SPECIAL NEWS BULLETIN
COVID-19 NEWS & RESOURCES
June 24, 2020
PPP Interim Final Rule on Revisions to Loan Forgiveness, Review Procedures Interim Final Rules

SBA released late Monday an Interim Final Rule revising the previous Paycheck Protection Program loan forgiveness and review procedure Interim Final Rule. The Rule outlines changes to:

  • the original loan forgiveness rules,
  • the deferral period and forgiveness,
  • payroll costs eligible for loan forgiveness,
  • non-payroll costs eligible for loan forgiveness,
  • reductions to loan forgiveness amounts, and
  • the loan forgiveness process for lenders.

Please note that SBA has still not released the guidance on how lenders submit the required forgiveness documentation.

The application deadline of June 30, 2020 is approaching fast! Additional guidance and resources are available on Treasury’s PPP and SBA's PPP webpages or the CBI Coronavirus/COVID-19 News & Resources Page . CBI will continue to communicate updates in regulations and guidance on SBA, US Treasury, and other state and federal COVID-19 financial relief programs and measures as they occur.
CFPB offers leeway on homeowner loss mitigation

The Consumer Financial Protection Bureau issued an interim final rule clarifying that mortgage servicers may offer certain COVID-19-related loss-mitigation options based on limited borrower application information.

Regulation X normally would require servicers to collect a complete loss-mitigation application before making an offer. The rule specifies that loss-mitigation options must meet certain criteria to qualify for an exception.
FEMA offers exercise kit for restoring operations

The Federal Emergency Management Agency (FEMA) released an Exercise Starter Kit that organizations can use as they plan for returning to the new normal. The kit contains customizable documents, slides, and a sample facilitator guide for planning and conducting workshops that account for individual organizations' specific operational considerations.
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)
Boston Fed updates Main Street program FAQs

The Boston Fed updated its frequently asked questions and resources on the Main Street Lending Program , which opened for lender registration last week. The program for small and mid-sized businesses is designed to purchase 95 percent of each eligible submitted loan. The Fed recently expanded access to the program by lowering the minimum loan amount from $500,000 to $250,000, among other changes.
Agencies direct examiners to consider COVID-19 impact

Federal and state regulators issued examiner guidance to promote consistency and flexibility in supervising and examining financial institutions affected by the COVID-19 pandemic. The interagency guidance instructs examiners to consider the unique, evolving, and potentially long-term nature of the issues confronting institutions due to the COVID-19 pandemic and to exercise appropriate flexibility.
Free Webinar: PPP, PPPFA, and Next Steps

The Paycheck Protection Program (PPP) is a living document. Recent changes with the enactment of the Paycheck Protection Program Flexibility Act of 2020 (PPPFA) as well as all the new Interim Final Rules and FAQs are altering the ways both lenders and borrowers are approaching the forgiveness process. Join experts with Compliance Alliance for a brief webinar focusing on those changes, what we know, and what remains unknown.

To be held Thursday June 25 at 2:30 pm CDT , this webinar is intended for Bank CEOs, Executive and Senior Management, Human Resources, Compliance Officers, and Enterprise Risk Managers.

Click here for more information, here for a guide to the Webex meeting software being used for this presentation, or here to register now .

Founded in 2011, Compliance Alliance is the only banking industry compliance resource that is owned, operated and managed by 29 state banker associations. Visit compliancealliance.com for more.
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.
Have any COVID-19 pandemic-related news or resources to share?

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.
©2020 Communty Bankers of Iowa.
You are receiving the message because you are a listed
recipient of the Community Bankers of Iowa's communications.