In a letter to the acting heads of the Small Business Administration and Treasury Department today, the American Bankers Association raised several significant issues that have arisen since the PPP re-opened earlier this month.
For ag lenders, credit quality and the deterioration of agricultural loans, competition from other lenders and weak loan demand remain the top three concerns. For producers, lenders continued to be most concerned about the liquidity, income and leverage of their ag borrowers.
The Small Business Administration tonight released revised loan forgiveness forms for the Paycheck Protection Program.
With the Paycheck Protection Program portal reopening for all lenders on Tuesday—and already open for lenders with assets under $1 billion—the Small Business Administration today released guidance on calculating the maximum loan amounts for first-draw PPP loans and what documentation is required for different types of businesses.
On the latest episode of the ABA Banking Journal Podcast, ABA Government Relations Council Chair Jim Rieniets outlines policy areas where ABA will focus in 2021.
The Small Business Administration will open the Paycheck Protection Program portal on Friday to lenders with $1 billion or less in assets to begin processing both new and second draw loan applications.
The Small Business Administration on Friday evening released updated borrower and lender guaranty applications for both first-draw and second-draw Paycheck Protection Program loans.
The Small Business Administration announced today that the Paycheck Protection Program will officially reopen on Monday, Jan. 11, only to community development financial institutions, minority-depository institutions, certified development corporations and microloan intermediaries making first-draw PPP loans.
Community financial institutions will be able to submit loan applications for the Small Business Administration’s Paycheck Protection Program for at least two days before other lenders, SBA said late last night as it released interim final rules covering the pending relaunch of the PPP.
The Internal Revenue Service has issued guidance implementing changes included in the latest COVID-19 relief package—which was signed into law last month—related to the deductibility of business expenses paid for with Paycheck Protection Program loan proceeds.