Advocacy News

IBA E-News 7-10-20 COVID-19 UPDATES / GOVERNMENT RELATIONS DFI Releases Reference Documents for Updated Consumer Finance Laws The Indiana Department of Financial Institutions released the following documents on Tuesday regarding legislation impacting financial institutions that passed during the 2020 legislative session. Included are documents that outline significant changes to the Uniform Consumer Credit Code that will be noteworthy to all Indiana banks. 2020 General Assembly DFI Legislation of Interest (eff. July 2020) Advisory Letter 2020-01 SEA 395 Law Changes SEA 395 - Q&A...
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IBA COVID-19 Updates 7-7-20 COVID-19 UPDATES New PPP Data Released The SBA and Treasury have released additional data on the Paycheck Protection Program, indicating that 4.9 million in PPP loans have supported more than 51 million jobs and more than 80% of small-business employees. Further, 27% of program funds have reached low- and moderate-income communities. Also available is loan-by-loan information and state statistics, including:     •  Total Indiana PPP loans: 79,151     •  Total Indiana PPP dollars: $9,485,147,788     •  Indiana Jobs supported by PPP: 1...
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IBA E-News 7-2-20 COVID-19 UPDATES / GOVERNMENT RELATIONS House Votes to Extend Paycheck Protection Program The House last night approved by unanimous consent legislation extending authorization for the Small Business Administration’s Paycheck Protection Program through August 8, 2020. The bill would also decouple PPP authorization from the SBA’s 7(a) lending program, allowing regular 7(a) lending to continue once the PPP has reached its authorization cap. The legislation was already approved by unanimous consent by the Senate late Tuesday night. The bill now awaits a signature by President Trump...
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IBA COVID-19 Updates 6-30-20 COVID-19 UPDATES Indiana Banks Help Process Nearly $10 Billion in PPP Loans The Small Business Administration has released updated PPP loan statistics as of June 27. Nationwide, 4,798,187 loans have been processed by 5,458 lenders, totaling $518,855,402,128 in net dollars. In the Hoosier state, Indiana banks have assisted in processing 77,872 loans to small businesses for a total of $9,457,392,872 in net dollars. The Paycheck Protection Program loan program ends tonight, June 30, at 11:59 p.m. EDT. As of midnight, loan applications will no longer be accepted. Read the SBA report...
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