The Federal Reserve Board for the third time extended its rule allowing certain bank directors and shareholders to apply to their banks for Paycheck Protection Program loans for their small businesses.
Background: The SBA clarified last year that lenders may make PPP loans to businesses owned by their directors and certain shareholders.
Fed Rule: The rule extension is effective immediately and applies to PPP loans made since March 31, consistent with SBA's rules and restrictions.
More: Additional PPP information is available on ICBA's PPP Resources page.