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 million
• PPP approval by state as a percentage of small business payroll: 85%
• Indiana loans of $150,000+: 11,853
• Indiana loans below $150,000: 67,295
In loan-by-loan information, business names are included in the new data for loans of $150,000 and up. Loans of $150,000 and up account for nearly three-quarters of the dollar volume of PPP loans. Loans below $150,000 do not include business names, but do identify loan totals, ZIP code and other information. The agencies have noted that PPP borrower applications disclose that this information could become public.
More than $130 billion remains available for the PPP, which has been extended through Aug. 8.
Paycheck Protection Program Extension Signed Into Law
This weekend President Trump signed the Paycheck Protection Program extension into law. The bill, which was passed by unanimous consent in both the House and Senate last week, authorizes an extension for the Small Business Administration’s Paycheck Protection Program through August 8, 2020. The bill also decouples 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.
Fed: Main Street Lending Program Is Fully Operational
The Federal Reserve announced yesterday that its Main Street Lending Program is fully operational. Institutions participating in the MSLP may now submit qualifying loans for the Fed to purchase. The Fed will buy up to 95% of each loan submitted. The Fed also indicated it will publish in the coming days a state-by-state listing of lenders accepting new business customers under the MSLP that elect to be listed.
House Hearing on Paycheck Security
The House Financial Services Committee has subcommittee hearings this week on paycheck security during the COVID-19 pandemic, artificial intelligence and contact tracing, and access to capital for women- and minority-owned businesses.
ICYMI - Gov. Announces New Stage 4.5 as Indiana Reopens
On Wednesday, Gov. Holcomb announced the creation of a new Stage 4.5 for Indiana as the state adjusts measures related to reopening. The state had been scheduled to move to Stage 5 – the final stage in the Back on Track reopening plan for Indiana – on July 4. The governor has paused the implementation of Stage 5, however, for two more weeks, now tentatively set for July 18.
Read about Stage 4.5 restrictions
IBA COVID-19 Updates
The IBA has several COVID-19 resources and updates available at our website.