ICBA extensively updated its frequently asked questions on the Paycheck Protection Program, including a breakdown of the additional guidance on affiliated companies issued over the weekend by the Treasury Department.
The updated FAQs also include new information on faith-based organizations, payroll requirements, and various other aspects of the program. These updates join numerous other FAQs on the federal response to COVID-19, including sections on stimulus payments, mortgage lending, loan modifications, and more.
Further confirmation is expected soon to clarify whether changes will be made so that bank directors and their businesses can obtain PPP loans from their affiliated bank, as current SBA rules prohibit such loans.
ICBA President and CEO Rebeca Romero Rainey announced the FAQ updates in a Saturday message to community bankers, many of whom worked through the weekend to help customers access the PPP. "As always, thank you for all that you are doing—and trying to do—to serve your communities at this challenging time," she wrote.
ICBA will continue adding to this resource to provide clarity to community bankers about the COVID-19 response programs. Meanwhile, ICBA offers a brief summary of the community banking provisions of the CARES Act.
Additional resources on the COVID-19 response are available on ICBA's Crisis Response and Preparedness Toolkit.