protection Program's restrictions could hurt tens of thousands of borrowers.
Contains footage from CNN.
Report: Classified Items Found At Trump Storage Unit In Florida
The nature of newly found material was not immediately clear, but Trump staffers used the storage unit in which they were found, according to WAPO.By Rebecca Blackwell / AP
Judge Places Hold On Oregon's Gun Law, State To Appeal
The law requires a permit, background check, fingerprinting and hands-on training for new firearms buyers. It also bans magazines over 10 rounds.By Andrew Selsky / AP
DOJ Subpoenas Election Officials In States Trump Disputed
Special counsel Jack Smith is overseeing investigations into the Capitol riot and Trump's frantic efforts to remain in power.By Charles Dharapak / AP
Affidavit: Club Q Shooting Suspect Opened Fire Upon Entering The Venue
The new information on the attack comes amid fresh reports that law enforcement knew how risky the suspect might have been.By David Zalubowski / AP
Peru's President Ousted By Congress In Political Crisis
Lawmakers voted 101-6 to remove President Pedro Castillo from office after he tried to dissolve the legislature to prevent an impeachment vote.By Martin Mejia / AP
Another Insitution Is Taking 'Oriental' Out Of Its Name
In 2016, President Obama signed a law removing the word "oriental" from federal language and replacing it with "Asian Americans."By Newsy