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News Archive for Apr 2020

Treasury Issues Guidelines, Application Form for SBA Paycheck Protection Program

Posted on: 4/1/2020
The Treasury Department has issued much-anticipated guidance for the Paycheck Protection Program, which ...

CISA Expands Roster of ‘Critical Infrastructure’ Jobs

Posted on: 4/1/2020
On Saturday, March 28, the Cybersecurity and Infrastructure Security Agency issued updated guidance, ...

ABA Publishes Executive Summary of Coronavirus Relief Bill

Posted on: 4/1/2020
ABA has prepared an executive summary of the CARES Act—the $2 trillion stimulus package to provide ...

Agencies Approve Early Adoption of SA-CCR, Delay of CECL Capital Phase-In

Posted on: 4/1/2020
The federal banking agencies have announced two actions intended to help banks ensure the continued ...

SBA Interim Final Rule Provides Additional PPP Implementation Guidelines

Posted on: 4/3/2020
The SBA has issued an interim final rule that provides additional implementation guidelines ...

Treasury Addresses Industry Questions on PPP Implementation

Posted on: 4/8/2020
The Treasury Department has updated its frequently asked questions on the Small Business Administration’s ...

Fed to Launch ABA-Advocated Facility for Financing PPP Loans

Posted on: 4/8/2020
In order to facilitate PPP loans, the Federal Reserve will soon create a facility to provide term financing ...

Agencies Temporarily Lower Community Bank Leverage Ratio to 8%

Posted on: 4/8/2020
As required by Section 4012 the CARES Act, the federal banking agencies have temporarily lowered the ...

FinCEN Clarifies Beneficial Ownership Expectations for PPP Loans

Posted on: 4/8/2020
The Financial Crimes Enforcement Network has issued a statement regarding banks’ Bank Secrecy ...

Agencies to Incorporate CARES Act Changes into March 31 Call Report

Posted on: 4/14/2020
In a letter to bank CEOs, the federal banking agencies restated that they would not take action against ...

CFPB Issues Interpretive Rule Greenlighting Use of Prepaid Cards for EIPs

Posted on: 4/14/2020
To help facilitate the timely, efficient and secure disbursement of the?CARES Act economic impact payments, ...

Banks Can Restrict PPP Applicants to Current Customers

Posted on: 4/14/2020
A federal judge in Maryland has declined to issue an injunction requiring Bank of America to accept ...

SBA, Treasury Provide Guidance on Final Authorization of PPP Loans

Posted on: 4/14/2020
The Small Business Administration and the Treasury Department updated their Paycheck Protection Program ...

SBA, Treasury Clarify Beneficial Ownership Requirements for PPP Loans

Posted on: 4/14/2020
The Small Business Administration and Treasury Department have provided guidance clarifying lenders’ ...

SBA Guidance on PPP Loans for Self-Employed, Independent Contractors & Bank Directors

Posted on: 4/15/2020
With independent contractors and the self-employed now applying for Paycheck Protection Program loans, ...

SBA, Treasury Update FAQs

Posted on: 4/15/2020
The SBA and the Treasury Department issued three new FAQs Monday afternoon. One of the newly added FAQs ...

SBA to Stop Accepting PPP Applications Once $349B Limit Reached

Posted on: 4/16/2020
The Small Business Administration will stop accepting applications for Paycheck Protection Program loans ...

NDBA Joins State Bankers Associations In Urging Congress to Increase PPP Funding

Posted on: 4/16/2020
NDBA joined the 51 state bankers associations in a letter to House and Senate leaders urging them to ...

IRS Launches Online EIP Tool to Check Status, Provide Payment Info

Posted on: 4/16/2020
The IRS has launched a second online tool that enables consumers who have previously filed a tax return ...

PPP Loans Can Be Sold, Retain Guaranty

Posted on: 4/20/2020
Sales of PPP loans into the secondary market do not require SBA approval, the agency and the Treasury ...

Fed’s Temporary Rule Change Facilitates PPP Loans to Bank Directors

Posted on: 4/20/2020
Following clarification from the Small Business Administration and Treasury Department that bank directors ...

1.66 Million PPP Loans Made Before Funds Ran Out

Posted on: 4/20/2020
As of April 16, when funding for the program was exhausted, the Small Business Administration had approved ...

FHFA to Purchase Qualified Loans in Forbearance

Posted on: 4/23/2020
The Federal Housing Finance Agency has announced that it will purchase qualified single-family mortgages ...

Managing COVID-19 Transmission Risk in the Bank Environment

Posted on: 4/23/2020
As scientists and public health experts learn more about how the novel coronavirus spreads and how patients ...

SBA EIDL Loan Applicant Data Compromised; PPP Applications Not Affected

Posted on: 4/23/2020
Nearly 8,000 small business owners who applied for Economic Injury Disaster Loans from the Small Business ...

NDBA joins State Associations in Rejecting CU Calls for Expanded Member Business Lending Cap

Posted on: 4/23/2020
In a letter to congressional leaders, NDBA joined the other state bankers associations in flagging “opportunistic ...

Senate Clears $320B in Additional Funding for Paycheck Protection Program

Posted on: 4/23/2020
After bipartisan negotiations, the Senate unanimously passed legislation to provide more than $320 billion ...

FHFA: FHLBs May Purchase PPP Loans as Collateral for Advances

Posted on: 4/24/2020
The Federal Housing Finance Agency confirmed that Federal Home Loan Banks may accept PPP loans ...

AICPA Issues Recommendations for PPP Agent Relationships

Posted on: 4/24/2020
The American Institute of CPAs has issued recommendations aimed at a common understanding of how accountants ...

SBA Addresses PPP Applications from Companies with Access to Capital

Posted on: 4/24/2020
In the wake of media reports of some firms qualifying for PPP loans despite having access to capital ...

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