April 30, 2020: MSRB Released Trading Stats for First Quarter of 2020. Quarterly statistical summary here.
- Trading statistics for the first quarter of 2020 that reflect significant disruption in the municipal securities market during late March and early April.
April 30, 2020: IRS Issues Revenue Procedure 2020-29 allowing taxpayers to electronically submit requests for private letter rulings and other legal advice. More here.
More: This revenue procedure modifies the procedures in Rev. Proc. 2020-1, 2020-1 I.R.B. 1 (Jan. 2, 2020), temporarily to allow for the electronic submission of requests for letter rulings, closing agreements, determination letters, and information letters under the jurisdiction of the Internal Revenue Service (IRS) Office of Chief Counsel, and for determination letters issued by the IRS Large Business and International Division (LB&I).
April 27, 2020: Federal Reserve Board Announces Expansion of Scope and Duration of the Municipal Liquidity Facility.
- Press Release, here.
- Term Sheet effective April 27, 2020, here.
- FAQ's, effective April 27, 2020, here.
- FAQ Appendix, here.
April 27, 2020: MSRB Chief Market Structure Officer to Support Federal Reserve on COVID-19 Response. More here.
April 24, 2020: SEC Forms Cross-Divisional COVID-19 Market Monitoring Group. More here.
April 24, 2020: Treasury Issues Additional Guidance Regarding the Paycheck Protection Program. This guidance clarifies that some hospitals owned by governmental entities may be eligible for a loan from the PPP. You can find the guidance here.
Note: The guidance includes hospitals that are partially owned by state and local governments and receive less than half of their total funds from public sources - excluding Medicaid - are eligible for a PPP loan.
April 24, 2020: MSRB Discusses COVID-19 Response at Virtual Quarterly Board Meeting. More here.
April 22, 2020: Guidance and FAQs Released - Coronavirus Relief Fund.
- Guidance for State, Territorial, Local, and Tribal Governments can be found here.
- Coronavirus Relief Fund Frequently Asked Questions are here.
- Eligible entities are listed here.
The guidance and FAQs are important for eligible entities but also for jurisdictions that use the proceeds.
April 17, 2020: The President has unveiled Guidelines for Opening Up America Again. View more here.
April 15, 2020: GASB Proposes to Postpone Effective Dates of Certain Pronouncements. View more here.
April 14, 2020: IRS Extends Deadlines for Certain Time-Sensitive Actions. Read the notice here and full list of time-sensitive actions included here.
April 14, 2020: MSRB Market Commentary by Simon Wu, Chief Economist. Available here.
April 13, 2020: Treasury Releases Information About the $150 billion Coronavirus Relief Fund Providing Assistance for State and Local Governments. More information follows:
April 9, 2020: Federal Reserve Accepting Comments on Municipal Liquidity Facility. View their press release regarding actions to provide up to $2.3 trillion in loans to support the economy, here. Submit comment through this portal, and for more information about the Municipal Liquidity Facility, click here.
April 9, 2020: MSRB Provides Temporary Regulatory Relief to Market Participants Affected by COVID-19. More information here.
April 9, 2020: Federal Reserve takes additional actions to provide up to $2.3 trillion in loans to support the economy. More information here.
April 8, 2020: SEC Issues Public Statement: The Importance of Disclosure – For Investors, Markets and Our Fight Against COVID-19. More information available here.
April 2, 2020: MSRB Publishes Summary of State and Local Disclosures to Its EMMA System about Impact of COVID-19. For more information, click here.