Noting that the recent bill adding funds to the Paycheck Protection Program as part of the Small Business Administration’s 7(a) loan program did not establish separate authorization caps, a bipartisan group of senators yesterday urged SBA to provide an “immediate administrative fix” to preserve regular 7(a) lending.
The Federal Reserve today expanded the scope of its Main Street Lending Program to accommodate more businesses and more loan options for participating banks.
In an interim final rule today, the Small Business Administration said it will limit the amount of Paycheck Protection Program loan funds that a corporate group can receive to $20 million.
The Consumer Financial Protection Bureau issued an interpretive rule yesterday clarifying that, due to the COVID-19 emergency, consumers have a greater ability to exercise their rights to modify or waive certain required waiting periods under the TILA-RESPA integrated disclosures and Regulation Z rescission rules.
The Small Business Administration tonight issued an interim final rule providing clarity on the 10-day loan disbursement requirement under the Paycheck Protection Program, as well as the filing required to receive the lender processing fee.
As of 1 p.m. today, the Small Business Administration said it had approved more than 475,000 loan applications submitted by more than 5,100 lenders for a total of more than $52 billion.
The Small Business Administration has restricted the use of robotic processing automation, or RPA, to enter Paycheck Protection Program loan applications amid lenders’ significant difficulties accessing the E-Tran system.
The Small Business Administration will conduct a “full audit” of Paycheck Protection Program loans made in amounts over $2 million to ensure the borrower’s legitimate economic need before they can be forgiven, Treasury Secretary Steven Mnuchin told CNBC today.
At the urging of ABA, the Small Business Administration and Treasury Department announced this afternoon that they have lowered the minimum number of Paycheck Protection Program loan applications required for lenders to make a bulk data submission to the E-Tran system.
With the U.S. Small Business Administration expecting a high volume of Paycheck Protection Program loan applications when the E-Tran system reopens at 10:30 a.m. tomorrow, SBA today notified lenders of several steps it will take to ensure the smooth operation of the program, including pacing the number of loans processed once the system reopens.