This week the U.S. Small Business Administration (SBA) released updated Paycheck Protection Program (PPP) interim final rules which incorporate new requirements imposed by the Economic Aid to Hard-Hit Small Businesses,...more
Last week, the U.S. District Court for the Northern District of Florida ruled in favor of SBA lenders with respect to the treatment of “agent fees” under the Paycheck Protection Program (PPP)....more
During hearings before the House of Representatives on June 30, 2020, Representative Steve Stivers (R-OH), asked Treasury Secretary Mnuchin about financial institution’s payment of agent fees as part of the Paycheck...more
(For Information on PPP forgiveness that is written specifically for borrowers, please find our borrower’s guide and checklist). After much anticipation, the Small Business Administration (“SBA”) issued a formal Paycheck...more
The Small Business Administration (“SBA”) recently issued a formal Paycheck Protection Program (“PPP”) Loan Forgiveness Application. We will highlight a number of key elements of the application. Additionally, we will review...more
5/22/2020
/ CARES Act ,
Compliance ,
Coronavirus/COVID-19 ,
Financial Services Industry ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
Secretary of the Treasury ,
Small Business ,
Webinars
The SBA issued an additional FAQ #46, providing guidance on how it will review the required good faith certification that current economic uncertainty make the PPP loan necessary to support ongoing operations, which we refer...more
In response to the economic crisis caused by the COVID-19 pandemic, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), was signed into law and dedicated $349 billion to the Paycheck Protection Program...more
The Office of the Comptroller of the Currency (OCC) released “OCC Bulletin 2020-44” which encourages institutions to “prudently document their implementation and lending decisions” under the Small Business Administration's...more
As all financial institutions are beginning to realize, the rapidly evolving regulatory landscape surrounding the Paycheck Protection Program (“PPP”) is presenting several unintended consequences to both financial...more
As every financial institution likely knows, last week brought the implementation of the Paycheck Protection Program (“PPP”) under the CARES Act. However, with the launch of the program by a number of financial institutions,...more