None Of Oversight Tools Included In $2.2T Rescue Package Are In Place But Billions Are Already Flowing Out

Politico: Oversight Sputters As Trump Starts Doling Out Billions In Coronavirus Aid
Congress assured America that its frenzied rush to deliver $2 trillion in coronavirus relief wouldn't lead to waste, fraud or abuse because they packed the sprawling law with powerful safeguards. Yet, as the Trump administration begins pumping billions of taxpayer dollars into the economy, none of the built-in oversight mechanisms are even close to functional. And their absence will soon be glaringly obvious as the gusher of cash and extraordinary new power granted to the administration fuels massive logjams, headaches and fear across overburdened hospitals, overcrowded unemployment offices and many sectors of the ailing economy. (Cheney, 4/8)

Politico: Recovery Bill Allows The Fed To Spend Billions Without Keeping Records
Tucked into the recent recovery bill was a provision granting the Federal Reserve the right to set up a $450 billion bailout plan without following key provisions of the federal open meetings law, including announcing its meetings or keeping most records about them, according to a POLITICO review of the legislation. The provision, the existence of which has not been previously reported, further calls into question the transparency and oversight for the biggest bailout law ever passed by Congress. (Severns and Guida, 4/9)

NPR: IRS Scrambles To Get Out Cash Payments But Faces Staffing And Systems Challenges
The Internal Revenue Service is under huge pressure to quickly disperse the $1,200 payments promised to most people in the $2.2 trillion coronavirus relief bill. Experts say it could take months for everyone to get checks — with some people possibly waiting until after they file their taxes next year. Over the past 10 years the IRS budget has been reduced by roughly 20%, leaving the agency with aging technology and forcing it to cut back on staff and training, according to experts. The added stress of the coronavirus is already causing customer service headaches. (Snell, 4/9)

Politico: Unemployed Still Waiting For Checks As States Struggle To Pay Out Stimulus Funds
States are pleading for help from the Trump administration as they struggle to handle a torrent of unemployment claims that continues to swell as businesses remain shuttered across the country. In the three weeks since President Donald Trump signed legislation allocating $1 billion to help states process jobless claims, the number of laid-off Americans applying for benefits has already surged past 10 million — and millions more are likely to be added to the total when new data is released on Thursday. (Cassella, Kullgren and Landergan, 4/8)

The Associated Press: Hurry Up And Wait? Why Relief To Small Businesses Has Lagged
Speed is of the essence if a federal relief program for small businesses is going to be effective in combating the damage wrought by the coronavirus lockdowns. Yet, days into the program, many Main Street businesses are still waiting for the cash infusion necessary to stay alive. Others say they haven’t even been able to apply for loans under what’s called the Paycheck Protection Program. The problems range from the technical to the bureaucratic, although the Small Business Administration says it has corrected those on its end. (Rosenberg and Sweet, 4/9)

The Wall Street Journal: Another Challenge For Small Businesses: Higher Card Fees Could Be On The Way
Many small businesses could have another thing to worry about when they come out of a coronavirus coma: higher credit-card fees. Visa Inc. and Mastercard Inc. had planned to raise swipe fees on many merchants this year, and the changes in some cases would be hardest on small businesses, according to people familiar with the situation. It is unclear if the fee changes, in the works for months, will be rolled out if the pandemic persists. (Andriotis, 4/9)

Politico: Pandemic-Linked Rollbacks Spark Concern Banks May Shake Off Hated Rules
Federal agencies are easing rules on banks to ensure they can keep lending to households and businesses during a recession, but that's triggering concern among lawmakers that the lighter regulations will continue even after the emergency ends. The Federal Reserve and other regulators in recent weeks have allowed banks to hold less loss-absorbing capital on their books, delayed rules that would require them to start preparing earlier for potential losses on new loans and made it easier for smaller banks to operate under a higher debt load, among other moves. (Guida, 4/9)

Politico: Farmers Vie Among Themselves For Slice Of Rescue Funds
The rush is on for farmers looking to stake their claim on a new trove of stimulus funds earmarked for agriculture. Congress authorized the Agriculture Department to spend billions to help struggling producers, with few strings attached. USDA officials are scrambling to figure out how to disperse aid across the vast farm economy as quickly and evenly as possible. (McCrimmon, 4/9)

KQED: Even With New Federal Coronavirus Bill, Most Workers Get No Additional Sick Leave 
The United States is one of the few wealthy nations that does not guarantee paid sick leave for all workers. The “Families First Coronavirus Response Act” was potentially going to change that by guaranteeing 14 paid days off for all workers, plus additional leave time for issues relating to the coronavirus outbreak. But after congressional Republicans pushed for exemptions for businesses with less than 50 employees or more than 500 employees, the law — which passed in March — now only covers about 25 percent of all workers. (Harnett, 4/8)