Get ready: More PPP funds could be available as soon as late Thursday or early Friday
The U.S. Senate yesterday  unanimously passed legislation to provide more than $320 billion in new funding for the Small Business Administration’s Paycheck Protection Program.

The House must now approve the bill, which it is expected to do in a floor vote, likely on Thursday. Once that happens, President Donald Trump could sign it within an hour.

‌Of the more than $320 billion appropriated for PPP loans, a minimum of $30 billion will be set aside for community development financial institutions, banks and credit unions with less than $10 billion in assets.

Another $30 billion at least will go to banks and credit unions with assets between $10 billion and $50 billion. (Institutions in these categories may originate PPP loans above these levels.)

The bill also includes an additional $60 billion in funding for the SBA’s Economic Injury Disaster Loan program and provides long-sought clarity that agricultural businesses may apply for EIDL funds.
Broad Coalition Seeking Clarity on Garnishment of EIPs

A broad coalition of financial trade and consumer organizations sent a letter to congressional leaders urging them to exempt the CARES Act economic impact payments from garnishment orders. While the CARES Act exempted these payments from offset for debts owed to federal and state agencies (except for child support), it failed to address court-ordered garnishments to pay creditors, the groups noted.
 
“Banks are obligated to comply with garnishment orders unless lifted by a court,” the groups emphasized. “We urge Congress to provide this certainty to ensure that American families are receiving these benefits as intended.”
 
They added that clarifying the treatment of EIPs could also encourage more consumers to provide their direct deposit information to the IRS, which would facilitate the use of electronic payments rather than digital checks—something ABA has advocated since the EIP program was first announced. Read the letter .

Nearly 8,000 small business owners who applied for Economic Injury Disaster Loans from the Small Business Administration may have had their personal information exposed, SBA confirmed to news outlets yesterday. According to the technology news site Ars Technica, SBA said that Paycheck Protection Program applicants were unaffected.
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The flaw—which under certain circumstances allowed EIDL applicants to view other applicants' Social Security numbers, addresses, dates of birth and financial data—was fixed after it was discovered on March 25, and affected applicants were notified.  Read more .
Avoiding and effectively dealing with lender liability litigation during a downturn

This webinar will focus on measures lenders can take to avoid, minimize, and effectively deal with claims and litigation from borrowers, guarantors, competing lienholders and others. Topics for discussion will include:

  • Identifying loans, borrowers, and collateral likely to produce litigation

  • Best practices for loan forbearance, modification, and workout negotiations and documentation

  • Common lender liability claims and defenses 

  • Best practices for record preservation and discovery

When: April 23 from 10-11 a.m.
Presenter: Scott Sandberg, attorney, Spencer Fane LLP
Price : $50 members $75 non members
How is COVID-19 affecting the housing market?

Please join us as John Covert, director of the Colorado and New Mexico region of MetroStudy presents on the pandemic’s continued impact on the residential construction market and industry changes.
Topics to include:

  • ​How has the home building industry fared so far in April? 

  • What can we learn from the March/April housing stats and existing home sales data?

  • What are the latest trends from the multifamily market?

Price : $50 members $75 for non members
When : Thursday, April 30 10 a.m.
Colorado Bankers Association
303-825-1575 | 303-825-1585