Advocacy News

IBA E-News 8-7-20 FEDERAL GOVERNMENT RELATIONS SBA Issues Loan-Forgiveness FAQs The Small Business Administration has released frequently asked questions on Paycheck Protection Program loan forgiveness. The FAQs address loan-forgiveness applications, payroll and nonpayroll costs, owner-employee compensation, reductions in the forgiveness amount, and more, including new guidance on issues such as covered utility payments and eligible electricity supply charges. The SBA indicated its new platform for submitting PPP loan-forgiveness applications and decisions to the agency will go live on Monday, Aug...
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IBA COVID-19 Updates 8-4-20 COVID-19 UPDATES Updates to Economic Injury Disaster Loan Liens Impact of SBA’s lien requirements on EIDL loans over $25,000 on a borrower’s ability to obtain other financing for business operations Loans issued under the Economic Injury Disaster Loan (EIDL) program over $25,000 require a blanket lien on the assets of the business. The lien is a Universal Commercial Code (UCC-1) lien allowing the Small Business Administration to take an interest in the assets of the business. SBA’s lien does not apply to real estate or titled vehicles. SBA has concluded that there is no...
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IBA E-News 7-31-20 STATE GOVERNMENT RELATIONS Indiana Rental Assistance Program Applications Exceed 20,000 As of July 29, the Indiana COVID-19 Rental Assistance Program has received more than 20,000 applications for rental assistance. This program, administered by the Indiana Housing & Community Development Authority, has $25 million available for renters who are struggling to pay rent due to COVID-19-related challenges. The program excludes Marion County residents due to the existence of a Marion County-specific rental assistance program already available.   More information is available at...
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IBA COVID-19 Updates 7-28-20 COVID-19 UPDATES Senate Stimulus Plan Includes PPP Reforms Senate Republicans have released initial proposals for the next round of stimulus legislation that include several industry advocated provisions. The HEALS Act (Health, Economic Assistance, Liability Protection and Schools Act) includes Paycheck Protection Program reforms including safe harbor protection for PPP lenders, automatic forgiveness for loans under $150,000 with borrower attestation, and a streamlined forgiveness process for loans between $150,000 and $2 million.   The legislative package – introduced by...
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