Advocacy News

IBA E-News 4-17-20 COVID-19 UPDATES / FEDERAL GOVERNMENT RELATIONS PPP Funds Exhausted; SBA No Longer Accepting Loan Applications The $349 billion authorized for Paycheck Protection Program loans has been exhausted, the Small Business Administration reported yesterday, and the SBA is no longer accepting applications for PPP loans. Loan applications received by banks but not yet submitted to SBA will not be able to be completed, and the agency will not maintain a queue for PPP applications once additional funds are authorized. Any loan applications that have received an SBA authorization number will...
MORE

 
IBA E-News 4-10-20 COVID-19 UPDATES / FEDERAL GOVERNMENT RELATIONS Latest SBA Guidance Clarifies PPP Funding Period, Use of Promissory Notes Newly added FAQs from the Small Business Administration and the Department of the Treasury late Wednesday addressed two challenges with the Paycheck Protection Program that have been of significant concern to date: the promissory note to use with PPP loans; and the expectation for a five-day period between loan approval and funding.   Regarding the promissory notes, SBA clarified that lenders may use their own note or an SBA form. The agency released its own...
MORE

 
IBA E-News 4-3-20 COVID-19 UPDATES / FEDERAL GOVERNMENT RELATIONS New Interim Final Rule Released for Paycheck Protection Program Last night the Small Business Administration 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. In the new guidance, SBA makes significant changes from its original plan, including raising the fixed interest rate on loans made under the program from 0.5% to 1% in response to feedback that the terms could prevent community banks from...
MORE

 
IBA E-News 3-27-20 COVID-19 UPDATES / GOVERNMENT RELATIONS H.R. 748 Coronavirus Aid, Relief, and Economic Security Act Passes Senate Wednesday night the Senate passed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act. While the bill has passed one major hurdle, it still must be voted on by the House of Representatives, which is expected to occur late this week. Below is a list of the main areas of impact.     1. Provides temporary relief from troubled debt restructurings beginning March 1, 2020, and extends for 60 days after the end of the COVID-19 national emergency, allowing...
MORE

 

Pages