A key provision of the CARES ACT is the Paycheck Protection Program (PPP), which authorizes small businesses to apply for loans guaranteed by the Small Business Administration. PPP loans can be forgiven, either in whole or part, under certain conditions. This article is intended as an overview of key steps in submitting and obtaining PPP loan forgiveness.
Tag: Paycheck Protection Program
FHFA Allows FHLBs to Accept Paycheck Protection Program Loans as Collateral
The Federal Housing Finance Agency announced that Federal Home Loan Banks can accept Paycheck Protection Program loans as collateral when making loans (advances) to their members.
MBA Asks Small Business Administration to Relax Eligibility Rules for PPP Loans
The Mortgage Bankers Association, in a letter last week to the Treasury Department and the Small Business Administration, asked SBA to relax a part of its eligibility rule so that small independent mortgage banks can qualify for loans under Section 7(a) of the recently approved Paycheck Protection Program.
Fed Announces Additional $2.3 Trillion in Government Loan Facilities
The Federal Reserve on Apr. 9 announced a dramatic increase to the scale and scope of its mortgage-backed securities purchases, providing up to $2.3 trillion in new loans to support the economy to bolster the ability of state and local governments to deliver services during the coronavirus pandemic.