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…
EDA: $1.95 Million Invested to Establish Entrepreneurial Center in Johnstown, PA
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding $1.95 million grant to the Johnstown Regional Development Authority of Johnstown, Pennsylvania, to build a new entrepreneurial center to house growing small businesses. The center will also help persons recovering from opioid addiction reenter the local workforce. The…
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…
Federal Bank Regulators Issue Interim Final Rule for Paycheck Protection Program
The federal bank regulatory agencies today announced an interim final rule to encourage lending to small businesses through the Small Business Administration’s Paycheck Protection Program, or PPP. The PPP was established by the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, and provides loans to small businesses so that they can keep their…
EDA: $700,000 Invested to Support Business-Focused Disaster Recovery and Resiliency Efforts in Arkansas
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $700,000 grant to the University of Arkansas, Fayetteville, Arkansas, to expand trade, export and commercialization opportunities for Arkansas businesses and agribusinesses. The EDA grant will be matched with $175,000 in local investment. “The Trump Administration is working diligently to help communities impacted…
SBA: Eligibility of Faith-Based Organizations to Participate in Paycheck Protection and Economic Injury Disaster Loan Programs
SBA Administrator Jovita Carranza today announced that SBA issued guidance clarifying that all faith-based organizations impacted by Coronavirus (COVID-19) are eligible to participate in the Paycheck Protection Program and the Economic Injury Disaster Loan program, without restrictions based on their religious identity or activities, to the extent they meet the eligibility criteria outlined in the CARES Act that was…
SBA: Paycheck Protection Program for Small Businesses Affected by the Coronavirus Pandemic Launches
One of Multiple Economic Relief Provisions to Protect Workers and Small Businesses The U.S. Small Business Administration Administrator Jovita Carranza today launched the Paycheck Protection Program, a $349 billion emergency loan program created last week with the President’s signing of the Coronavirus Aid, Relief, and Economic Security Act (CARES). The program provides forgivable loans up to $10 million to small…