Advocacy News

IBA E-News 6-26-20 COVID-19 UPDATES / GOVERNMENT RELATIONS SBA Updates PPP Guidance on Maturity Dates, Fishing Boats The SBA updated its frequently asked questions on the Paycheck Protection Program with guidance on maturity dates. The latest FAQ notes that PPP loans that received an SBA loan number on or after June 5, 2020, have a five-year maturity. Loans that received an SBA loan number before that have a two-year maturity, unless the borrower and lender mutually agree to extend the term of the loan to five years. The SBA separately released an interim final rule with updated guidance on...
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IBA COVID-19 Updates 6-23-20 COVID-19 UPDATES SBA Implements PPP Loan Forgiveness Changes in Rule The Small Business Administration last night issued a new interim final rule implementing in regulation changes made to the Paycheck Protection Program loan forgiveness process by the PPP Flexibility Act and other recent developments, including the SBA’s simplified Form 3508EZ forgiveness application. The rule conforms previous rules to reflect provisions of the PPPFA, including the covered period for forgiveness, non-payroll costs eligible for forgiveness, reductions in the forgiven amount and the timing of when...
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IBA E-News 6-19-20 COVID-19 UPDATES / GOVERNMENT RELATIONS SBA Streamlines PPP Forgiveness Application for Many PPP Borrowers As reported on Wednesday, the Small Business Administration released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required. Form 3508EZ applies to borrowers who meet any one of these three criteria: •    Applied for the PPP loan as self-employed, an independent contractor or a sole proprietor with no employees. •    Did not reduce salary or wages...
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IBA COVID-19 Updates 6-16-20 COVID-19 UPDATES Main Street Lending Program Lender Portal Now Open On Monday, the Federal Reserve Bank of Boston announced that the Main Street Lending Program Lender Portal is open. The program is to operate through three facilities: the Main Street New Loan Facility; the Main Street Priority Loan Facility; and the Main Street Expanded Loan Facility. U.S. Treasury Secretary Steven T. Mnuchin issued a statement indicating: “As announced last week, the portion of the loans retained by the originating bank has been lowered to five percent for all eligible loans submitted to the...
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