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Daily MBA Bank Beat for May 11th

MBA (Michigan Bankers Association) Highlights
for Monday May 11, 2020.

We want to hear from you! Take the survey from the MBA and Michigan Chamber on when banks and businesses are planning to reopen. View the survey.
This Week’s Agenda

Read today’s meeting notes. Listen to the meeting. Read prior MBA Bank Beats.

SBA Paycheck Protection Program

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The Small Business Administration late Friday issued an interim final rule making technical changes related to the safe harbor for firms that have access to other sources of capital to repay Paycheck Protection Program loans. The rule implements an extension announced by SBA earlier this week. Borrowers who applied for PPP loans prior to April 24, 2020, who repay their loan in full by May 14, 2020, will be deemed by SBA to have made the required certification of economic need in good faith. Read the IFR. View the SBA data.
SBA on Saturday emailed PPP lenders seeking data on PPP loans that have been disbursed and repaid in advance of the extended May 14 deadline. Lenders were asked to document in a spreadsheet attached to the SBA email their lender ID; the borrowers’ loan number, name, city and state; and the loan amount canceled after disbursement. Responses were requested by 5 p.m. EDT today to cls@sba.gov. SBA asked lenders with no loans that have been repaid after disbursement to send an email reading “N/A” to cls@sba.gov.
View the interactive Map of PPP Loans in each state.
Flash Report: Small Business Administration’s Implementation of the PPP Requirements.
Share your PPP stories with the public and the press. The MBA has created a customizable press release for members. Download the release here. View the MBA website.

Economic Impact Payments

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A total of 130 million Americans received economic impact payments totaling more than $200 billion within the first four weeks of the program, according to updated data released by the IRS on Friday. The data included a breakdown of EIPs issued by state, as well as the total number and amount of EIPs sent to individuals with foreign addresses. The IRS is expected to deliver a total of 150 million payments to eligible individuals and households in the coming days as authorized by the CARES Act. Read more.

Under the Dome

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Ask Congress to Prioritize American Farmers During COVID-19. MBA and ABA are calling on bankers to contact their lawmakers and urge them to include the Enhancing Credit Opportunities in Rural America Act in the next COVID-19 relief bill. The ECORA Act would promote greater access to credit and reduce borrowing costs for ag producers, providing much-needed capital to the nation’s farmers and ranchers. Take action.
Join the Southeast Michigan Alliance for Economic Inclusion Webinar. May 13, 9:30 am.

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OCC’s Office of Innovation: Paycheck Protection Program Listening Session Summaries
Fed: Banks Entered Coronavirus Pandemic in Strong Condition. Read the report.
Agencies Finalize Statement on Allowance for Credit Losses, Credit Risk Review Systems Guidance. Read the guidance.
The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration (collectively, the agencies) today issued the “Interagency Guidance on Credit Risk Review Systems.” This interagency guidance reflects current credit risk review practices. Read the bulletin.