Senator Crapo Urges Treasury and Fed to Supply Guidance on Title IV of CARES Act
U.S. Senator Mike Crapo (R-Idaho) recently wrote a letter advising the U.S. Department of the Treasury and the Federal Reserve to quickly provide guidance on Title IV of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed last month.
As Chairman of the U.S. Senate Committee on Banking, Senator Crapo led negotiations on the provisions in Title IV and helped pass the legislation through the Senate. Title IV is titled, “Economic Stabilization and Assistance to Severely Distressed Sectors of the United States Economy.”
“It is critical to quickly provide the greatest amount of information about how to access resources, who is eligible, where additional information can be obtained, and clarifying qualification of industries with specific characteristics that could otherwise unintentionally impede access,” said Senator Crapo.
The letter urges the agencies to ensure that businesses, States, municipalities, and Tribes know which accommodations and programs are available. It also encourages them to have a point of contact or inquiry portal to talk about access to programs.
Senator Crapo also suggested that the agencies clarify how direct loans will work and prioritize facilities that stabilize important markets such as mortgage servicing.
The clarification “is imperative to ensuring the support provided to the Federal Reserve’s 13(3) emergency lending programs and facilities is as effective as intended by Congress,” Senator Crapo wrote.
To view the full letter, click here.