Fed's Rosengren: Main Street loans likely within 2 weeks

The Federal Reserve's Main Street Lending Program should start providing funds to companies within two weeks, Federal Reserve Bank of Boston President Eric Rosengren says.

Loan documents should be ready this week, followed by registration of participating banks, Rosengren says.
SBA officially weighs in on using PPP for bonuses

The SBA stated that employees can get bonuses so long as their total salary does not exceed $100,000 on an annualized basis for the funds to still qualify for forgiveness. Read more.

Thirteen consumer groups and banking industry organizations are supporting a bipartisan bill that would prevent CARES Act economic impact payments from being subject to garnishment by private debt collectors. The bill was introduced by Sens. Chuck Grassley (R-Iowa), Ron Wyden (D-Ore.), Sherrod Brown (D-Ohio) and Tim Scott (R-S.C.).
 
While the CARES Act exempted EIPs from offset for debts owed to federal and state agencies, it failed to exempt them from court-ordered garnishment to pay creditors, the groups noted. “As a result, banks have been obligated to treat them accordingly, which has imposed a significant burden for some families facing unprecedented circumstances,” they noted.
 
“America’s banks stand ready to provide full access to funds appropriated for the explicit purpose of helping families make ends meet during these difficult times, but need Congress to move forward with this legislation to enable them to do so,” the groups added. “Providing this certainty would ensure that American families receive these benefits as intended.”  Read the full joint statement.
Agencies issue FAQs on coronavirus, CRA activities 

The OCC today released a list of 13 interagency frequently asked questions related to the Community Reinvestment Act and the coronavirus pandemic. Read the FAQs. 
PPP forgiveness guidelines leave some questions unanswered

The Small Business Administration released updated guidelines for Paycheck Protection Program loan forgiveness but questions remain on which businesses are eligible. The updated guidelines, released late Friday, give companies more guidance on determining payroll and non-payroll costs. Read more.
IRS offers resources on economic impact payments 

As the IRS continues distributing CARES Act economic impact payments to individuals, It has also released several resources related to EIPs and other coronavirus tax relief measures.
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Among the latest resources are information about EIPs being issued through prepaid debit cards, a video on the Get My Payment tool, EIP social media content for Americans experiencing homelessness and updated FAQs on EIPs and other COVID-19 tax relief.

The IRS also published a state-by-state breakdown of economic impact payment distribution. Materials may be found at  irs.gov/coronavirus .
Bankers call for tax-related guidance, reporting relief due to COVID-19 

In a letter to IRS officials last week, bankers called for additional guidance to help taxpayers and financial institutions comply with tax-related obligations during the coronavirus pandemic.

Specifically, bankers said further guidance is needed on Paycheck Protection Program reporting, the deadlines related to IRA and Coverdell ESA contribution reporting, reporting for capitalized interest on modified mortgages and deductions for bad debt.
 
The association also emphasized the need for general reporting relief for institutions that may be experiencing operational challenges due to the pandemic.

Bankers have urged the IRS to consider providing delays in filing due dates, providing a “no penalty assessment” period until normal operations can resume, accepting electronic signatures on required tax documentation and providing reasonable relief from any penalties and interest assessments for compliance shortfalls that may have occurred during the pandemic.  Read the letter. 
Colorado Bankers Association
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