WASHINGTON – The U.S. Department of the Treasury and the Internal Revenue Service are offering small and mid-size employers more information on refundable tax credits that reimburse them, dollar-for-dollar, for the cost of providing their employees paid sick and family leave wages related to COVID-19. “The financial strain American businesses are experiencing is not their […]
Category Archives: U.S. Treasury
Treasury Delays Tax and Reporting Due Dates for Alcohol, Tobacco, Firearms and Ammunition Businesses Hit by COVID-19
WASHINGTON – The Treasury Department is delaying tax payment due dates for wine, beer, distilled spirits, tobacco products, firearms, and ammunition excise taxes, to provide flexibility for businesses that have been negatively affected by COVID-19. “Many businesses regulated by the Alcohol and Tobacco Tax and Trade Bureau (TTB) have been adversely impacted by the COVID-19,” […]
Treasury Encourages Businesses Impacted by COVID-19 to Use Employee Retention Credit
WASHINGTON – The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50 percent of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. “We encourage businesses […]
With $349 Billion in Emergency Small Business Capital Cleared, Treasury and SBA Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds
WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they […]
OCC Reports Fourth Quarter 2019 Bank Trading Revenue
News Release 2020-45 | March 30, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and federal savings associations of $7.2 billion in the fourth quarter 2019, which was $4.0 million, or 0.1 percent, less than the previous quarter. In the report, Quarterly Report on […]
OCC Hosts Mutual Savings Association Advisory Committee Meeting April 21 Via Teleconference
News Release 2020-44 | March 30, 2020 Share This Page: WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee (MSAAC) on Tuesday, April 21, 2020, via teleconference. The teleconference is open to the public and will begin at 10:00 a.m. Eastern […]
Treasury Releases Guidance on Payroll Support to Aid Airline Industry Employees, and on Loans to Airline Industry and Businesses Critical to National Security, Pursuant to CARES Act
Steven Terner Mnuchin was sworn in as the 77th Secretary of the Treasury on February 13, 2017. As Secretary, Mr. Mnuchin is responsible for the U.S. Treasury, whose mission is to maintain a strong economy, foster economic growth, and create job opportunities by promoting the conditions that enable prosperity at home and abroad. Read More […]
Statement of the Comptroller of the Currency on the Enactment of the Nation’s Stimulus Package
News Release 2020-43 | March 27, 2020 Share This Page: WASHINGTON—Comptroller of the Currency Joseph M. Otting today made the following statement following passage and enactment of the CARES Act to support the nation’s response to COVID-19. I commend Congress for passing and the President for signing this important legislation that will provide much needed support […]
Agencies Announce Two Actions to Support Lending to Households and Businesses
News Release 2020-42 | March 27, 2020 Share This Page: Joint Release Board of Governors of the Federal ReserveFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency The federal bank regulatory agencies today announced two actions to support the U.S. economy and allow banking organizations to continue lending to households and businesses: Allowing early adoption […]
Statement by Secretary Steven T. Mnuchin on the Passage of the CARES Act
WASHINGTON—U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today following passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act): “I am pleased that Congress has passed the CARES Act, the largest economic relief package in history for hardworking Americans and businesses that, through no fault of their own, have been […]