SBA Covid-19 Issuances
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SBA issues Covid-19 guidance for various loans
On January 28, the Small Business Association (SBA) issued an information notice providing an update on the tax treatment of payments related to certain 7(a) loans, 504 loans, and microloans under Section 1112 of the CARES Act. As previously covered by InfoBytes , in December 2020, the SBA released...
Federal Issues, Covid-19, SBA, Small Business Lending, IRS, CARES Act
InfoBytesSBA addresses PPP loan review issues
On January 26, the Small Business Administration (SBA) announced that it is “taking steps to improve the First Draw Paycheck Protection Program [PPP] loan review” in order to give small businesses more time to access PPP funds. SBA acknowledged that it identified “anomalies” in approximately 4.7...
Federal Issues, Covid-19, SBA, Small Business Lending, CARES Act
InfoBytesCFPB issues Covid-19 supervisory highlights
On January 19, the CFPB released a special edition of Supervisory Highlights detailing the agency’s Covid-19 prioritized assessment (PA) observations. Since May 2020, the Bureau has conducted PAs in response to the pandemic in order to obtain real-time information from supervised entities operating...
Federal Issues, CFPB, Supervision, Covid-19, CARES Act, SBA, Mortgages, Auto Finance, Student Lending, Credit Cards, Consumer Reporting, Debt Collection, Deposits, Small Business Lending
InfoBytesSBA releases PPP guidance as portal reopens
On January 19, the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loan portal re-opened to all participating lenders (covered by InfoBytes here ). To assist lenders, the SBA released an interim final rule , consolidating prior rules related to PPP loan forgiveness and...
Federal Issues, SBA, CARES Act, Covid-19
InfoBytesPPP portal to re-open to all lenders on January 19
On January 13, the Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) loan portal will open to all eligible lenders with $1 billion or less in assets for First and Second Draw applications on January 15, with the portal fully opening on January 19 to all...
Federal Issues, Covid-19, SBA, CARES Act, Economic Aid Act
InfoBytesSBA releases PPP guidance and expansion rules
On January 8, the Small Business Administration (SBA) announced the Paycheck Protection Program (PPP) will re-open the week of January 11, with only community financial institutions able to make “First Draw” PPP loans on Monday, January 11, and “Second Draw” PPP loans on Wednesday, January 13 (re-...
Federal Issues, Covid-19, SBA, Federal Reserve, CARES Act, Federal Legislation, Consolidated Appropriations Act, Bank Regulatory
InfoBytesSBA issues notice detailing remittance of EIDL advances
On January 8, the Small Business Administration (SBA) issued a procedural notice discussing the repeal of Section 1110(e)(6) of the CARES Act, which required the SBA to deduct the amount of any Economic Injury Disaster Loan (EIDL) advance received by a Paycheck Protection Program (PPP) borrower...
Federal Issues, Covid-19, SBA, EIDL, CARES Act
InfoBytesAnother court dismisses PPP agent fees suit
On January 6, the U.S. District Court for the Central District of California issued an order dismissing a putative class action against two national banks alleging that the banks owe fees to agents that helped businesses file applications for the Paycheck Protection Program (PPP). The named...
Courts, Covid-19, SBA, CARES Act
InfoBytesCourt: Lender does not owe PPP fees to law firm
On December 15, the U.S. District Court for the District of Arizona issued an order dismissing an action against a California bank over whether a law firm is entitled to a portion of the fees paid by the Small Business Administration (SBA) to lenders making loans under the Paycheck Protection...
Courts, Covid-19, SBA, CARES Act
InfoBytesBipartisan Covid-19 legislation includes new PPP funding
On December 14, congressional lawmakers released the details of bipartisan Covid-19 relief legislation (and accompanying memorandum ), titled “the Emergency Coronavirus Relief Act of 2020,” which would provide $300 billion to the U.S. Small Business Administration to allow for second forgivable...
Federal Issues, SBA, Covid-19, IRS, CARES Act, U.S. House, U.S. Senate, Federal Legislation
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