SBLC Webinar on CARES Act’s Paycheck Protection Program Now Online

The recent Small Business Legislative Council (SBLC) webinar on the CARES Act’s Paycheck Protection Program and 401k provisions are now online. The webinar was presented by the SBLC’s President and General Counsel, Paula Calimafde, and Strategic Policy Director, Jessica Summers, both from the Law Firm of Paley Rothman in Bethesda, MD. Special guest, Paul Merski, Group Executive Vice President, Congressional Relations and Strategy, for the Independent Community Bankers of America joined the call to discuss some of the small business loan provisions. 

Click here to review the slides and recording. 
Username: CARES 
Password: SBLCares

• For more information on the Paycheck Protection Program (PPP) from the Small Business Administration’s website, please click here. 

• For more information on the Economic Injury Disaster Loan Emergency Advance loan, please click here. 

As of April 10, the SBA had approved 522,283 loans under the PPP according to the office of Senate Majority Leader Mitch McConnell (R-KY). The total value of the loans was more than $133.9 billion. The U.S. Department of the Treasury, meanwhile, will reportedly take the first steps today in distributing direct “stimulus” payments to millions of Americans, moving forward with implementation of another major component of the colossal CARES Act.

Recognizing the challenges the PPP has faced thus far, the Federal Reserve, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation yesterday issued an interim final rule to encourage lending to small businesses through the program. Specifically, the interim final rule modifies the agencies’ capital rules to “neutralize the regulatory capital effects of participating in the Federal Reserve's PPP facility because there is no credit or market risk in association with PPP loans pledged to the facility.” The interim final rule also clarifies that, for capital purposes, a zero-percent risk weight applies to loans covered by the PPP.

From PMAA