Fed extends rule allowing bank directors to apply for PPP loans

The Federal Reserve Board announced Tuesday that it is temporarily allowing certain bank directors and shareholders to apply to their banks for PPP loans.

This is the second extension of the rule and will allow those individuals to apply for PPP loans. The extension, which is applicable only to PPP loans, is effective immediately. This extension applies to PPP loans made through March 31, 2021. You can read the Fed’s announcement here.