House Advances Bill Providing Flexibility for PPP Borrowers
As expected, the House today passed a bipartisan bill that would provide greater flexibility for Paycheck Protection Program borrowers.
Browsing: SBA Paycheck Protection Program
State Associations Flag Concerns Over ‘Unnecessarily Burdensome’ PPP Forgiveness Application
Fifty-one state bankers associations today raised concerns that the forgiveness application for Paycheck Protection Program loans may be overly burdensome for the nation’s small businesses.
SBA, Treasury Allocate $10B of Round Two PPP Funds for CDFIs
To help ensure that Paycheck Protection Program funds reach all small businesses in need, the Small Business Administration and Treasury Department today announced that they will set aside $10 billion of the second round PPP funds to be used exclusively by community development financial institutions.
Trade Groups Call for Changes to FDIC Proposal to Enable Bank Participation in PPP, Money Market Facilities
A recent proposal by the FDIC to provide certainty to banks participating in the Paycheck Protection program and its associated lending facility falls short of completely offsetting the effect of such participation for any institution, ABA and the Bank Policy Institute said in a comment letter yesterday.
Podcast: Supporting Small Business Cashflows in the COVID Recovery
Memorial Day signified the beginning of summer in many parts of the country, and the slow but steady reopening of business activity in the wake of the coronavirus pandemic. Iowa Superintendent of Banking Jeff Plagge offers ideas for long-term solutions to get struggling businesses back on their feet after the lockdown.
Agencies Issue FAQs on Coronavirus, Community Reinvestment Act Activities
The OCC today released a list of 13 interagency frequently asked questions related to the Community Reinvestment Act and the coronavirus pandemic.
SBA Issues Rules on PPP Loan Forgiveness, Lender Responsibilities
The Small Business Administration late last night released much-anticipated interim final rules describing the loan forgiveness process, as well as lenders’ and borrowers’ responsibilities, for the Paycheck Protection Program.
SBA Releases Long-Awaited Form 1502 for PPP Processing Fees
The Small Business Administration today issued guidance to Paycheck Protection Program lenders on filing Form 1502, which will trigger the payment of the PPP loan processing fees to lenders.
New Video Highlights Banking Industry Response to COVID-19
A new video released by the American Bankers Association today highlights the many ways America’s banks have stepped up to support customers and communities facing unprecedented challenges during the coronavirus pandemic.
As Bankers Await Release of PPP Form 1502, SBA Extends Submission Deadline
In updates to its Paycheck Protection Program FAQs tonight, the Small Business Administration announced that it will extend the deadline for lenders to submit the still-yet-to-be-released Form 1502, which must be completed in order for lenders to receive their processing fee.