New PPP forgiveness application portal to go live Aug. 10
The Small Business Administration (SBA) this week released a procedural notice regarding submission of paycheck protection program (PPP) loan forgiveness applications, as well as an information notice providing guidance on identifying and reporting suspicious Economic Injury Disaster Loans (EIDL).
The procedural notice, released yesterday, explained that forgiveness applications will be submitted through a new, lenders-only secured portal – separate from the portal that processed PPP loan applications – which is referred to as the “PPP Forgiveness Platform.”
The SBA will provide a link to the platform on their website; the platform is scheduled to go live Aug. 10.
The SBA also noted that all PPP authorizing officials (AOs) will receive an email with instructions on how to access the new platform. AOs will automatically be able to create up to 10 additional users within the platform for forgiveness application submissions. If an AO does not receive an email, they should contact the PPP Lender Hotline at 833-572-0502.
In addition, an information notice released earlier this week provided additional guidance on what a depository financial institution should do if it detects suspicious activity in a customer’s account related to coronavirus EIDL advance or loan deposits.
The SBA instructed institutions to follow the protocols of the institution’s compliance division, as well as the institution's state or federal regulator(s). The institution should also file a suspicious activity report (SAR) with the Financial Crimes Enforcement Network (FinCEN) as appropriate.
Stay tuned to NAFCU Today as more guidance and relief is provided to credit unions throughout the coronavirus pandemic. Access all relevant resources here.
Add to Calendar 2020-09-17 14:00:00 2020-09-17 14:00:00 NCUA’s Subordinated Debt: The Fundamentals and Strategy Having access to capital is incredibly important for any financial depository institution. NCUA has recognized this and as such proposed an amendment to authorize the issuance of subordinated debt by natural person credit unions for purposes of regulatory capital treatment. Currently only low-income credit unions may issue subordinated debt that can count toward their net worth requirement. The proposal allows complex credit unions and new credit unions this option, which will count toward their risk-based capital requirement. This webinar will cover NCUA’s proposal to authorize the issuance of subordinated debt, the process and its usefulness for managing liabilities and capital. It will address the: proposed rule, regulatory approval process, terms of the debt instrument, offering process and eligible investor, reasons to issue subordinated debt and current interest rate environment. Key Takeaways Understand the approval and offering processes Discuss identifying potential investors Review the supplemental capital’s role in longer-term strategic planning Learn the pros and cons and financial impacts of subordinated debt Register Now$295 Members | $395 Nonmembers (Additional $50 for CD)One registration gives your entire credit union access to the on-demand recording until September 17, 2021.Already registered? Go to the Online Training Center to view live. Who Should Attend? Chief Executive Officers (CEOs) Executive Vice Presidents (EVPs) Chief Financial Officers (CFOs) Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Understand the approval and offering processes. Discuss identifying potential investors. Review the supplemental capital’s role in longer-term strategic planning. Learn the pros and cons and financial impacts of subordinated debt. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Finance - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU email@example.com America/New_York public
Credits: NCCO, NCRM, CPE
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