The American Bankers Association today urged House leaders to swiftly approve a legislative package that would provide an additional $320 billion in funding for the Small Business Administration’s Paycheck Protection Program.
With the Federal Reserve’s Paycheck Protection Program Liquidity Facility now up and running, officials from the Fed today shared additional details on the program and answered questions during a teleconference with ABA banker leadership.
As lawmakers continue working to finalize additional funding for the Small Business Administration’s Paycheck Protection Program, a group of eight Republican senators wrote to SBA Administrator Jovita Carranza urging SBA to allow loan applications completed as of April 16—when the initial round of funding ran out—to be entered into the E-Tran system.
Following clarification from the Small Business Administration and Treasury Department that bank directors and shareholders may receive Paycheck Protection Program loans from their related banks, the Federal Reserve on Friday said that it would provide a temporary exemption from Regulation O for these loans.
As of April 16, when funding for the program was exhausted, the Small Business Administration had approved 1.66 million loans totaling $342.3 billion through the Paycheck Protection Program, according to updated figures released by SBA today.
The $349 billion authorized for Paycheck Protection Program loans has been exhausted, the Small Business Administration said today, and the SBA is no longer accepting applications for PPP loans.
The Federal Reserve announced this morning that its Paycheck Protection Program Liquidity Facility is fully operational and available for institutions to use.
Fifty-one state bankers associations today wrote to House and Senate leaders urging them quickly increase funding for the Small Business Administration’s Paycheck Protection Program.
The Treasury Department today updated its frequently asked questions on the Small Business Administration’s Paycheck Protection Program to confirm that PPP lenders may accept scanned copies of documents, as well as electronic signatures or consents permitted under the E-Sign Act.
With funds from the Paycheck Protection Program expected to be fully allocated as soon as this week, ABA joined the Bank Policy Institute, the Consumer Bankers Association and the Financial Services Forum in a letter to House and Senate leaders calling for additional funding.