ICBA PPP webinar follows release of new rule

Community bankers can download the recording of Tuesday's ICBA Community Bank Briefing on the Paycheck Protection Program. The briefing provides a regulatory update with a focus on PPP loan review and forgiveness.

The briefing followed the SBA and Treasury Department release of a new interim final rule implementing provisions of the PPP Flexibility Act of 2020.

The rule enacts provisions extending the forgiveness period and lowering how much must be spent on payroll costs, among others. It also incorporates revised loan-forgiveness application forms, including the Form 3508EZ available to certain borrowers.

Meanwhile, ICBA continues calling on community bankers and small-business owners to urge the Treasury Department and SBA to enact additional PPP simplifications, including a loan-forgiveness calculator and presumption of compliance for certain loans.

Questions on submitting 1502 reports can be directed to SBA's Fiscal and Transfer Agent, Colson Services Corp., at [email protected] or 877-245-6159. Additional guidance and resources are available on Treasury’s PPP webpage and ICBA's COVID-19 resource center.