Treasury Department

The bill, which passed the House last week on a 471-1 vote, now heads to President Trump’s desk for his signature.

The latest version supplements the previously posted rules in order to help borrowers submit their loan forgiveness applications as provided under the CARES Act.

The new Paycheck Protection Program rules, which created a review process and timeline for paying lenders, did not extend the time borrowers have to comply or increase how much money can be spent nonpayroll expenses.

The Internal Revenue Service and the Treasury Department are beginning to send nearly 4 million economic impact payments by prepaid debit card, instead of by paper check or direct deposit.

The U.S. Small Business Administration, in conjunction with the Treasury Department, released a loan forgiveness application for the SBA’s troubled Paycheck Protection Program, along with detailed instructions for the application.

While the Fed regularly updates taxpayer rolls with death certificate information, the IRS was relying on 2018 data to process the checks.

Recipients of Social Security benefits, as well as railroad retirement and veterans benefits recipients, will need to act fast.

“Americans need to know they have access to their money," Treasury Secretary Steven Mnuchin said.

The actions include cutting the federal funds rate to between 0% and 0.25% and other steps to ease economic stress from the spread of the coronavirus.

"We seek to finance the government at the least possible cost to taxpayers over time," said Treasury Secretary Steven Mnuchin.