The Federal Reserve brought Regulation O1 (Reg. O) into substantial harmony with the Small Business Administration (SBA) Interim Final Rule2 authorizing SBA lenders to extend Payroll Protection Program (PPP) loans to businesses owned or controlled by a lender’s directors and shareholders holding a less than 30 percent equity interest in the lender. (SBA Interim Rule). On April 17, 2020, the…
For at least the next several months, you will be funding Payroll Protection Program (PPP) loans for your customers. At the same time, you may be dealing with loan defaults. You will attempt to accommodate your financially stressed borrowers. But, you will continue to have the obligation to make sound credit risk decisions to preserve the bank’s ability to recoup its principal and interest from…
In this time of mandatory social distancing, the normally routine act of a notary witnessing and attesting to the validity of the signature is complicated. Many transactions depend on the ability of the parties to ensure valid signatures on legally binding documents. However, now notaries often cannot witness signatures in person.
There are two solutions available in Kentucky for many types of…
During the COVID-19 crisis, municipal and other bond issuers and borrowers need to be mindful of information provided to investors and lenders. Given the rapid changes, it is difficult to assess whether the immediate impacts of the COVID-19 crisis will only affect an organization’s short-term outlook, or if the impacts will ripple through long-term operations. Issuers and borrowers will receive…
