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Daily Financial Regulation Update -- Tuesday, January 12, 2020
By Paul Hastings Professional
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Click here to read more from our Coronavirus series.
Click here to view the full text of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), Enacted March 27, 2020.
Click here to view the full text of the Paycheck Protection Program Increase Act of 2020, Enacted April 24, 2020.
Click here to view the full text of the Paycheck Protection Program Flexibility Act of 2020, Enacted June 5, 2020.
Click here to view the full text of the Consolidated Appropriations Act, 2021, Enacted December 27, 2020.
Click here to view a running list of proposed legislation from the Senate Committee on Banking, Housing, and Urban Affairs, Senate Committee on Small Business and Entrepreneurship, House Committee on Financial Services, and House Committee on Small Business.
U.S. Small Business Administration
SBA Re-Opens PPP to Community Financial Institutions First
January 11, 2021
The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury re-opened the Paycheck Protection Program (PPP) loan portal. The SBA is initially granting PPP access exclusively to community financial institutions.
Management Alert: Paycheck Protection Program Loan Recipients on the Department of the Treasury’s Do Not Pay List
January 11, 2021
The Office of Inspector General (OIG) of the U.S. Small Business Administration (SBA) issued a management alert to alert SBA Administrator Jovita Carranza about improper payments to lenders for potentially ineligible recipients of loans under the SBA’s Paycheck Protection Program (PPP). Due to complaints of fraud received by the OIG, the OIG collaborated with the U.S. Department of the Treasury (Treasury) Do Not Pay Business Center, which identified high-risk transactions related to financial assistance to small businesses for the COVID-19 pandemic. The OIG’s review of the Treasury’s analysis showed approximately $3.6 billion in PPP loans to potentially ineligible recipients.