Advocacy News

IBA COVID-19 Updates 5-26-20 COVID-19 UPDATES SBA Issues New Guidance on PPP Lending The Small Business Administration issued two interim final rules on Paycheck Protection Program requirements. One interim final rule focuses on loan review procedures and related borrower and lender responsibilities, such as:     •  SBA reviews of individual PPP loans.     •  Borrower representations and statements that SBA will review.     •  What lenders should review.     •  The timeline for lender decisions on loan forgiveness applications....
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IBA E-News 5-22-20 COVID-19 UPDATES / GOVERNMENT RELATIONS 2020 IBA Annual Washington Trip Transitions to Virtual Format The in-person 2020 IBA Annual Washington trip scheduled for July 26-28 has been canceled due to the COVID-19 pandemic. However, the need for high-level advocacy continues. We are pleased to announce that we will transition to a virtual format for the 2020 IBA Annual Washington Visit. The IBA will be organizing virtual meetings with regulators and legislators to be held throughout the summer. We will notify members of the meeting details as soon as they become available, and...
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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...
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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...
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