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SBA Paycheck Protection Program
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- MBA and state banking associations sent a joint letter highlighting concerns about the ongoing implementation of the Paycheck Protection Program (“PPP”), authorized by sections 1102 and 1106 of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), which was signed into law by President Trump on March 27, 2020. Read the letter.
- ABA yesterday urged the Treasury Department and Small Business Administration to issue, as soon as possible, “clear, bright-line guidance” on how the Paycheck Protection Program loans will be forgiven. Read more.
- SBA announced that it had approved 2.5 million round two PPP loans amounting to $185.4 billion as of 5 p.m. EDT yesterday, up $2 billion from the approved total on Wednesday. Of that total, approximately 1.17 million loans were made by lenders with over $50 billion in assets, 350,000 by lenders with $10-50 billion in assets and 969,000 by lenders with under $10 billion. The average loan size for round two was $74,304.
- 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.
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Economy
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- Consumer Credit Down 3.4% in March as Revolving Debt Plummets. Read more.
- The rate for a 30-year fixed-rate mortgage was 3.26% this week, up from last week when it averaged 3.23%. A year ago at this time, the 30-year FRM averaged 4.1%. Meanwhile, the 15-year FRM rate averaged 2.73%, down from last week when it averaged 2.77%. A year ago, the rate averaged 3.57%. Read more.
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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.
- Governor Whitmer Extends Stay Home, Stay Safe Order, Reopens Manufacturing as Part of her MI Safe Start Plan. Read the Executive Order.
- Governor Whitmer Details Six Phases of Her MI Safe Start Plan. View the press release. Read the MI Safe State Plan.
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Regulators
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- The Southeast Michigan Alliance for Economic Inclusion will meet via Webinar, May 13 to share experiences and identify opportunities for strengthening community and financial capability of unbanked and underbanked people during the COVID-19 crisis. Learn more.
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Resources
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For more information on Endorsed Partners and Products, click here.
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- Cornerstone Advisors: How to Improve Earnings in the Second Half of 2020-May 14. Register Here
- MBWCF: The 2020 Benefits, Compensation & Outside Directors Survey questionnaire has been distributed, and we would like all of our members to participate. Contact Natisha Jorae, njorae@mibankers.com for more information.
- View the list of Michigan Distilleries Producing Hand Sanitizer to Meet COVID-19 Needs
- Market Anxiety Dissipating? S&P Global shares bank stress indicators returning to pre-COVID-19 levels. Read More
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Professional Development/Online Learning
View Webinar Calendar. Search by topic.
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- COVID-19 Related/Business Continuity Webinars (all complimentary):
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