On The Money: Trump administration releases PPP loan data | Congress gears up for battle over expiring unemployment benefits | McConnell opens door to direct payments in next coronavirus bill

On The Money: Trump administration releases PPP loan data | Congress gears up for battle over expiring unemployment benefits | McConnell opens door to direct payments in next coronavirus bill
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Happy Monday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL—Trump administration releases PPP loan data: The Trump Administration on Monday released data about recipients of Paycheck Protection Program (PPP) loans, which is of interest to lawmakers as they conduct oversight of the small-business loan program.

  • The Small Business Administration (SBA), in consultation with the Treasury Department, released data about loans made under the PPP of at least $150,000 that includes the names, addresses and business types of businesses and nonprofits that received loans.
  • For each of these loans, the SBA gave a range for the dollar amount of the loans.
  • The SBA also released data on loans of under $150,000 that does not include the names and addresses of recipients.

“Today’s release of loan data strikes the appropriate balance of providing the American people with transparency, while protecting sensitive payroll and personal income information of small businesses, sole proprietors, and independent contractors,” Treasury Secretary Steven MnuchinSteven Terner MnuchinNegotiators hit gas on coronavirus talks as frustration mounts Schiff, Khanna call for free masks for all Americans in coronavirus aid package Lawmakers aim for COVID-19 relief deal this week MORE said in a news release.
The Hill’s Naomi Jagoda tells us more here.

LEADING THE DAY

Congress gears up for battle over expiring unemployment benefits: The generous expansion to unemployment insurance Congress passed to keep Americans afloat during the COVID-19 crisis is due to run out at the end of the month, potentially leaving millions of people struggling.

Unemployment remained at 11.1 percent in June, worse than it was at the height of the Great Recession in 2009, but Congress is far from agreeing on a path forward. At the heart of the discussion is a federal policy that adds a flat $600 to every weekly unemployment check through the end of July.

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The Hill’s Niv Elis explains here.

McConnell opens door to direct payments in next coronavirus bill: Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellTrump's election delay red herring On The Money: Unemployment debate sparks GOP divisions | Pandemic reveals flaws of unemployment insurance programs | Survey finds nearly one-third of rehired workers laid off again OVERNIGHT ENERGY: Trump signs major conservation bill into law | Senate votes to confirm Energy's No. 2 official | Trump Jr. expresses opposition to Pebble Mine project MORE (R-Ky.) appeared to open the door on Monday to including some direct payments to Americans in a future coronavirus relief bill. 

"I think the people that have been hit the hardest are people who make about $40,000 or less. Many of them work in the hospitality industry. .... That could well be a part of it," McConnell said. 

The party divides: 

Talk of doing a second round of stimulus checks comes as Congress is expected to begin formally negotiating the fifth coronavirus bill later this month, when lawmakers return to Washington on July 20. 

  • McConnell said Monday that he believed a fifth bill would be necessary
  • "I'll be unveiling something, which will be a starting place, in a few weeks, and we'll then be dealing with the administration and the Democrats and all the rest. ... I think we will do something again. I think the country needs one last boost," he said. 

 

IRS, taxpayers face obstacles ahead of July 15 filing deadline: The IRS and taxpayers face a number of obstacles before crossing the finish line in this year's longer-than-usual tax filing season.

The coronavirus prompted the IRS in March to extend the deadline for individuals to file their 2019 returns, and pay their 2019 taxes, from April 15 to July 15. In addition to processing returns during that time, the agency also had to implement COVID-19 relief measures passed by Congress in the spring.

“While we had to adjust and redeploy resources during the pandemic, our employees have remained dedicated to delivering the 2020 filing season,” IRS Commissioner Charles Rettig said during a Senate Finance Committee hearing on Tuesday.

Naomi Jagoda tells us why here.

GOOD TO KNOW

  • Democrats on Monday unveiled a Homeland Security spending bill for 2021 that would block funding for a border wall and leave the number of border patrol agents steady.
  • U.S. stock indexes closed with major gains on Monday, as technology firms such as Netflix and Amazon rallied.
  • House Democrats on Monday unveiled a health spending bill that included $24.4 billion in emergency spending related to the coronavirus pandemic.
  • Lawmakers are weighing tightening the qualifications for small business aid as they debate a fifth coronavirus bill.