The Small Business Administration issued two interim final rules on Paycheck Protection Program requirements.
One interim final rule focuses on loan review procedures and related borrower and lender responsibilities, such as:
The other interim final rule provides details on loan forgiveness, including:
The new rules follow the release this week of a Procedural Notice on submitting the initial SBA Form 1502 to report on PPP loans and collect the processing fees on fully disbursed loans. Under a separate interim final rule, the deadline to submit the initial SBA Form 1502 for PPP loans is now the later of: (1) May 29, 2020, or (2) 10 calendar days after disbursement or cancellation of the PPP loan.
One interim final rule focuses on loan review procedures and related borrower and lender responsibilities, such as:
- SBA reviews of individual PPP loans.
- Borrower representations and statements that SBA will review.
- What lenders should review.
- The timeline for lender decisions on loan forgiveness applications.
- What lenders should do if notified that SBA is reviewing a PPP loan.
- Lender fees subject to clawback if SBA determines a borrower is ineligible.
The other interim final rule provides details on loan forgiveness, including:
- The general process to obtain loan forgiveness.
- Payroll and nonpayroll costs eligible for loan forgiveness.
- Reductions to the Loan Forgiveness Amount based on reduced employees or compensation.
- Documentation requirements, including SBA Form 3508.
The new rules follow the release this week of a Procedural Notice on submitting the initial SBA Form 1502 to report on PPP loans and collect the processing fees on fully disbursed loans. Under a separate interim final rule, the deadline to submit the initial SBA Form 1502 for PPP loans is now the later of: (1) May 29, 2020, or (2) 10 calendar days after disbursement or cancellation of the PPP loan.
PPP Loans Making A Difference
Since the Paycheck Protection Program (PPP) launched in early April, Georgia’s community bankers rose to the occasion, helping thousands of small business customers. “Our members worked countless hours during April to help the customers secure aid,” stated John McNair, President & CEO of Community Bankers Association of Georgia (CBA). “I could not be prouder of what members accomplished in support of Georgia’s economy and the economies of so many communities. Each PPP loan represents tens, or even hundreds, of jobs preserved in this time of crisis.”
Read the full article in CBA's latest issue of bi-monthly magazine Georgia Communities First. Thanks to First National Bank of Coffee County, Douglas, First Peoples Bank, Pine Mountain, Flint Community Bank, Albany, Greater Community Bank, Rome, and Peach State Bank & Trust, Gainesville for sharing their stories and photos. Check out the May/June 2020 issue.
Since the Paycheck Protection Program (PPP) launched in early April, Georgia’s community bankers rose to the occasion, helping thousands of small business customers. “Our members worked countless hours during April to help the customers secure aid,” stated John McNair, President & CEO of Community Bankers Association of Georgia (CBA). “I could not be prouder of what members accomplished in support of Georgia’s economy and the economies of so many communities. Each PPP loan represents tens, or even hundreds, of jobs preserved in this time of crisis.”
Read the full article in CBA's latest issue of bi-monthly magazine Georgia Communities First. Thanks to First National Bank of Coffee County, Douglas, First Peoples Bank, Pine Mountain, Flint Community Bank, Albany, Greater Community Bank, Rome, and Peach State Bank & Trust, Gainesville for sharing their stories and photos. Check out the May/June 2020 issue.
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Planters First Bank Announces the Retirement of their President & CEO, Steve Bridges.
After 15 years of service, Steve Bridges, President, and CEO of Planters First Bank has announced his retirement. Steve will retire on June 24, 2020, as President and CEO but will serve in an advisory role and other capacities to the Bank until the end of 2020. Read the full press release.
Pineland Bank would like to announce the promotion of Sabrina Crews to the position of Loan Operation Manager.
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Kellie Pressnall, Tandem Bank, Tucker, has joined the bank as Chief Financial Officer.
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Lynn Barron, Touchmark National Bank, Alpharetta, has joined the bank as Chief Financial Officer.
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Think CBA First for Your Professional Development Needs!
Be sure to think of CBA first when it comes to your training and Professional Development needs. Here are some upcoming CBA events:
Be sure to think of CBA first when it comes to your training and Professional Development needs. Here are some upcoming CBA events:
Safety & Soundness RAP Forum
Join CBA on August 6, 2020 for the Safety & Soundness RAP Banker Regulatory Forum. Quarterly meetings are scheduled throughout the year in February, May, August and November. Attendance and lunch are complimentary to CBA members. Click here to register.
Join CBA on August 6, 2020 for the Safety & Soundness RAP Banker Regulatory Forum. Quarterly meetings are scheduled throughout the year in February, May, August and November. Attendance and lunch are complimentary to CBA members. Click here to register.
Compliance Officer Boot Camp
This three- and half-day seminar will provide comprehensive insight on what you should be doing and how to do it to be an effective Compliance Officer. Combining lecture, written materials, breakout sessions and mini workshops, the Compliance Officer Boot Camp is a must whether you are new to compliance or have been moving through the motions of compliance for years. Register here!
This three- and half-day seminar will provide comprehensive insight on what you should be doing and how to do it to be an effective Compliance Officer. Combining lecture, written materials, breakout sessions and mini workshops, the Compliance Officer Boot Camp is a must whether you are new to compliance or have been moving through the motions of compliance for years. Register here!
Tech Showcase: Lending & Compliance Technologies - June 16
Register now for the first session of the virtual CBA Technology Showcase - an exclusive new virtual event series for CBA members!
Join us as some of today's top, established financial technology, data and service providers present their innovative solutions online over three focused sessions. This innovative series will enable participating members to see a wide variety of providers, technologies and products, and connect with vendors, all without leaving the office.
The series will be hosted by Scott Mills, President of William Mills Agency, and will look at some of the best solutions for Lending and Compliance Technologies, featuring demos and presentations from:
Kasasa • Teslar • TCI • QuestSoft • FICS
This 90 minute, bankers only event begins at 10:30 am ET and is free for all CBA members. Click here to register, learn more about the presenting companies and other upcoming sessions in the series.
Register now for the first session of the virtual CBA Technology Showcase - an exclusive new virtual event series for CBA members!
Join us as some of today's top, established financial technology, data and service providers present their innovative solutions online over three focused sessions. This innovative series will enable participating members to see a wide variety of providers, technologies and products, and connect with vendors, all without leaving the office.
The series will be hosted by Scott Mills, President of William Mills Agency, and will look at some of the best solutions for Lending and Compliance Technologies, featuring demos and presentations from:
Kasasa • Teslar • TCI • QuestSoft • FICS
This 90 minute, bankers only event begins at 10:30 am ET and is free for all CBA members. Click here to register, learn more about the presenting companies and other upcoming sessions in the series.
Webinar: Cost Recovery for Financial Institutions -
Mitigating Unnecessary Financial Losses
Wednesday, May 27, 2020 | 2:00-3:00 pm ET
Having a game plan for capital and operating expenditures can help your organization recover from the disruptions caused by COVID-19 and be prepared for any long-term economic consequences that result from the pandemic.
This webinar presented by CBIZ will discuss how your company can reduce expense and waste, identify overcharges, and recover your profits to add immediate real dollars to your bottom line. Learn more and register.
Mitigating Unnecessary Financial Losses
Wednesday, May 27, 2020 | 2:00-3:00 pm ET
Having a game plan for capital and operating expenditures can help your organization recover from the disruptions caused by COVID-19 and be prepared for any long-term economic consequences that result from the pandemic.
This webinar presented by CBIZ will discuss how your company can reduce expense and waste, identify overcharges, and recover your profits to add immediate real dollars to your bottom line. Learn more and register.
Webinar: FREE Balance Sheet Challenges & Opportunities
STREAM - Live Virtual Training
Tuesday, June 9, 2020 | 10:00-11:30 am ET
This year has caused community bankers to deal with a range of issues that they had not anticipated. In many cases, the investment portfolio has been on autopilot while bankers have dealt with loan demand and funding matters, not to mention record low interest rates. This webinar will discuss the current state of investing, and will highlight sectors that appear to be both overvalued and undervalued. We will also discuss some strategies for efficient funding. Learn more and register.
STREAM - Live Virtual Training
Tuesday, June 9, 2020 | 10:00-11:30 am ET
This year has caused community bankers to deal with a range of issues that they had not anticipated. In many cases, the investment portfolio has been on autopilot while bankers have dealt with loan demand and funding matters, not to mention record low interest rates. This webinar will discuss the current state of investing, and will highlight sectors that appear to be both overvalued and undervalued. We will also discuss some strategies for efficient funding. Learn more and register.
Webinar: PPP Forgiveness, Program Discussion and Roundtable
Wednesday, June 10, 2020 | 10:00-11:30 am ET
Join CLA (CliftonLarsonAllen LLP) review PPP progress and recently issued guidance for borrowers and lenders. The presentation will include an overview of the program as well as an opportunity to share best practices! Come with questions. Learn more and register.
Wednesday, June 10, 2020 | 10:00-11:30 am ET
Join CLA (CliftonLarsonAllen LLP) review PPP progress and recently issued guidance for borrowers and lenders. The presentation will include an overview of the program as well as an opportunity to share best practices! Come with questions. Learn more and register.
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Eclipse Brand Builders is an award-winning financial services provider specializing in the turnkey delivery of design-build services, including facility consulting, branding, architecture, interior design, engineering, furniture procurement/installation, and construction management. Armed with an extensive portfolio of over 650 financial facility projects, our experienced team of in-house professionals have walked the walk, and can talk the talk.
To learn more, contact Michael Smith at 662-801-7578 or visit their website. |
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