OCC Supports FinCEN’s Approach to BSA Compliance During Pandemic
The OCC today issued a statement of support for the Financial Crimes Enforcement Network’s approach to Bank Secrecy Act compliance during the coronavirus pandemic
Browsing: SBA Paycheck Protection Program
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 Treasury Department updated its frequently asked questions on the PPP to address several questions raised by ABA and member banks.
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 that it will soon create a facility to provide term financing backed by PPP loans.
Nichols: Administration, Industry Working Round-the-Clock on PPP Improvements
Acknowledging a somewhat choppy start to the Small Business Administration’s Paycheck Protection Program on Friday, American Bankers Association President and CEO Rob Nichols this morning noted that SBA and the Treasury Department worked with bankers throughout the weekend to answer questions as lenders provide much-needed credit to their small business customers.
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 Protection Program, Treasury Secretary Steven Mnuchin and several other senior Treasury and SBA officials met on Sunday morning with ABA banker leaders to answer questions and hear feedback.
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 7(a) loans under the Paycheck Protection Program.
Bonus Podcast: Questions and Answers on the SBA PPP
Bankers have lots of questions about the Small Business Administration’s new Paycheck Protection Program, which launched today to deliver up to $349 billion to small businesses struggling with the economic fallout from the coronavirus pandemic.
SBA Increases Rate, Clarifies Terms on Paycheck Protection Program Loans
The Small Business Administration today issued an interim final rule that provides additional implementation guidelines and requirements for its Paycheck Protection Program to aid small businesses hit hard by the COVID-19 crisis.
Treasury Issues Guidelines, Application Form for SBA Paycheck Protection Program
The Treasury Department today issued much-anticipated guidance for the Paycheck Protection Program, which starting this week will provide up to $350 billion in fully forgivable loans to help small businesses maintain payrolls during the coronavirus pandemic.
Trump Signs Coronavirus Aid Package Into Law
On Friday, the House passed—and President Trump signed into law—the CARES Act, a $2 trillion stimulus package to provide relief to American consumers and businesses struggling as a result of the coronavirus pandemic.