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News Archive for May 2020



Fed Expands Scope of ‘Main Street’ Program

Posted on: 5/1/2020
The Federal Reserve has expanded the scope of its Main Street Lending Program to accommodate more businesses ...
 

SBA Limits PPP Funds for Corporate Groups to $20 Million

Posted on: 5/1/2020
In an interim final rule, the SBA said it will limit the amount of Paycheck Protection Program loan ...
 

SBA to Audit PPP Loans Above $2 Million

Posted on: 5/1/2020
SBA will review all requests for forgiveness of PPP loans in excess of $2 million to “further ...
 

Agencies Issue Statement on Cloud Computing Security

Posted on: 5/1/2020
With many banks moving some or all employees to remote work arrangements and accessing more cloud-based ...
 

FDIC Proposes Rule to Facilitate Bank Participation in PPP, Money Market Facilities

Posted on: 5/13/2020
To help provide certainty to banks participating in the Paycheck Protection Program and its associated ...
 

SBA Releases Borrower Application, Instructions for PPP Loan Forgiveness

Posted on: 5/18/2020
The SBA and Treasury Department have released the application that borrowers must complete to have their ...
 

SBA Announces Safe Harbor for PPP Borrowers with Loans for Less than $2M

Posted on: 5/18/2020
Following the recent announcement that the SBA would review any PPP loans made in amounts exceeding ...
 

State Associations Raise Concerns Over ‘Burdensome’ PPP Forgiveness Application

Posted on: 5/29/2020
NDBA along with the other fifty state bankers' associations have raised concerns that the forgiveness ...
 

House Passes Bill Providing Flexibility for PPP Borrowers

Posted on: 5/29/2020
The House today passed a bipartisan bill that would provide greater flexibility for Paycheck Protection ...
 

$10B PPP Funds Allocated for CDFIs

Posted on: 5/29/2020
To help ensure that PPP funds reach all small businesses in need, the Small Business Administration ...
 

Boston Fed Releases MSLP Forms, Updated FAQs

Posted on: 5/29/2020
The Federal Reserve Bank of Boston has released several borrower and lender documents for the Fed’s ...
 

ARRC Releases ‘Best Practices’ for Libor Transition

Posted on: 5/29/2020
The Alternative Reference Rates Committee yesterday issued a set of best practices to help market participants ...
 

IRS Reminds Consumers They May Receive EIPs Via Prepaid Debit Cards

Posted on: 5/29/2020
The IRS has issued a reminder to consumers still awaiting their CARES Act economic impact payment that ...
 

Agencies Issue FAQs on Coronavirus, Community Reinvestment Act Activities

Posted on: 5/29/2020
The OCC has released a list of 13 interagency frequently asked questions related to the Community Reinvestment ...
 

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