Advocacy News

IBA E-News 5-1-20 COVID-19 UPDATES / GOVERNMENT RELATIONS Fed Expands Scope of 'Main Street' Program The Federal Reserve yesterday expanded the scope of its Main Street Lending Program to accommodate more businesses and more loan options for participating banks. The revised term sheets for the program provide for several changes including: permitting the use of the London Interbank Offered Rate; lowering the minimum loan size somewhat; and providing flexibility on the maximum loan size. Eligible MSLP loans will be originated after April 24 and have a four-year term with a minimum loan size...
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IBA E-News 4-24-20 COVID-19 UPDATES / GOVERNMENT RELATIONS House Approves Additional PPP Funds By a strong bipartisan vote last night, the House cleared legislation providing $310 billion in new funding for the Small Business Administration’s Paycheck Protection Program. The Senate passed the bill earlier this week, and President Trump is expected to sign it today.   Of the funding appropriated for PPP loans, a minimum of $30 billion will be set aside for community development financial institutions, banks and credit unions with less than $10 billion in assets. At least another $30 billion...
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IBA E-News 4-17-20 COVID-19 UPDATES / FEDERAL GOVERNMENT RELATIONS PPP Funds Exhausted; SBA No Longer Accepting Loan Applications The $349 billion authorized for Paycheck Protection Program loans has been exhausted, the Small Business Administration reported yesterday, and the SBA is no longer accepting applications for PPP loans. Loan applications received by banks but not yet submitted to SBA will not be able to be completed, and the agency will not maintain a queue for PPP applications once additional funds are authorized. Any loan applications that have received an SBA authorization number will...
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IBA E-News 4-10-20 COVID-19 UPDATES / FEDERAL GOVERNMENT RELATIONS Latest SBA Guidance Clarifies PPP Funding Period, Use of Promissory Notes Newly added FAQs from the Small Business Administration and the Department of the Treasury late Wednesday addressed two challenges with the Paycheck Protection Program that have been of significant concern to date: the promissory note to use with PPP loans; and the expectation for a five-day period between loan approval and funding.   Regarding the promissory notes, SBA clarified that lenders may use their own note or an SBA form. The agency released its own...
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