Advocacy News

IBA COVID-19 Updates 7-14-20 COVID-19 UPDATES SBA Provides Guidance on Monthly Form 1502 Filings; First Report Due July 17 In a procedural notice last night, the Small Business Administration provided guidance on the monthly Form 1502 reports that lenders must file on unpaid or unforgiven Paycheck Protection Program loans. The report is due on the 15th of each month or on the next business day after the 15th if it falls on a weekend or holiday. For this month only, SBA provided a two-day grace period, making the first monthly filing deadline Friday, July 17. Lenders should continue filing monthly...
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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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