Advocacy News

IBA COVID-19 Updates 5-5-20 COVID-19 UPDATES Nearly $10 Billion Goes to Indiana Small Businesses in PPP Loans The Small Business Administration and the Department of the Treasury have released numbers for Paycheck Protection Program loan activity during Round Two, which began April 27. Through May 1 of Round Two funding, Indiana banks assisted in completing 31,757 PPP loans totaling $2,060,003,401 in approved dollars. Combining these figures with Round One activity, Indiana banks helped complete 67,747 PPP loans totaling $9,551,448,752 for small businesses. Nationwide to date during Round Two, 5,432...
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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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