News Releases - May 2020

PA Treasury to Temporarily Pay All PUA Claims by Check to Combat Recent Fraud

Change is in response to recent multi-state fraudulent activity with Pandemic Unemployment Assistance claims

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella announced today that the department is taking steps to further safeguard funds intended for unemployed Pennsylvanians, at the request of Pennsylvania’s Department of Labor & Industry (L&I). This is in response to widespread reporting of fraudulent activity in at least 8 states, including the Commonwealth, primarily focused on the new Pandemic Unemployment Assistance (PUA) program. Starting today, the department will issue payments for all PUA-related claims by paper check, delivered to the claimant’s home address on file. This will include payments for PUA-associated Federal Pandemic Unemployment Compensation (FPUC) claims. No other form of unemployment compensation or associated FPUC payments will be affected, at this time.

Treasurer Torsella Responds to Federal Reserve Study on Student Loan Debt in Philadelphia

At least one in five Philadelphians was already in financial distress, before the economic effects of COVID-19

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today issued the following statement, in response to a new study released by the Federal Reserve Bank of Philadelphia which found severe levels of financial distress caused by student loan debt for borrowers in Philadelphia:

Gov. Wolf, Treasurer Torsella Announce Property Tax/Rent Rebates Arriving Early to Help Seniors, Others During COVID-19 Pandemic

Harrisburg, PA - Governor Tom Wolf and Treasurer Joe Torsella announced that many older homeowners, renters and people with disabilities will receive early rebates through the Property Tax/Rent Rebate Program. Rebates are typically issued starting July 1, but the governor and treasurer are issuing the rebates starting tomorrow to approved applicants. The governor also signed HB 1076, which authorizes the early distribution.

Treasurer Torsella Presses Fund Managers To Disclose Any Requests For Paycheck Protection Program (PPP) Funds

Urges managers to refrain from trying to access funds meant to assist small businesses

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today asked investment fund managers with Pennsylvania Treasury investment contracts to disclose if they have applied to the Paycheck Protection Program (PPP). He also urged these fund managers not to make requests of this program, which is meant to help small businesses stay afloat during this unprecedented time of coronavirus mitigation.

Treasurer Torsella Calls On Financial Institutions To Waive Fees And Offsets On Stimulus Checks, Announces Agreement With Treasury’s Two Largest Banks To Do So

Treasurer asks other financial institutions to join PNC and Wells Fargo in dropping charges to cash stimulus checks

Harrisburg, PA - Pennsylvania Treasurer Joe Torsella today announced that Wells Fargo and PNC, Pennsylvania Treasury’s two largest active depositories, have agreed to cash stimulus checks – for both customers and non-customers – without fees, and will not offset stimulus payments to customers against penalty fees. Torsella also called on other Pennsylvania financial institutions to do the same. Paper stimulus checks will arrive through mail over the coming days and weeks.