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 […]
Tag: Coronavirus
SBA PAYCHECK PROTECTION PROGRAM
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 […]
PANDEMIC RELIEF EFFORTS
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 […]
CRA CONSIDERATIONS FOR CORONAVIRUS ACTIVITIES
On March 19, 2020 the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) issued a joint statement of policy regarding CRA Considerations for Coronavirus Activities. The Agencies recognize the potential for Coronavirus Disease (also referred to as COVID-19) to adversely affect the customers and operations of financial institutions. The agencies recognize that such efforts—when […]
AGENCIES PUBLISH STATEMENT ON PANDEMIC PLANNING
The federal bank regulatory agencies have published an Interagency Statement of Pandemic Planning. The Federal Deposit Insurance Corporation (FDIC) released the statement with FIL-14-2020. The Office of the Comptroller of the Currency(OCC) released the statement with OCC Bulletin 2020-13. For further information on the topic see the recent Compliance Resource blog article on the topic