April 28, 2020 By: Caity WituckiContributing Editor, Hot Topic Tuesday Hot Topic Tuesday – Calculating the Maximum PPP Loan Amount for Different Types of Businesses On Monday, the U.S. Department of Treasury released an Interim Final Rule authorizing all lenders eligible to originate loans under the Paycheck Protection Program (PPP) to use an alternative criterion…

April 29, 2020 By: Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday –  Guidance on Participation Sales for Paycheck Protection Program Loans On Monday, the SBA issued a procedural notice to all SBA employees and Paycheck Protection Program (PPP) lenders providing guidance on participation sales for PPP loans.  According to the guidance in Procedural Notice 5000-20021,…

April 27, 2020 By: Caity WituckiContributing Editor, Main Street Monday Main Street Monday – Distribution of Initial PPP Funding Among Small BusinessesLast week, USAFacts released a report detailing how the initial funding of the first round of Paycheck Protection Program (PPP) loans was distributed among small businesses across the country. The study took into consideration…

April 24, 2020  By Caity Witucki Contributing Editor BREAKING NEWS — PPP to Resume Monday at 10:30AM EDT SBA Administrator, Jovita Carranza, and U.S. Treasury Secretary, Steven T. Mnuchin, announced today that the SBA will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT. “The PPP has supported more than 1.66 million…

April 24, 2020  By Caity Witucki Contributing Editor, Fraud Friday Fraud Friday —  Department of Justice Prepares for Coronavirus Stimulus Fraud On April 21, 2020 the U.S. Department of Justice issued a statement warning about the potential for economic stimulus fraud schemes. According to the statement, U.S. law enforcement personnel have already received numerous reports…

April 23, 2020  By Caity Witucki Contributing Editor BREAKING NEWS — The House Passes Paycheck Protection Program and Health Care Enhancement Act On Thursday, April 23, 2020, the U.S. House of Representatives approved  the Paycheck Protection Program and Health Care Enhancement Act. The bill provides a $484 billion expansion to the Coronavirus Aid, Relief, and…

April 22, 2020  By Caity Witucki Contributing Editor President Trump Applauds Banks for Contributing to the Success of PPP On Wednesday, April 22, 2020, President Trump thanked the SBA lending community for contributing to the  success of the first round of  Paycheck Protection Program (PPP) loans. “In our first round of funding, we provided nearly…

April 22, 2020 By: Caity WituckiContributing Editor, C-Suite Wednesday C-Suite Wednesday –  Community Bankers Push for Changes to the Main Street Loan ProgramOn April 9, 2020, the Federal Reserve announced that it was establishing a program to support lending to both small and medium-sized businesses that were in good financial standing before the onset of…

April 21, 2020  By Caity Witucki Contributing Editor BREAKING NEWS — Senate Approves Nearly $500 Billion CARES Act Expansion On Wednesday, April 21, 2020, the U.S. Senate voted unanimously to approve a nearly $500 billion expansion to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The interim emergency relief bill provides: $320 billion for…

April 21, 2020 By: Caity WituckiContributing Editor, Hot Topic Tuesday Hot Topic Tuesday –  The First Round of Funding for PPP Proves SuccessfulLast Friday SBA Administrator, Jovita Carranza and Treasury Secretary Steven T. Mnuchin issued a joint statement regarding the success of the first round of funding for the Paycheck Protection Program (PPP) and urging…