The New York Credit Union Association is committed to keeping credit unions up to date with legislative and regulatory actions related to COVID-19 and SBA’s Paycheck Protection Program as they occur. Here are some updates that credit unions should be aware of:
Executive Order 202.17. Gov. Andrew Cuomo issued an Executive Order on Wednesday requiring face coverings to be worn in public by anyone over age 2 who cannot/is not maintaining social distancing. Executive Order 202.17 can be accessed here.
Updated Paycheck Protection Program FAQ. The PPP FAQs were again updated Wednesday, and include clarification whether lenders must confirm the dollar amount of average monthly payroll costs for the preceding calendar year and if the PPP covers paid sick leave, among other updates. Read about the updates by clicking here.
Supplemental PPP rule. A supplemental version of the PPP rule was published in the Federal Register on Wednesday regarding applications submitted under the PPP through June 30, 2020, or until funds made available for this purpose are exhausted. Read about the supplemental PPP rule by clicking here.
PPP interim final rule. PPP guidance regarding loan applications from sole proprietorships and independent contractors was issued Tuesday. Read about the PPP interim final rule by clicking here.
Published PPP rule: PPP interim final rule was published in the Federal Register on Wednesday (text was previously released) outlining the key provisions of SBA’s implementation of sections 1102 and 1106 of the PPP in formal guidance and requesting public comment. Read about the published PPP rule by clicking here.
Reminder. Mandatory masks for essential workers in direct contact with the public went into effect Wednesday at 8 p.m. New York State Department of Health issued supplemental guidance on the Executive Order, which can be accessed by clicking here.