On the latest episode of the ABA Banking Journal Podcast, ABA Government Relations Council Chair Jim Rieniets outlines policy areas where ABA will focus in 2021.
Browsing: Small business lending
The Small Business Administration will open the Paycheck Protection Program portal on Friday to lenders with $1 billion or less in assets to begin processing both new and second draw loan applications.
The Small Business Administration announced today that the Paycheck Protection Program will officially reopen on Monday, Jan. 11, only to community development financial institutions, minority-depository institutions, certified development corporations and microloan intermediaries making first-draw PPP loans.
The Internal Revenue Service has issued guidance implementing changes included in the latest COVID-19 relief package—which was signed into law last month—related to the deductibility of business expenses paid for with Paycheck Protection Program loan proceeds.
With Congress poised to cast final votes on a $900 billion bipartisan coronavirus relief package later this evening, ABA staff are currently reviewing the 5,500 page legislative text.
In a Wall Street Journal op-ed this week, two Treasury Department officials made the case for an additional round of Paycheck Protection Program funding, noting that “its success has been pivotal in supporting the recovery.”
The FDIC today released a large-scale Community Banking Study that examines community bank performance between year-end 2011 and year-end 2019.
In a comment letter to the Consumer Financial Protection Bureau today, the American Bankers Association offered feedback on a recent outline of the proposals the bureau is considering to implement Section 1071 of the Dodd-Frank Act, which concerns the collection of credit application data for women-owned, minority and small businesses.
Community banks took on an outsized share of Paycheck Protection Program lending, according to a blog post today by the Conference of State Bank Supervisors. Nationwide, community banks’ outstanding balance of PPP loans to total assets was 6.04%, compared to 1.81% for non-community banks.