SPECIAL NEWS BULLETIN
COVID-19 NEWS & RESOURCES
June 25, 2020
SBA revises PPP restrictions for applicants with felonies

The SBA issued a new Paycheck Protection Program interim final rule revising its recently updated eligibility guidelines for borrowers facing criminal charges. Newly revised borrower and lender application forms dated June 24 incorporate the changes.

Among its provisions, the agency's June 12 interim final rule determined that applicants are ineligible if an owner with 20 percent or more in equity is subject to pending criminal charges. Wednesday's revised rule limits the restriction to pending criminal charges for felony offenses.

The new rule also limits PPP ineligibility restrictions for individuals on probation or parole. Under the new policy, individuals whose probation or parole commenced within five years for financial felonies and one year for other felonies will be ineligible.

Questions on submitting 1502 reports can be directed to SBA's Fiscal and Transfer Agent, Colson Services Corp., at info@colsonservices.com or 877-245-6159. Additional guidance and resources are available on Treasury’s PPP and SBA's PPP webpages or the CBI Coronavirus/COVID-19 News & Resources Page .
Iowa Superintendent of Banking Sends Update to Bank Presidents

Iowa Division of Banking Superintendent Jeff Plagge sent a letter to bank presidents and CEOs on Tuesday discussing how the IDOB will handle examinations. In the letter, he states that offsite exams will continue for the foreseeable future.

"I hope bankers really take the time to read the guidance and share it with their management teams and boards because it identifies a pretty good road map to prepare for upcoming exams and regulatory oversight during these unique times.

Regulators understand that COVID created a lot of unusual situations and circumstances, totally out of the control of bankers. So bankers have worked hard to help their borrowers through this crisis and the regulatory community has endorsed banks offering these loan modifications and extensions. This guidance document and past guidance reflect that the circumstances behind these loan modifications and extensions will certainly be considered in upcoming examinations. Tracking and documentation are an important component of that process." 

COVID-19 VIDEO SERIES
FROM CBI MEMBERS:

Jackie Haley talks with The Clinton National Bank's SVP Norlan Hinke and Jason Haglund , founder of Haglund Consulting on FEMA disaster relief grants. (8:54)
SBA Webinar on COVID-19 Assistance for Small Business

The June 30th deadline for applying for the SBA's Paycheck Protection Program (PPP) is approaching fast . The SBA's Iowa District Office is holding webinars via Microsoft Teams to give an update on PPP for anyone still interested in applying for a PPP loan. They will also give an update on the SBA's Economic Injury Disaster Loan (EIDL) program and information on additional SBA resources available to assist small businesses. 

The final webinar in the series will be held Friday, June 26 from 1:00-2:00 pm.

Pre-registration is not required . When you open the link for Microsoft Teams, either click "Download Windows App" or "Watch on the web instead". Sign In if you have a Microsoft Teams account, or choose "Join Anonymously".

Contact the Iowa District SBA office at (515) 284-4422 or email dmdo@sba.gov with questions or for other assistance.
Guest Article: Social media is an ideal outlet to connect with your community
by Patrick Dix - SHAZAM Blog

Right now, with social media, you have an opportunity to connect with your customers and future customers. Are you using it?

Many financial institutions have realized that it’s vital to have a presence on platforms where significant public dialogues are taking place. Good or bad, you should know what the community is saying about you. Social media gives you visibility and the chance to control the narrative, and in a crisis situation a little bit of timely information can go a long way. 

If you’re feeling a little overwhelmed and not sure where to start, let us offer you some help.

On Demand Webinar: Social Media and the Workplace in 2020

What do you do when employee social media posts vilify supervisors, criticize company products, complain about company COVID-19 precautions, ridicule customers, incite the workforce, or include highly inappropriate content? These are some of the most vexing problems a company can face. It is difficult to stop and evaluate them for legal risks when emotions are running high.

Join Attorney Jill-Jensen Welch of Dickinson Law Firm for this informative on-demand webinar, originally held June 9. The webinar focuses on constitutional free speech rights applicable to employee social media activity in the public sector, and private sector employee rights to engage in protected concerted activity in their social media posts under the National Labor Relations Act. The presentation includes real life examples to demonstrate how to handle these issues.

Click here to access the webinar; audio starts at 4:28 of the recording.
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CBI attempts to publish as many different viewpoints as possible to provide you with information in the banking industry. CBI does not necessarily endorse or support the opinions given in these third-party news sources.
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