Newsroom
NAFCU urges SBA to issue necessary guidance on PPP
NAFCU Regulatory Affairs Counsel Kaley Schafer sent a letter to the Small Business Administration (SBA) urging the SBA to issue additional guidance to ensure credit unions can properly assist their members and provide loans through the paycheck protection program (PPP).
The letter was in response SBA's initial interim final rule to implement the PPP.
Schafer said NAFCU appreciates the SBA’s decision to allow a dedicated submission window for lenders under $1 billion and urged the SBA to continue to provide equitable access for smaller lenders should Congress appropriate future rounds of funding.
Schafer also requested transparency on the pacing mechanism – announced and implemented by the SBA during the second round of program funding – to “ensure credit unions can communicate delays to borrowers.”
On PPP loan forgiveness, Schafer called on the SBA to provide clarification in many areas, including:
- how the SBA will calculate forgiveness for borrowers;
- what the timeframe will be for borrowers to submit an application for forgiveness;
- the necessary documentation that will be required when acquiring forgiveness; and
- lender requirements after the loan forgiveness has been made and a balance remains.
Schafer also reiterated the need for guidance on the reimbursement of lender fees and the sale of PPP loans to the secondary market and the SBA.
“Further guidance will assist credit union lenders in continuing to aid small businesses during the COVID-19 pandemic,” Schafer concluded.
The SBA Thursday released an operations update informing lenders of a new search functionality through E-Tran to help them review loans in their portfolios and review fields for accuracy. It also indicated that borrowers can no longer use their Social Security Number in place of a primary TIN for businesses that require an EIN."
Additionally, the SBA and Treasury published an updated version of its FAQs to address questions related to the SBA's certification safe harbor and an extension to repay PPP loans until May 18. NAFCU has its own PPP FAQs available to help credit unions that are providing loans through the program through the process.
Stay tuned to NAFCU Today for the latest on PPP. Access all the association's coronavirus resources here.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.