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Financial Services Law Insights and Observations

FINRA adds PPP question to Covid-19 FAQs

Federal Issues Agency Rule-Making & Guidance FINRA CARES Act SBA Supervision Covid-19

Federal Issues

On April 13, FINRA updated its FAQs on regulatory relief due to Covid-19 to include an FAQ that addresses Paycheck Protection Program loans. The FAQ answers a question relating to loan forgiveness for registered persons, stating that the loan forgiveness amount will not be considered a “compromise with a creditor” and will not need to be reported on Form U4 for question 14K.

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