SBA Covid-19 Issuances
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Agencies update CRA Covid-19 FAQs
On March 8, the OCC, Federal Reserve Board, and the FDIC released updated Community Reinvestment Act (CRA) FAQs related to Covid-19. The FAQs, first issued last May (covered by InfoBytes here ), provide guidance for financial institutions and examiners regarding CRA consideration for activities...
Federal Issues, Covid-19, CRA, OCC, Federal Reserve, FDIC, SBA, CARES Act, Bank Regulatory
InfoBytesFed extends PPP Liquidity Facility through June 30
On March 8, the Federal Reserve Board announced the extension of the Paycheck Protection Program Liquidity Facility (PPPLF) through June 30. The PPPLF was rolled out last year to provide liquidity to banks making loans to small businesses pursuant to the Small Business Administration’s Paycheck...
Federal Issues, Federal Reserve, SBA, Covid-19, Bank Regulatory
InfoBytesSBA allows self-employed filers to use gross income to calculate PPP loan amounts
On March 4, the Small Business Administration (SBA) issued an interim final rule (IFR) to implement recent changes to the Paycheck Protection Program (PPP) calculation for IRS Form 1040, Schedule C filers. Self-employed individuals who file Schedule C will now be able to calculate their maximum...
Federal Issues, SBA, Covid-19, CARES Act, Small Business Lending
InfoBytesBiden announces measures to ensure PPP loan access to "mom and pop" businesses
On February 22, the Biden administration announced measures to ensure the smallest businesses have access to Paycheck Protection Program (PPP) loans. (See also SBA press release here .) Specifically, the Biden administration has directed the Small Business Administration (SBA) to (i) provide an...
Federal Issues, SBA, Covid-19, Small Business Lending, Biden
InfoBytesSBA addresses PPP loan error codes
On February 10, the Small Business Administration (SBA) issued an updated procedural notice providing instructions for lenders addressing Paycheck Protection Program (PPP) loan error codes. The notice, which revises guidance provided in a previously issued procedural notice (covered by InfoBytes...
Federal Issues, SBA, Covid-19, Small Business Lending, CARES Act
InfoBytesSBA updates PPP processing fee guidance
On February 8, the Small Business Administration (SBA) issued an updated procedural notice addressing changes to the Paycheck Protection Program (PPP) processing fees and reporting process. The notice covers the breakdown of fees for first-draw PPP loans made after December 27, 2020 and for second-...
Federal Issues, Covid-19, SBA, EIDL
InfoBytesFed further extends temporary exception to allow bank insiders access to PPP
On February 9, the Federal Reserve Board announced the second extension of a temporary exception from the requirements of section 22(h) of the Federal Reserve Act and corresponding provisions of Regulation O to allow bank directors and shareholders to apply for Small Business Administration (SBA)...
Federal Issues, Federal Reserve, SBA, Covid-19, Agency Rule-Making & Guidance, CARES Act, Regulation O, Bank Regulatory
InfoBytesCourt dismisses PPP discrimination claims against national bank
On February 1, the U.S. District Court for the District of New Jersey issued an opinion letter granting defendants’ motion to dismiss for failure to state a claim in a matter concerning whether a national bank retaliated against minority- and women-owned businesses when they stopped honoring checks...
Courts, SBA, Covid-19, State Issues
InfoBytesSBA addresses BSA compliance obligations in updated PPP FAQs
On January 29, the Small Business Administration (SBA) updated its Paycheck Protection Program (PPP) frequently asked questions to further address borrower and lender questions. Among other things, the updated FAQs clarify that FinCEN’s April 2020 PPP FAQs are applicable to Second Draw PPP loans...
Federal Issues, SBA, Covid-19, CARES Act, Economic Aid Act, Bank Secrecy Act, FinCEN, Anti-Money Laundering
InfoBytesSBA guidance addresses unresolved First Draw PPP loans
Recently, the Small Business Administration (SBA) issued a procedural notice informing lenders that the Paycheck Protection Program (PPP) platform will begin processing new Second Draw PPP loan guarantee applications for borrowers who still have unresolved issues related to their First Draw loans...
Federal Issues, SBA, Covid-19, CARES Act, Economic Aid Act
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