PPP updates: here’s what CUs need to know


Association leadership is following quickly changing events related to the Paycheck Protection Program.

New developments related to the PPP include:

Additional guidelines. SBA, in consultation with the Department of the Treasury, released additional guidelines Monday addressing borrower and lender questions related to the implementation of the PPP. The guidelines, included as frequently asked questions, can be accessed on the U.S. Treasury website.

Lender-only call-center telephone line. SBA announced Monday that it has created a new, lender-only call-center line: 833-572-0502. More details will be provided as they become available.

SBA term financing. The Federal Reserve announced Monday that it plans to establish a facility to help facilitate lending to small businesses through SBA’s Paycheck Protection Program by providing term financing backed by PPP loans. The Federal Reserve said that more information will be released this week.

Leave a Reply