SBA Covid-19 Issuances
Filter
SBA issues final rule on PPP appeals process
On September 16, the SBA published a final rule in the Federal Register informing Paycheck Protection Program (PPP) borrowers and lenders of the appeal process for certain SBA loan review decisions under the PPP to the SBA Office of Hearings and Appeals. The final rule adopts, with changes, certain...
Federal Issues, SBA, Covid-19, CARES Act, Small Business Lending
InfoBytesSBA explains discontinuation of loan necessity questionnaires
On July 29, the SBA added question #69 to its Paycheck Protection Program (PPP) frequently asked questions explaining why the agency is discontinuing the use of two Loan Necessity Questionnaires (SBA Form 3509 or 3510). Borrowers that received PPP loans of at least $2 million were required to...
Federal Issues, Covid-19, SBA, CARES Act
InfoBytesSBA to open PPP direct borrower forgiveness platform
On July 28, SBA announced the launch of a streamlined application program to allow borrowers with Paycheck Protection Program (PPP) loans of $150,000 or less to apply for direct forgiveness through SBA, thereby reducing the burden on participating lenders to service forgiveness applications. The...
Federal Issues, SBA, CARES Act, Small Business Lending, Covid-19, Agency Rule-Making & Guidance
InfoBytesSBA outlines guaranty purchase, charge-off process for PPP loans
On July 15, the SBA issued Procedural Notice 5000-812316 to remind lenders of their servicing responsibilities and provide guidance on the agency’s guaranty purchase process for Paycheck Protection Program (PPP) first-draw and second-draw loans. Lenders may submit requests for SBA to purchase and...
Federal Issues, SBA, PPP, Covid-19, CARES Act, Small Business Lending
InfoBytesFed extends PPP Liquidity Facility for a final time
On June 25, the Federal Reserve Board announced the extension of the Paycheck Protection Program Liquidity Facility (PPPLF) for a final time to July 30. As previously covered by InfoBytes , the PPPLF was rolled out last year to provide liquidity to banks making loans to small businesses pursuant to...
Federal Issues, Federal Reserve, SBA, Covid-19
InfoBytesFinCEN recognizes law enforcement agencies for use of BSA data
On June 24, the Financial Crimes Enforcement Network (FinCEN) honored the recipients of its 2021 Law Enforcement Awards Program, which recognizes agencies that use Bank Secrecy Act (BSA) data provided by financial institutions to successfully pursue and prosecute criminal investigations. The awards...
Financial Crimes, FinCEN, Of Interest to Non-US Persons, Bank Secrecy Act, Enforcement, Investigations, Anti-Money Laundering, Covid-19, SBA, Cryptocurrency, Fraud
InfoBytesSBA updates PPP FAQs
On June 8, the SBA updated its Paycheck Protection Program (PPP) frequently asked questions to clarify certain conditions related to whether a nonprofit organization that has received approval of an application for tax exemption from the Puerto Rico Departamento de Hacienda qualifies as a “...
Federal Issues, SBA, Covid-19, Small Business Lending
InfoBytesPPP closes to new applications
On June 1, the Small Business Administration (SBA) issued an announcement on the closure of the Paycheck Protection Program (PPP) to new loan guaranty applications. The PPP has provided over $798 billion in economic relief to over 8.5 million small businesses and nonprofits across the nation, and...
Federal Issues, Department of Treasury, SBA, Small Business Lending, CARES Act, Covid-19
InfoBytesHouse subcommittee explores fintech companies’ role in PPP loan processing
On May 27, the House Select Subcommittee on the Coronavirus Crisis sent letters to two banks and two fintech companies seeking information on the companies’ handling of loan applications under the Paycheck Protection Program (PPP). According to a press release announcing the launch of the...
Fintech, U.S. House, SBA, CARES Act, Small Business Lending, Covid-19
InfoBytesFederal regulators discuss Covid-19 responses and priorities
On May 19, the House Financial Services Committee held a hearing entitled “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” Committee Chairwoman Maxine Waters (D-CA) opened the hearing by expressing her concerns about the...
Federal Issues, House Financial Services Committee, OCC, CRA, Fintech, Dodd-Frank, FDIC, Federal Reserve, NCUA, SBA, Covid-19, True Lender, Congressional Review Act
InfoBytes