With the Small Business Administration reopening its E-Tran system for Paycheck Protection Program applications on Monday morning, SBA last night issued guidance to help borrowers and lenders calculate and document the maximum PPP loan sizes a business may be eligible for.
The Small Business Administration will resume taking Paycheck Protection Program loans via its E-Tran platform on Monday morning at 10:30 a.m. EDT, SBA Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin said today.
The Small Business Administration today issued an interim final rule clarifying several issues around borrower eligibility for the Paycheck Protection Program as well as incorporating several previously issued FAQs.
The Federal Reserve tonight announced several temporary actions—which will take effect upon publication in the Federal Register—to increase the availability of intraday credit extended by the Federal Reserve Banks on both a collateralized and uncollateralized basis.
The Federal Reserve today announced plans for monthly disclosures of participants in its lending facilities backed by funds authorized by the CARES Act, including two facilities in the Main Street Lending Program.
By a strong bipartisan vote, the House this evening passed legislation providing more than $320 billion in new funding for the Small Business Administration’s Paycheck Protection Program.
With Congress poised to approve additional funding for the Small Business Administration’s Paycheck Protection Program as early as today, the Federal Housing Finance Agency confirmed today that Federal Home Loan Banks may accept PPP loans as collateral when making advances to their member banks.
In a letter to congressional leaders today, 51 state bankers associations flagged “opportunistic and unnecessary” attempts by the credit union industry to seek charter enhancements—such as expansion of the member business lending cap—during the coronavirus pandemic.
The American Bankers Association today urged House leaders to swiftly approve a legislative package that would provide an additional $320 billion in funding for the Small Business Administration’s Paycheck Protection Program.
After bipartisan negotiations, the Senate this afternoon unanimously passed legislation to provide more than $320 billion in new funding for the Small Business Administration’s Paycheck Protection Program.