COC Says CARES Act Mainly Helping Big Businesses

Congressional Oversight Commission Confirms CARES Act Mainly Helping Big Businesses

Report Says Small Businesses and Ordinary Americans Not Seeing Enough Impact From Federal Stimulus

Get The Full Ray Dalio Series in PDF

Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

Q1 2020 hedge fund letters, conferences and more

Q2 Hedge Funds Portable Database Now LIVE!!! Letters, Conferences, Slides And More [UPDATED 7/13 14:48 EST]

Q2 Hedge Funds Resource PageSimply click the menu below to perform sorting functions. This page was just created on 7/1/2020 we will be updating it on a very frequent basis over the next three months (usually at LEAST daily), please come back or bookmark the page. As always we REALLY really appreciate legal letters and tips on hedge funds Read More


Congressional Oversight Commission Report Highlights That The CARES Act Only Helped Big Businesses

WASHINGTON, D.C. – Today, the Congressional Oversight Commission released their second report on the implementation of the CARES Act, and the federal response to the economic effects of the COVID-19 crisis. The report lays out in stark terms how the federal response has helped big businesses stay afloat while “there is less evidence that the actions of the Treasury and the Federal Reserve have been as beneficial for small and mid-sized businesses and state and local governments.”

Accountable.US issued the following statement in response to these reports:

“The bipartisan Congressional Oversight Commission laid barewhat the rest of the country has known for weeks – the Trump administration’s bailout has helped big businesses, while small businesses and hard working Americans fall further behind,” said Kyle Herrig, President of government watchdog Accountable.US. “Congress must take action to ensure that every sector of the American economy gets help during this pandemic, not just the wealthy and well-connected.”

Key Points From The Oversight Commission Report:

  • “In some areas of the economy, such as the ability of larger companies to issue debt to continue operations, the agencies’ actions have had a clear and powerful impact. But there is less evidence that the actions of the Treasury and the Federal Reserve have been as beneficial for small and mid-sized businesses and state and local governments.”
  • Over 11 Weeks After The CARES Act, “The Majority” Of The Fed’s $2 Trillion In Emergency Lending Facilities Were “Not Operational”—The Fed Had Only Made $6.7 Billion In Purchases By June 18, 2020.
  • The Lending Facility For State And Local Governments Has “Extended Assistance To Only One State” And The Congressional Oversight Commission Said “It Is Unclear” If The Facility Has Helped To Lower The Cost Of Borrowing For Governments.