Sunday, March 26, 2023

Megan McGuire

SBA to reserve time for lenders with fewer than $1 billion assets today; also highlights new PPP interim rule, changes to Connect Portal

The following comes courtesy the American Bankers Association: The Small Business Administration announced this afternoon it will reserve an eight-hour block of time for lenders with fewer than $1 billion in assets to submit Paycheck Protection Program loan applications to SBA. This window will run from 3 p.m. CDT through 10:59 p.m. CDT today. In a message to lenders, SBA …

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SBA clarifies PPP’s 10-day disbursement window, fee payments

The Small Business Administration last night issued an interim final rule providing clarity on the 10-day loan disbursement requirement under the Paycheck Protection Program, as well as the filing required to receive the lender processing fee. ‌Moving forward, lenders must make a full, one-time disbursement of PPP loan funds within 10 calendar days of the loan being approved—that is, when …

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SBA announces measures aimed at smoothing operations ahead of PPP restart

Breaking news from the ABA: With the U.S. Small Business Administration expecting a high volume of Paycheck Protection Program loan applications when the E-Tran system reopens at 9:30 a.m. tomorrow, SBA today notified lenders of several steps it will take to ensure the smooth operation of the program, including pacing the number of loans processed once the system reopens. Acknowledging …

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OBA President/CEO Roger Beverage addresses concern for the PPP

MEMORANDUM TO: All OBA Chairmen, Presidents, CEOs and CFOs RE: Good Faith Certification Good afternoon: Some additional guidance was released by the Treasury Department this week, and I found it very troubling. Here’s why. Question #31 was added to the Treasury’s list of FAQs last Thursday. You may recall that there has been some controversy about whether large organizations, like …

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SBA issues guidance on calculating max PPP loan size

Stacked coins

Breaking news from the ABA: With the Small Business Administration reopening its E-Tran system for Paycheck Protection Program applications on Monday morning, SBA last night issued guidance to help borrowers and lenders calculate and document the maximum PPP loan amount a business may be eligible for. The guidance covers several situations about which lenders have sought clarity. The guidance addresses …

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House approves additional PPP funds, President to sign imminently

Breaking news from the ABA: By a strong bipartisan vote this evening, the House cleared legislation providing more than $320 billion in new funding for the Small Business Administration’s Paycheck Protection Program. The Senate passed the bill earlier this week, and President Trump is expected to sign it shortly. Of the more than $320 billion appropriated for PPP loans, a …

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Preparing for round two of the PPP

Breaking news from the ABA: The House is expected this afternoon to approve the bill providing an additional $320 billion in funding for the SBA’s Paycheck Protection Program. The president will sign it expeditiously, and the Treasury has said it will work to get the appropriation to SBA ASAP. We therefore expect the E-Tran system to be reopened as early …

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Senate clears $320B in additional funding for Paycheck Protection Program

U.S. Capitol Building in Washington D.C.

Breaking news from the ABA: After bipartisan negotiations, the Senate this afternoon unanimously passed legislation to provide more than $320 billion in new funding for the Small Business Administration’s Paycheck Protection Program. The House must now approve the bill, which it is expected to do in a floor vote later this week. Of the more than $320 billion appropriated for …

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Call Congress now; urge additional PPP funding

As you know, the SBA today officially announced that it has exhausted its $349 billion in Paycheck Protection Program funding. Since Oklahoma bankers know better than most how critically important it is for Congress to authorize additional funds for this program, we urge you to make a direct appeal to congressional leadership. Senate Majority Leader McConnell, Senate Minority Leader Schumer, …

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PPP funds depleted; talking points for bankers to customers

As of the morning of April 16, the funds for the Paycheck Protection Program have been depleted. While we expect Congress to appropriate more funds for the PPP soon, in the meantime the Small Business Administration and Treasury Department will not be processing any more loan requests through the PPP. “There is currently a bill being discussed in congress that …

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