Advocacy News

IBA E-News 8-28-20 STATE GOVERNMENT RELATIONS Holcomb Continues Face Covering Executive Order Gov. Holcomb announced on Wednesday that he is extending Executive Order 20-37 for face coverings to Sept. 25. Additionally, he announced that Indiana is to remain in Stage 4.5 of the Back on Track plan through Sept. 25. Indiana has been in Stage 4.5 of the reopening plan since July 3 and has had a statewide face covering requirement since July 27.  Read the executive order Read more about Stage 4.5   FEDERAL GOVERNMENT RELATIONS FHFA Delays GSE Refi Fee to Dec. 1 The Federal...
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IBA COVID-19 Updates 8-25-20 COVID-19 UPDATES SBA Rule Addresses PPP Forgiveness Questions for Biz Owners, Non-Payroll Costs The Small Business Administration yesterday issued an interim final rule addressing certain technical issues of Paycheck Protection Program loan forgiveness related to business owners and certain non-payroll costs. SBA revised the PPP’s owner-employee compensation rule addressing the amount eligible for forgiveness to exempt employees who own less than 5% of a C-corp or S-corp borrower, determining that owner-employees at this threshold cannot meaningfully influence decisions about the use of...
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IBA E-News 8-21-20 STATE GOVERNMENT RELATIONS DFI Releases Revised Q&A on Changes in SEA 395 The Indiana Department of Financial Institutions has released a revised Q&A regarding the law changes resulting from SEA 395. Specifically, Q10 was revised to clarify that finance charges may be imposed on the nonrefundable prepaid finance charge (NRPFC) for both loans under chapter 3 and credit sales under chapter 2 subject to certain conditions. The revisions were made to clarify that the Department’s position applied to both chapter 3 loans (in the original question), as well as chapter 2 credit...
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IBA COVID-19 Updates 8-18-20 COVID-19 UPDATES Florida Court Dismisses Case Seeking Agent Fees for “Agents” of PPP Loans In a decision handed down yesterday, the U.S. District Court for the Northern District of Florida dismissed a court case seeking to establish whether or not “agents” are entitled to agent fees for PPP loans. Four banks were named as defendants in the case. The court determined that agents were not entitled to fees and dismissed the case. Read the case Action Alert: Ask Congress to Request FHFA and GSEs to Rescind Refinance Fee Last week, Fannie Mae and Freddie Mac announced that they...
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