A federal judge denied a request from the Small Business Administration today to postpone the release of borrower information for the Paycheck Protection Program and Economic Injury Disaster Loans.
The federal banking agencies today issued an interim final rule to ease the regulatory burden of community banks that have experienced sudden asset growth as a result of participation in COVID-19 relief programs like the Paycheck Protection Program.
ABA and more than 100 trade groups urged congress to address the “overburdensome” Paycheck Protection Program forgiveness process before the end of the year.
With several emergency credit facilities created to respond to the COVID-19 emergency scheduled to wind down by year’s end, Treasury Secretary Steven Mnuchin today asked the Federal Reserve to return unused funds in several facilities to the Treasury.
The IRS yesterday issued a ruling that borrowers expecting Paycheck Protection Program loan forgiveness applications to be approved must disallow a deduction for qualified 2020 expenses in 2020 tax returns, even in situations where the forgiveness application has not been approved or filed by the end of the year.
ABA today joined a broad coalition of groups from various industries in a letter to the Small Business Administration and Treasury Department raising concerns about the loan necessity questionnaires that SBA is using to evaluate borrowers’ good-faith certification of their economic need for Paycheck Protection Program loans.
A community bank finds multiple ways to build relationships across a diverse region.
A few days shy of a court-ordered Nov. 19 deadline for the Small Business Administration to release the names, addresses and precise loan amounts for all Paycheck Protection Program loan recipients and all COVID-19-related Economic Injury Disaster Loan recipients, the federal judge who issued the order temporarily stayed it.
Regulators are exploring additional ways to provide temporary relief to banks that may be approaching regulatory asset thresholds that could trigger additional compliance requirements as a result of participation in COVID-19 relief programs like the Paycheck Protection Program.
For many small businesses, whose owners spend on consumer credit cards and put up personal assets as collateral, the distinction between retail and business banking is blurry. Detra Miller, a veteran of M&T Bank’s retail side, noticed this when working with female and non-white entrepreneurs.