On The Money: Treasury, SBA to disclose small business loans of $150K and above | Apple closes stores in states with spikes in coronavirus cases | Artists call on Congress to help club and concert venues during pandemic

On The Money: Treasury, SBA to disclose small business loans of $150K and above | Apple closes stores in states with spikes in coronavirus cases | Artists call on Congress to help club and concert venues during pandemic
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THE BIG DEAL: Treasury, SBA to disclose small business loans of $150K and above: 

The Treasury Department and Small Business Administration (SBA) announced Friday that they would reveal the recipients of loans of $150,000 or more issued through the Paycheck Protection Program (PPP) after growing congressional pressure.

The SBA will disclose the names, addresses, classification codes, zip codes, business type, demographic data, non-profit information, jobs supported and loan amount of each firm to receive a coronavirus emergency relief loan of at least $150,000. The amount of the loan will be disclosed within a range, not a specific amount.

The announcement comes amid rising backlash from lawmakers over the lack of transparency into the more than $500 million lent through the PPP, which is intended to help keep small businesses afloat during the coronavirus pandemic. 

Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: Anxious Democrats push for vote on COVID-19 aid | Pelosi, Mnuchin ready to restart talks | Weekly jobless claims increase | Senate treads close to shutdown deadline Vulnerable Democrats tell Pelosi COVID-19 compromise 'essential' Pelosi asks panels to draft new COVID-19 relief measure MORE said earlier this week that he was open to bipartisan talks with lawmakers over disclosing the PPP loans.

Mnuchin said in a Friday statement that he was pleased to strike a deal to create “the appropriate balance of providing public transparency, while protecting the payroll and personal income information of small businesses, sole proprietors, and independent contractors.”

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LEADING THE DAY

Apple closes stores in states with spikes in coronavirus cases: Apple is closing 11 stores across the United States in areas where coronavirus cases are beginning to spike again.

The company announced Friday that it will shutter the stores in Florida, Arizona, North Carolina and South Carolina that had recently reopened.

“Due to current COVID-19 conditions in some of the communities we serve, we are temporarily closing stores in these areas," the company said in a statement. "We take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams and customers back as soon as possible."

Artists call on Congress to help club and concert venues during pandemic: Several hundred musicians and performers — including Billy Joel, Whoopi GoldbergWhoopi GoldbergMeghan McCain says she believes report Trump called fallen soldiers 'losers' On The Money: Treasury, SBA to disclose small business loans of 0K and above | Apple closes stores in states with spikes in coronavirus cases | Artists call on Congress to help club and concert venues during pandemic Artists join call to Congress to help club and concert venues during pandemic MORE and Billie Eilish — have signed on to a letter calling for Congress to help club and concert venues struggling during the coronavirus pandemic. 

The National Independent Venue Association (NIVA), which is made up of club and concert venue owners, spearheaded the Thursday letter to request federal assistance for independent music venues. 

“We urge you to remember we are the nation that gave the world jazz, country, rock & roll, bluegrass, hip hop, metal, blues, and R&B. Entertainment is America's largest economic export, with songs written and produced by American artists sung in every place on the globe,” the letter reads.

NIVA has pushed Congress to provide venues with tax relief, unemployment insurance, mortgage and rent forbearance, a business recovery fund and existing debt deferral.

 

ON TAP NEXT WEEK

Monday:

  • The House Education and Labor Committee holds a virtual hearing entitled “Inequities Exposed: How COVID-19 Widened Racial Inequities in Education, Health, and the Workforce,” 12 p.m.

Tuesday:

  • A House Ways and Means subcommittee holds a hearing entitled “The Child Care Crisis and the Coronavirus Pandemic,” 2 p.m.
  • Export-Import Bank President and Chairman Kimberly Reed testifies before the Senate Banking Committee, 2:30 p.m.
  • The House Budget Committee holds a virtual hearing entitled “Health and Wealth Inequality in America: How COVID-19 Makes Clear the Need for Change,” 2:30 p.m.

Wednesday:

  • The Senate Budget Committee holds a nomination hearing on Derek T. Kan to be deputy director of the White House Office of Management and Budget, 2:30 p.m.

Thursday:

  • A House Financial Services subcommittee holds a virtual hearing entitled “Capital Markets and Emergency Lending in the COVID-19 Era,” 12 p.m.

Recap the week with On The Money:

 

  • Monday: Surging coronavirus cases fuel lockdown fears | Mnuchin says he'll have bipartisan talks on PPP oversight | Fed launches emergency business lending program
  • Tuesday: Fed chief says full recovery from recession 'unlikely' until coronavirus contained | Congress set for fight over expiring unemployment relief | CBO: COVID-19 emergency bills will add $2.4 trillion to deficit
  • Wednesday: Powell urges Congress to continue boosted jobless benefits 'in some form' | Trade chief denies Bolton claim that Trump asked Xi for election help | Trump administration releases new PPP loan forgiveness forms
  • Thursday: Trump says 'decoupling' from China on the table | More than 1.5 million file new jobless claims in second week of June | Democrats unveil $1.5 trillion infrastructure plan