Agencies Update Guidance on COVID-19 Loan Modifications
The federal banking agencies today updated guidance on working with borrowers affected by the coronavirus pandemic.
Policy
Congress Moving to Allocate More Funds for PPP Loans
In response to surging demand from small businesses, congressional leaders hope to allocate up to $250 billion more for the...
IRS Offers Coronavirus Resources on Economic Impact Payments, Fraud
With the government soon to be releasing economic impact payments to individuals and families, the IRS has created several resources...
SBA Releases Promissory Note, New FAQs on PPP Implementation
The Small Business Administration tonight released a long-awaited promissory note form for use with Paycheck Protection Program loans. Overnight, the...
Fed to Establish Facility for Financing SBA PPP Loans
In order to facilitate loans being made through the Small Business Administration’s Paycheck Protection Program, the Federal Reserve today said...
Agencies Temporarily Lower Community Bank Leverage Ratio to 8%
As required by Section 4012 the CARES Act, the federal banking agencies today temporarily lowered the community bank leverage ratio,...
Mnuchin, Top SBA Officials Answer Banker Questions on PPP
With banks across the country working through the weekend to make and fund loans through the Small Business Administration’s Paycheck...
Key SBA Form, Plus New ABA Resources on Paycheck Protection Program, Now Available
The Small Business Administration today published Form 3506, which banks must submit in order to receive delegated authority to issue...
FATF Upgrades Assessment of U.S. Regarding Beneficial Ownership Framework
In a significant development for the industry, the Financial Action Task Force recently upgraded its assessment of the United States’...
House Lawmakers: Ag Businesses Should Qualify for Emergency Grants
In a letter to U.S. Small Business Administration Administrator Jovita Carranza yesterday, a group of House lawmakers urged SBA to...
