Advocacy News

IBA E-News 6-5-20 COVID-19 UPDATES / GOVERNMENT RELATIONS Paycheck Protection Program Flexibility Act Passes Senate On Wednesday the Senate unanimously passed Rep. Dean Phillips (D-MN) and Chip Roy’s (R-TX) H.R. 7010, Paycheck Protection Program Flexibility Act of 2020. The bill, outside of a technical correction clarifying the 60/40 rule, is unchanged from the House-passed version. H.R. 7010 would: extend forgiveness for expenses beyond the eight-week covered period to 24 weeks; change restrictions limiting non-payroll expenses to 40% of loan proceeds (changing current 75/25 calculation to 60/...
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IBA COVID-19 Updates 6-2-20 COVID-19 UPDATES PPP Loans Total $510B as of May 30 A total of 4.48 million Paycheck Protection Program loans have been made to small businesses over two rounds of funding, totaling over $510 billion as of May 30, the Small Business Administration reported yesterday. Banks with less than $10 billion in assets made 44% of all PPP loans to date. Banks between $10 and $50 billion made 20% of all PPP loans, while banks over $50 billion accounted for 37%. The overall average loan size was $114,000.  In Indiana, 74,045 PPP loans were made, totaling $9,359,675,711. Read the report...
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IBA E-News 5-29-20 COVID-19 UPDATES / GOVERNMENT RELATIONS Virtual Advocacy to Replace Regional Meetings The 2020 IBA Regional Meetings originally scheduled this summer have been canceled due to the COVID-19 pandemic. Grassroots advocacy will continue, however, through the newly formatted IBA Annual Washington Trip to be held virtually throughout the summer. Bankers are encouraged to participate in this important advocacy outreach; details forthcoming. For more information, contact Josh Myers. House Passes PPP Reform Bill The House voted 417-1 to pass legislation to ease restrictions on the...
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IBA COVID-19 Updates 5-26-20 COVID-19 UPDATES SBA Issues New Guidance on PPP Lending The Small Business Administration issued two interim final rules on Paycheck Protection Program requirements. One interim final rule focuses on loan review procedures and related borrower and lender responsibilities, such as:     •  SBA reviews of individual PPP loans.     •  Borrower representations and statements that SBA will review.     •  What lenders should review.     •  The timeline for lender decisions on loan forgiveness applications....
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