Advocacy News

IBA COVID-19 Updates 6-16-20 COVID-19 UPDATES Main Street Lending Program Lender Portal Now Open On Monday, the Federal Reserve Bank of Boston announced that the Main Street Lending Program Lender Portal is open. The program is to operate through three facilities: the Main Street New Loan Facility; the Main Street Priority Loan Facility; and the Main Street Expanded Loan Facility. U.S. Treasury Secretary Steven T. Mnuchin issued a statement indicating: “As announced last week, the portion of the loans retained by the originating bank has been lowered to five percent for all eligible loans submitted to the...
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IBA E-News 6-12-20 COVID-19 UPDATES / GOVERNMENT RELATIONS SBA, Treasury Issue Guidance on PPP Flexibility, New Application Form for Borrowers As expected, the Small Business Administration and Treasury Department released an interim final rule to reflect changes made by H.R. 7010, the Paycheck Protection Program Flexibility Act. SBA also published updated, streamlined application forms for borrowers and lenders to use for loans made on or after June 5, 2020. The interim final rule codifies several changes to the program. Specifically, it:     •  Confirms that borrowers that use less...
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IBA COVID-19 Updates 6-9-20 COVID-19 UPDATES Fed Expands Main Street Lending Program The Federal Reserve yesterday announced several adjustments to the Main Street Lending Program intended to facilitate participation by more small and midsize businesses. The Fed is lowering the minimum loan size for certain loans from $500,000 to $250,000. The Fed is also increasing the maximum loan size for each loan option under the MSLP, increasing the term for each loan option from four years to five years and extending the repayment period for all loans by delaying principal payments for two years instead of one.  ...
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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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