CFPB: FAQs Issued to Support Small Businesses Applying for PPP Loans
The Consumer Financial Protection Bureau today issued clarifying FAQs to support small businesses who have applied for a loan from their financial institution under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Creditors are generally required under the Equal Credit Opportunity Act and Regulation B to notify applicants within 30 days of receiving a…
SBA: Economic Injury Disaster Loans Available to U.S. Agricultural Businesses Impacted by COVID-19 Pandemic
U.S. Small Business Administration Administrator Jovita Carranza announced today that agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. SBA’s EIDL portal will reopen today as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation, signed into law by the President one week…
SBA: Joint Statement on Establishing Dedicated Hours for Small Lender Submissions of PPP Applications
U.S. Small Business Administration Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the Paycheck Protection Program (PPP) amid continuing efforts to aid small community lenders, their small business customers, and ensure SBA’s systems run efficiently: “In order to ensure special access to the PPP loan program for…
SBA: Joint Statement on the Review Procedure for Paycheck Protection Program Loans
U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administrator Jovita Carranza issued the following statement today on the Paycheck Protection Program (PPP): “The Paycheck Protection Program is providing critical support to millions of small businesses and tens of millions of hardworking Americans. “We have noted the large number of companies that have appropriately…
FDIC: SBA and U.S. Department of Treasury Announce Availability of New Paycheck Protection Program Loans
Summary: The Small Business Administration (SBA) together with the U.S. Department of Treasury announced on April 24, 2020 that the SBA will resume taking applications on the Paycheck Protection Program (PPP) on April 27, 2020. Applicants must already be certified SBA lenders. Statement of Applicability to Institutions with Total Assets under $1 Billion: This Financial Institution…
OCC: Credit Administration Bulletin Documentation on SBA Paycheck Protection Program Loans
Summary The Office of the Comptroller of the Currency (OCC) is encouraging banks1 providing loans under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) to prudently document their implementation and lending decisions. Additionally, banks are encouraged to identify and track the PPP loans made to small business borrowers that have annual revenues of $1 million…
SBA: Joint Statement on the Resumption of the Paycheck Protection Program
Administrator of the U.S. Small Business Administration Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the resumption of the Payroll Protection Program (PPP): “We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for…
FHFA: FHLBs to Accept Paycheck Protection Program Loans as Collateral
To support small and community banks, the Federal Housing Finance Agency announced that Federal Home Loan Banks (FHLBanks) can accept Paycheck Protection Program (PPP) loans as collateral when making loans, called advances, to their members. FHLBanks can accept loans guaranteed by the Small Business Administration under PPP provided FHLBanks comply with certain safety and soundness…
OCC: Paycheck Protection Program Listening Sessions Announced
The Office of the Comptroller of the Currency (OCC) today announced that its Office of Innovation will host three listening sessions on April 16, 20, and 21, to discuss issues and potential solutions relating to the Paycheck Protection Program (PPP) as established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Listening sessions are used to inform…
ABA: Additional PPP Funds Needed for Small Businesses, Employees
Leading financial services trade associations today wrote Congressional leadership calling for Congress to quickly authorize additional funds for the Paycheck Protection Program. Funds from the original $349 billion authorization are expected to be fully obligated soon, leaving out countless small business owners and their employees still awaiting access to the program. “The Small Business Administration’s…