Advocacy News

IBA COVID-19 Updates 8-11-20 COVID-19 UPDATES PPP Forgiveness Platform Now Live The Small Business Administration’s Paycheck Protection Program forgiveness platform is live and scheduled to begin accepting loan-forgiveness applications and decisions as of Monday, Aug. 10. An SBA user guide released last week provides details on the timeline, decision process, account management and more.   In a recent procedural notice, the SBA indicated all PPP lender authorizing officials in the CAFS/ETRAN system should have received a welcome email from PPPForgivenessRequests@SBA.gov with instructions. Officials who...
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IBA E-News 8-7-20 FEDERAL GOVERNMENT RELATIONS SBA Issues Loan-Forgiveness FAQs The Small Business Administration has released frequently asked questions on Paycheck Protection Program loan forgiveness. The FAQs address loan-forgiveness applications, payroll and nonpayroll costs, owner-employee compensation, reductions in the forgiveness amount, and more, including new guidance on issues such as covered utility payments and eligible electricity supply charges. The SBA indicated its new platform for submitting PPP loan-forgiveness applications and decisions to the agency will go live on Monday, Aug...
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IBA COVID-19 Updates 8-4-20 COVID-19 UPDATES Updates to Economic Injury Disaster Loan Liens Impact of SBA’s lien requirements on EIDL loans over $25,000 on a borrower’s ability to obtain other financing for business operations Loans issued under the Economic Injury Disaster Loan (EIDL) program over $25,000 require a blanket lien on the assets of the business. The lien is a Universal Commercial Code (UCC-1) lien allowing the Small Business Administration to take an interest in the assets of the business. SBA’s lien does not apply to real estate or titled vehicles. SBA has concluded that there is no...
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IBA E-News 7-31-20 STATE GOVERNMENT RELATIONS Indiana Rental Assistance Program Applications Exceed 20,000 As of July 29, the Indiana COVID-19 Rental Assistance Program has received more than 20,000 applications for rental assistance. This program, administered by the Indiana Housing & Community Development Authority, has $25 million available for renters who are struggling to pay rent due to COVID-19-related challenges. The program excludes Marion County residents due to the existence of a Marion County-specific rental assistance program already available.   More information is available at...
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