Details related to the Paycheck Protection Program (PPP) continue to evolve. First it appears that Congress is poised to provide additional funding for the program. Also, the Small Business Administration continues to relax the rules to make it easier for financial institutions to participate. The new $349 billion program was part of the CARES Act. All insured financial institutions can offer the PPP immediately, even if the institution is not a SBA certified lender. Additional
SBA PAYCHECK PROTECTION PROGRAM
Category: Coronavirus
The Paycheck Protection Program (PPP) is the hottest commercial loan product in the financial institution industry right now. The new $349 billion program was part of the CARES Act. Applications could be accepted starting last Friday. Here is the big deal – all insured financial institutions can offer the PPP immediately, even if not a SBA certified lender. The PPP provides much-needed relief to millions of small businesses so they can sustain their businesses and
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law on March 27, 2020. On April 1, 2020 the Consumer Financial Protection Bureau (CFPB issued a statement of policy on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act. The statement highlights furnishers’ responsibilities under the CARES Act and inform consumer reporting agencies and furnishers of the CFPB’s flexible supervisory and enforcement approach
PANDEMIC RELIEF EFFORTS
Category: Coronavirus
On March 11, the World Health Organization declared COVID-19 a Pandemic. In a mere 21 days the world has changed for everyone, for some more than others. In some states the Pandemic is in the surge stage and is reaching the apex of the curve. Hopefully, the curve will soon begin to decline. In other states the acceleration phase is just getting started. Right now your primary concern is just getting through the crisis. After
On March 29, 2020 the Federal Emergency Management Agency (FEMA) announced that due to COVID-19 pandemic it is extending the grace period to renew flood insurance policies from 30 to 120 days. This extension applies to NFIP flood insurance policies with an expiration date between February 13, 2020 to June 15, 2020. To avoid a lapse in coverage, there is typically a 30-day grace period to renew policies. However, due to the widespread economic disruption
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