SFNet's COVID-19 Updates
Legislative Issues & Guidance
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PPPLF Update and Summary
May 5, 2020On April 30, 2020, the Federal Reserve announced that it is expanding eligibility to participate in the Federal Reserve’s Paycheck Protection Program Liquidity Facility (the “PPPLF”) to all lenders eligible to originate Paycheck Protection Program loans.[1] The PPPLF permits eligible PPP lenders to pledge PPP loan notes to the Federal Reserve in exchange for a low interest, non-recourse loan from the Federal Reserve in the amount of the pledged PPP loan note.
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Federal Reserve Board Announces it is Expanding the Scope and Eligibility for the Main Street Lending Program
April 30, 2020The Federal Reserve Board on Thursday announced it is expanding the scope and eligibility for the Main Street Lending Program. As part of its broad effort to support the economy, the Federal Reserve developed the Main Street Lending Program to help credit flow to small and medium-sized businesses that were in sound financial condition before the pandemic.
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SBA Sets Window From 4 p.m. Through Midnight Tonight to Accept PPP Applications From Borrowers of Small Lenders Only
April 29, 2020To ensure access to the PPP loan program for the smallest lenders and their small business customers, starting at 4 p.m. today EDT through 11:59 p.m. EDT, SBA systems will only accept loans from lending institutions with asset sizes less than $1 billion dollars.
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PPP Bill Extends $310B in Additional Capital…Fails to Incorporate Provisions for Lender Eligibility as Borrowers
April 21, 2020The agreed-upon provisions of the highly anticipated expansion of the popular Paycheck Protection Program were released this afternoon and will be voted on as soon as today in the Senate before moving on to the House later this week. The president has indicated he would sign the bill. The bill would extend an additional $310B in funding under the program, but falls short of making certain financial services firms including community banks and secured lenders eligible to borrow under the program – a move that SFNet has vigorously petitioned for. The detailed bill can be found here. SFNet will continue to advocate for these provisions as amendments to the measure and encourages its members to do the same.
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SFNet Responds to Main Street Lending Program Guidance
April 15, 2020In a letter to Treasury Secretary Steven T. Mnuchin and Federal Reserve Chairman Jerome H. Powell, SFNet CEO Rich Gumbrecht provided recommendations to help facilitate the objectives of the newly introduced Main Street Expanded and New Loan Facilities as set out by the Federal Reserve.
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SFNet Petitions SBA to Modify Interim Final Rule to Include Lender Eligibility Under PPP
April 7, 2020SFNet, in alignment with the International Factoring Association and Equipment Leasing and Finance Association has petitioned the Small Business Administration and Department of the Treasury to amend its Interim Final Rule prohibiting financial services companies from participating in the Paycheck Protection Program under the CARES Act.
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SFNet Sends Letter to SBA and Treasury in Support of Non-bank Lenders Under CARES Act
April 4, 2020SFNet’s CEO submitted a letter to US Treasury Secretary Mnuchin and Administrator Carranza of the Small Business Administration
Useful Interpretations
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PPP Bill Extends $310B in Additional Capital…Fails to Incorporate Provisions for Lender Eligibility as Borrowers
April 21, 2020The agreed-upon provisions of the highly anticipated expansion of the popular Paycheck Protection Program were released this afternoon and will be voted on as soon as today in the Senate before moving on to the House later this week. The president has indicated he would sign the bill. The bill would extend an additional $310B in funding under the program, but falls short of making certain financial services firms including community banks and secured lenders eligible to borrow under the program – a move that SFNet has vigorously petitioned for. The detailed bill can be found here. SFNet will continue to advocate for these provisions as amendments to the measure and encourages its members to do the same.
SFNet Messages
Legislative Resources
Find Your Representative: Have your voice heard on how COVID-19 has effected your business and contact them about current legislation pertinent to the industry.
Health & Safety Resources
Centers for Disease Control and Prevention: CDC’s
resource page includes what you should know about the virus, situation updates, and information for travelers, businesses, and others.
World Health Organization: Key Planning Recommendations for Mass Gatherings in the Context of the Current COVID-19 Outbreak. This guide provides recommendations for risk assessment, connecting with local authorities in the event location, and specific action plans for COVID-19 disease, among other topics.
Travel & Events Resources
U.S. Travel Association: Emergency Preparedness and Response: Coronavirus (COVID-19). This toolkit includes guidance for travelers, a guide for communicating healthy travel practices, and other resources.
Meetings Mean Business Coalition: MMB's toolkit of coronavirus preparedness and response resources is tailored specifically for meeting and event professionals. It includes talking points, templates, and "fast facts" graphics that can be shared in social media.
U.S. Department of State Bureau of Consular Affairs: This COVID-19 emergency notification includes information on travel advisories, safe travel tips, and emergency contact information for citizens in China.
Economic Resources
Coronavirus Aid, Relief, and Economic Security (CARES) : CARES is expected to infuse approximately $2.2 trillion into the U.S. economy. The Act addresses a multitude of ways in which the federal government seeks to support businesses impacted by the pandemic and employees affected by COVID-19.
U.S. Chamber of Commerce: The Chamber’s “Understanding the Coronavirus” webinar, recorded on January 27 in partnership with CDC, discusses the impact of the virus on the private sector and what businesses should consider as they respond.
Other Resources
American Factoring Association Protests AICPA Proposal: The American Factoring Association ("AFA") has written Treasury Secretary Steven T. Mnuchin and Federal Reserve Chairman Jerome H. Powell in opposition to a proposal to create a federal program to purchase accounts receivables in the private sector. The AICPA, a CPA trade association, recently proposed the creation of such a program.
ELFA Letter to Secretary Mnuchin: On behalf of the nearly $1 trillion equipment leasing and finance industry, I am writing to submit comments regarding the recently issued interim final rule regarding the Paycheck Protection Program (Docket Number: SBA-2020-0015).
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