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Fed changes director, shareholder rules for PPP loans

ICBSD Blog / By

[vc_row][vc_column][vc_custom_heading text=\”Fed changes director, shareholder rules for PPP loans\” google_fonts=\”font_family:Montserrat%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal\”][vc_column_text]April 20, 2020 The Federal Reserve Board announced a temporary rule change to support access to the SBA Paycheck Protection Program for certain bank directors and shareholders. The SBA recently clarified that lenders may make PPP loans to businesses owned by their directors and shareholders that own less […]

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The Treasury Department and Small Business Administration Answer Key Questions About the Paycheck Protection Program

Advocacy, ICBSD Blog / By

[vc_row][vc_column][vc_custom_heading text=\”The Treasury Department and Small Business Administration Answer Key Questions About the Paycheck Protection Program.\” google_fonts=\”font_family:Montserrat%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal\”][vc_column_text] This just in from Rebeca Romero Rainy, ICBA President & CEO: Dear Community Banker: The Treasury Department and Small Business Administration just answered key ICBA questions about the Paycheck Protection Program relating to bank directors, partnerships, self-employed borrowers,

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Update on Paycheck Protection Program

ICBSD Blog / By

[vc_row][vc_column width=\”5/6\”][vc_custom_heading text=\”SBA Expects the Amount of Processed PPP Loan Volume to Reach the Maximum\” google_fonts=\”font_family:Montserrat%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal\”][vc_column_text] In the near future, SBA expects the amount of processed PPP loan volume to reach the maximum amount authorized and appropriated by Congress. Once the authorization limit is reached, SBA will not be able to accept any new loan applications for the

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First Dakota helps SD businesses and farms receive $140 million in COVID relief

Press Releases / By

[vc_row][vc_column][vc_column_text] April 15, 2020, Yankton, S.D. – First Dakota National Bank is playing an important role in securing millions of dollars in low-interest federal loans to hundreds of South Dakota businesses and farms. In its ongoing effort to help employers weather the financial storm caused by COVID, First Dakota has already funded more than $100

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Uncategorized / By

[vc_row][vc_column][vc_custom_heading text=”Federal Banking Agencies to Defer Appraisals and Evaluations for Real Estate Transactions Affected by COVID-19″ google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal”][vc_column_text] The federal banking agencies today issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the agencies’ interagency appraisal regulations. The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the

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Treasury and SBA Issued Clarifying Information to the Interim Final Rule

ICBSD Blog / By

[vc_row][vc_column][vc_custom_heading text=\”Treasury and SBA Issued Clarifying Information to the Interim Final Rule\” google_fonts=\”font_family:Montserrat%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal\”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]On April 14, the Treasury and SBA issued clarifying information to the interim final rule. Page 14, of the rule Clarification regarding Eligible Businesses answers the questions: Are eligible businesses owned by directors or shareholders of a PPP Lender permitted to apply for a

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SBA Publishes PPP Statistics

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[vc_row][vc_column][vc_custom_heading text=\”SBA Publishes PPP Statistics \” google_fonts=\”font_family:Montserrat%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal\”][/vc_column][/vc_row][vc_row][vc_column width=\”5/6\”][vc_column_text]The Small Business Administration published statistics regarding the number of approved loans as of April 13, 2020. The data is broken out by state.[/vc_column_text][/vc_column][vc_column width=\”1/6\”][vc_btn title=\”View Stats\” color=\”green\” link=\”url:https%3A%2F%2Fcontent.sba.gov%2Fsites%2Fdefault%2Ffiles%2F2020-04%2FPPP%2520Report%2520SBA%25204.14.20%2520%2520-%2520%2520Read-Only.pdf||target:%20_blank|\”][/vc_column][/vc_row]

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ICBSD in Action: A Letter to the Treasury and Small Business Administration

ICBSD Blog, Uncategorized / By

[vc_row][vc_column width=\”5/6\”][vc_custom_heading text=\”PPP Sign on Letter\” google_fonts=\”font_family:Montserrat%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal\”][vc_column_text]The ICBSD, alongside ICBA and 28 other state banking associations, sent the attached letter to Steven Mnuchin, Secretary of the U.S. Department of the Treasury and Jovita Carranza Administrator of the Small Business Administration this past week. The letter urges Secretary Mnuchin and Administrator Carranza for urgent, clear and

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Federal Bank Regulators Issue Interim Final Rule for Paycheck Protection Program Facility

ICBSD Blog / By

[vc_row][vc_column][vc_custom_heading text=\”Federal Bank Regulators Issue Interim Final Rule for Paycheck Protection Program Facility\” google_fonts=\”font_family:Montserrat%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal\”][/vc_column][/vc_row][vc_row][vc_column width=\”5/6\”][vc_column_text]The federal bank regulatory agencies today announced an interim final rule to encourage lending to small businesses through the Small Business Administration\’s Paycheck Protection Program, or PPP.  The PPP was established by the Coronavirus Aid, Relief, and Economic Security Act, or

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Changes to the Regulatory Capital Rule to Accommodate the Paycheck Protection Program

ICBSD Blog / By

[vc_row][vc_column][vc_custom_heading text=\”Changes to the Regulatory Capital Rule to Accommodate the Paycheck Protection Program\” google_fonts=\”font_family:Montserrat%3Aregular%2C700|font_style:400%20regular%3A400%3Anormal\”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text] Summary: The Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System (Federal Reserve), and Office of the Comptroller of the Currency (together, the agencies) issued an interim final rule on April 7, 2020, that allows banking organizations to

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