EDA: $1.5 Million Invested to Make Critical Infrastructure Improvements in Johnston County, NC
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.5 million grant to Johnston County, North Carolina, to make critical water infrastructure improvements needed to serve a major regional distribution center. The EDA grant, to be matched with $1.5 million in local investment, is expected to…
OCC: Bulletin Clarifies Documentation of SBA Paycheck Protection Program Loans
The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to clarify its statement in OCC Bulletin 2020-44, which is hereby rescinded. Loans made by banks1 under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) are an important part of the federal COVID-19 response program for small business and may qualify for…
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…
FEMA: President Trump Approves Major Disaster Declaration for Tennessee Due to Severe Storms
FEMA announced that federal disaster assistance has been made available to the state of Tennessee to supplement state, tribal and local recovery efforts in the areas affected by severe storms, flooding, straight-line winds and tornadoes from April 12 – 13, 2020. The President’s action makes federal funding available to affected individuals in Bradley and Hamilton…
FEMA: President Trump Approves Major Disaster Declaration for Kentucky due to Severe Storms
FEMA announced that federal disaster assistance has been made available to the commonwealth of Kentucky to supplement state, tribal and local recovery efforts in the areas affected by severe storms, flooding, landslides and mudslides from Feb. 3 – 29, 2020. Federal funding also is available to commonwealth and eligible local governments and certain private nonprofit…
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…
ABA: Consumer, Banking Groups to Congress Request that Economic Impact Payments Be Exempt from Garnishment
In a letter to congressional leadership today, consumer and banking industry organizations joined together to urge lawmakers to clarify at the earliest possible opportunity that economic impact payments issued by the federal government in response to the coronavirus pandemic should be exempt from otherwise legally binding garnishment orders. “Congress passed the CARES Act to help families purchase…
FEMA: President Trump Approves Major Disaster Declaration for Mississippi due to Severe Storms
FEMA announced that federal disaster assistance has been made available to the state of Mississippi to supplement state, tribal and local recovery efforts in the areas affected by severe storms, flooding and mudslides from Feb. 10 to Feb. 18, 2020. Federal funding also is available to state, tribal, and eligible local governments and certain private…
FEMA: President Trump Approves Major Disaster Declaration for Washington Due to Severe Storms
FEMA announced that federal disaster assistance has been made available to the state of Washington to supplement state, tribal and local recovery efforts in the areas affected by severe storms, flooding, landslides and mudslides from Jan. 20 to Feb. 10, 2020. Federal funding also is available to state, tribal, and eligible local governments and certain…