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SBA Updates Guidance on Deadlines for PPP Extension

Census Bureau Releases New Apportionment Information

Posted on: 4/27/2021
The Census Bureau on Monday announced new apportionment figures for the 435 House seats, based on data ...
 

EEOC Opens Collection of EEO-1 Data

Posted on: 4/27/2021
The Equal Employment Opportunity Commission has opened the portal for banks and other employers to submit ...
 

Rule Proposed Requiring Tax Allocation Agreements for Consolidated Returns

Posted on: 4/27/2021
The OCC, the Federal Reserve and the FDIC have proposed requiring that national banks, state banks and ...
 

SBA Updates Guidance on Deadline for PPP Extension

Posted on: 4/21/2021
Last night, the SBA issued a procedural notice addressing PPP-related deadlines in the wake of the PPP ...
 

Legacy URLA Loan Submissions Will Cease to Be Accepted After May 1

Posted on: 4/21/2021
With the mortgage industry now using the redesigned Uniform Residential Loan Application, Fannie Mae ...
 

House Passes ABA-Backed SAFE Banking Act

Posted on: 4/21/2021
Monday evening, by a bipartisan vote of 321 to 101, the House passed the SAFE Banking Act of 2021.  ...
 

Economy Expanding Moderately, Consumer Spending Strengthens

Posted on: 4/21/2021
Economic activity accelerated at a moderate pace from late February to early April as consumer spending ...
 

FDIC Launches Campaign to Promote Bank Accounts

Posted on: 4/7/2021
The FDIC has launched a public awareness campaign about the benefits of opening a bank account. The ...
 

FEMA Unveils Changes to NFIP Pricing Methodology

Posted on: 4/7/2021
The Federal Emergency Management Agency announced sweeping changes to the National Flood Insurance Program ...
 

Agencies Issue Call Report Instructions for Q1 Reports

Posted on: 4/7/2021
The federal banking agencies have issued instructions for institutions required to file Call Report ...
 

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Last night, the SBA issued a procedural notice addressing PPP-related deadlines in the wake of the PPP Extension Act. The law extends the PPP application period through May 31 and provides an additional 30 days for SBA to process pending applications.
 
The procedural notice addresses several narrow sets of circumstances, including: applications for increased first draws on unforgiven PPP loans approved before Aug. 8, 2020, for eligible partnerships, seasonal employers and agricultural producers; re-applications by or re-disbursements to eligible borrowers who fully or partially repaid their first-draw PPP loans before Dec. 27, 2020; and increases for eligible borrowers who did not accept the full amount of an approved first-draw PPP loan before Aug. 8, 2020. The notice also covers procedures when these types of PPP loans are delayed by SBA hold codes.
 
To read more, visit: https://www.sba.gov/sites/default/files/2021-04/Procedural%20Notice%20-%20Updated%20PPP%20Loan%20Increases%20for%20Extension%20Act%20%28FINAL%29v2-508.pdf
 

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