Advocacy News

IBA COVID-19 Updates 5-19-20 COVID-19 UPDATES SBA Releases Borrower Application, Instructions for PPP Loan Forgiveness The Small Business Administration and Treasury Department last week released the application that borrowers must complete in order to have their Paycheck Protection Program loans forgiven. The form includes detailed information about the costs that are eligible for forgiveness and instructions for calculating those costs. SBA announced several measures intended to reduce compliance burden and simplify the forgiveness process for borrowers, including a safe harbor from loan forgiveness reduction...
MORE

 
IBA E-News 5-15-20 COVID-19 UPDATES / GOVERNMENT RELATIONS SBA: Lender Review May Be Required for Certain PPP Loans The Small Business Administration yesterday notified Paycheck Protection Program lenders that certain loans in their PPP portfolios may require review. Those loans – which have been marked by SBA as being in "research" status – must be reviewed for accuracy and completeness. A lender should verify the borrower’s name, EIN or Social Security number for these loans and make any necessary changes by today at 5 p.m. EDT. SBA provided instructions for lenders on how to access the...
MORE

 
IBA COVID-19 Updates 5-12-20 COVID-19 UPDATES Quarles Praises Industry Performance During Pandemic in Senate Testimony The financial industry entered the coronavirus pandemic in a position of strength and has continued to support lending to businesses and households throughout the crisis, Federal Reserve Vice Chairman for Supervision Randal Quarles will tell members of the Senate Banking Committee today. In prepared testimony released ahead of this morning's virtual oversight hearing, Quarles noted that the reforms made after the 2008 financial crisis helped to ensure that "banking organizations are well-positioned...
MORE

 
IBA E-News 5-8-20 COVID-19 UPDATES / GOVERNMENT RELATIONS SBA: PPP Round Two Lending Tops $185B As of 5 p.m. yesterday, a total of 2.5 million Paycheck Protection Program loans had been made in the second round of funding for a total of $185.4 billion – about 58% of the round two funds available – according to the Small Business Administration. Of that total, approximately 53% was made by lenders with over $50 billion in assets, 15% by lenders with $10 billion to $50 billion in assets, and 32% by lenders with under $10 billion. The average loan size for round two was $74,304, and across both...
MORE

 

Pages