When autocomplete results are available use up and down arrows to review and enter to select.
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.
ICBA continues calling on community bankers and small-business owners to urge the Treasury Department and SBA to enact additional PPP simplifications, including a loan-forgiveness calculator and presumption of compliance for certain loans.
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 webpage and ICBA's COVID-19 resource center.
Previous News
The Federal Financial Institutions Examination Council released data on 2019 mortgage lending transactions covered by the Home Mortgage Disclosure Act.
ImageJun 25, 2020
Federal regulators released the 2020 list of distressed or underserved nonmetropolitan middle-income geographies.
ImageJun 25, 2020
As Congress considers the next legislative package to address the economic fallout from the COVID-19 pandemic, the Independent Community Bankers of America today weighed in with recommendations to support local communities.
ImageJun 24, 2020
Related News Taxonomy
