SBA: New Regulations Issued for Women-Owned Small Business Federal Contracting Program
The U.S. Small Business Administration today published Women-Owned Small Business Federal Contracting program regulations that will provide a free, online certification and eligibility application process for women-owned small businesses and economically-disadvantaged women-owned small businesses. The timeline for implementation of changes to SBA’s WOSB program has been delayed to accommodate those affected by the current pandemic. Starting July 15, 2020, SBA will…
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…
Federal Reserve: Expanded Scope and Eligibility for the Main Street Lending Program Announced
The Federal Reserve Board on Thursday announced it is expanding the scope and eligibility for the Main Street Lending Program. As part of its broad effort to support the economy, the Federal Reserve developed the Main Street Lending Program to help credit flow to small and medium-sized businesses that were in sound financial condition before…
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…
EDA: $13 Million Invested to Build Disaster Resilient Business Incubator in Puerto Rico Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $13 million grant to the University of Puerto Rico in Ponce to establish a disaster resilient research and business facility to support high-growth businesses focused on the health and medical tourism industries. The EDA grant, to be…
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…
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…
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…