Advocacy News

IBA COVID-19 Updates 6-23-20 COVID-19 UPDATES SBA Implements PPP Loan Forgiveness Changes in Rule The Small Business Administration last night issued a new interim final rule implementing in regulation changes made to the Paycheck Protection Program loan forgiveness process by the PPP Flexibility Act and other recent developments, including the SBA’s simplified Form 3508EZ forgiveness application. The rule conforms previous rules to reflect provisions of the PPPFA, including the covered period for forgiveness, non-payroll costs eligible for forgiveness, reductions in the forgiven amount and the timing of when...
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IBA E-News 6-19-20 COVID-19 UPDATES / GOVERNMENT RELATIONS SBA Streamlines PPP Forgiveness Application for Many PPP Borrowers As reported on Wednesday, the Small Business Administration released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. Form 3508EZ applies to borrowers who meet any one of these three criteria: •    Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees. •    Did not reduce salary or wages...
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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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