EDA: $1 Million Invested to Establish Revolving Loan Fund to Serve Small Businesses in Eastern Idaho
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the East-Central Idaho Planning & Development Association (ECIPDA) of Rexburg, Idaho, to establish a Revolving Loan Fund (RLF) to assist the growth of small businesses in Butte, Clark, Custer, Fremont, Jefferson, Lemhi, Madison…
FHFA: “No Lump Sum Required at the End of Forbearance” says FHFA’s Calabria
To combat ongoing misinformation, the Federal Housing Finance Agency (FHFA) reiterated that borrowers in forbearance with a Fannie Mae or Freddie Mac (the Enterprises)-backed mortgage are not required to repay the missed payments in one lump sum. “During this national health emergency, no one should be worried about losing their home,” said Director Mark Calabria….
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of the Currency (OCC) is issuing this bulletin to clarify its statement in OCC Bulletin 2020-44, which is hereby rescinded.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…
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…
Federal Reserve: Public Information Available Regarding Programs to Support and Foster Economic Recovery
The Federal Reserve Board outlines the extensive and timely public information it will make available regarding its programs to support the flow of credit to households and businesses and thereby foster economic recovery Building on its strong record of transparency and accountability around financial reporting and the policymaking process, the Federal Reserve Board on Thursday…
FHFA: Enterprises Will Purchase Qualified Loans in Forbearance to Keep Lending Flowing
To support homeowners and mortgage lenders, the Federal Housing Finance Agency (FHFA) is approving the purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria by Fannie Mae and Freddie Mac (the Enterprises). “We are focused on keeping the mortgage market working for current and future homeowners during these challenging times,” said Director…
FHFA: Service Liquidity Concerns Addressed; Four Month Advance Obligation Loan for Loans in Forbearance
Agency also clarifies that loans under forbearance will remain in MBS Pools Today, the Federal Housing Finance Agency (FHFA) announced the alignment of Fannie Mae’s and Freddie Mac’s (the Enterprises) policies regarding servicer obligations to advance scheduled monthly principal and interest payments for single-family mortgage loans. Once a servicer has advanced four months of missed…