The American Bankers Association and a coalition of trade groups yesterday urged the House Ways and Means Committee not to change the stepped-up basis tax rule that prevents family-owned businesses and farms from damaging tax bills when a family member passes away.
The CFPB today issued its long-awaited proposal for implementing Section 1071 of the Dodd-Frank Act, which concerns the collection of credit application data for small businesses, including women-owned and minority-owned small businesses.
The Small Business Administration today clarified that its Paycheck Protection Program direct forgiveness portal remains optional for lenders and borrowers, although SBA encouraged lenders to opt-in to the program, which it said has accepted more than 600,000 applications in under a month.
Non-employer firms—those without full-time or part-time employees on payroll—that sought Paycheck Protection Program funding most frequently did so from large or small banks over online lenders, credit unions, or nonbank finance companies, according to findings from the Federal Reserve’s Small Business Credit Survey’s non-employer report released earlier this week.
Between 2019 and 2020, traditional financing declined among both non-employer and employer firms as the COVID-19 pandemic began, according to Small Business Credit Survey figures released today by the Federal Reserve Banks.
The OCC today issued a bulletin for community banks engaged in Small Business Administration lending activities.
The Small Business Administration today released guidance on how it will accept Paycheck Protection Program loan forgiveness applications directly from borrowers—bypassing the lending institutions—for loans of $150,000 or below.
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The Small Business Administration has issued a procedural notice on how lenders can apply for SBA to purchase and charge off Paycheck Protection Program loans for which the borrower has not applied for forgiveness or made payment on the loan.
The Federal Reserve will extend for a final time its Paycheck Protection Program Liquidity Facility until July 30, the agency announced today.