Newsroom
SBA publishes IFR amending regulations governing EIDL loans
The Small Business Administration (SBA) Wednesday published an interim final rule (IFR) to amend the regulations governing disaster-related economic injury disaster loans (EIDL) and COVID EIDL loans. The changes made by the IFR are applicable to any EIDL loan made on or after Sept. 8.
The changes made by the IFR include:
- changing the definition of "affiliation" for COVID EIDL loans with the definition in section 5003 of the American Rescue Plan Act;
- changing the appeals process for a second decline of a loan application to be routed to the Director of the Disaster Assistance Processing and Disbursement Center;
- extending the eligibility of COVID EIDL loans to businesses in designated "hard hit industries" that have over 500 or fewer employees per physical location; and
- expanding eligible uses of COVID EIDL loan proceeds to include payments on all forms of business debt, including loans owed by a federal agency, incurred both before or after submitting an EIDL application.
In addition, the IFR adds a new regulation stating that entities that are part of a single corporate group shall not receive more than $10 million of COVID EIDL loans in the aggregate.
NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the SBA's programs.
Share This
Related Resources
Add to Calendar 2024-06-26 14:00:00 2024-06-26 14:00:00 Gallagher Executive Compensation and Benefits Survey About the Webinar The webinar will share trends in executive pay increases, annual bonuses, and nonqualified benefit plans. Learn how to use the data charts as well as make this data actionable in order to improve your retention strategy. You’ll hear directly from the survey project manager on how to maximize the data points to gain a competitive edge in the market. Key findings on: Total compensation by asset size Nonqualified benefit plans Bonus targets and metrics Prerequisites Demographics Board expenses Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Gallagher Executive Compensation and Benefits Survey
preferred partner
Gallagher
Webinar
AI in Action: Redefining Disaster Preparedness and Financial Security
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-06-21 09:00:00 2024-06-21 09:00:00 2024 Mid-Year Fraud Review Listen On: Key Takeaways: [01:16] Check fraud continues to be rampant across the country. Card fraud is affecting everyone. [04:31] Counterfeit US passport cards are just another new toolbox in the bad actors’ toolbox. [07:21] Blocking the fallback is the only way to defeat counterfeit cards. [11:17] The best way is constant education to your members in as many channels as you can. [13:02] We are still seeing overdraft lawsuits. Make sure the programming you have at your credit union matches what you have displayed for the members. Web NAFCU digital@nafcu.org America/New_York public
2024 Mid-Year Fraud Review
Strategy & Growth, Consumer Lending
preferred partner
Allied Solutions
Podcast
Get daily updates.
Subscribe to NAFCU today.