Loan forgiveness and other issues related to a federal lending program to help businesses face the financial impact of the coronavirus crisis will be the focus of a webinar postponed to next week by federal banking and credit union regulators, joined by state financial institution supervisors.
The session had been set for Thursday (Aug. 27); the agencies sponsoring the event announced the date change on Thursday.
The webinar, hosted by the three federal banking regulators, the National Credit Union Administration (NCUA), and the Conference of State Bank Supervisors (CSBS), will look at the loan forgiveness provisions of the Paycheck Protection Program (PPP), a lending program implemented by the Small Business Administration (SBA) to help businesses continue to pay their employees during the duration of the virus pandemic. Under provisions of the program, the loans given to the firms (typically approved by banks and credit unions) may be forgiven in certain circumstances, such as the firm continuing to pay its employees.
The program was established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted into law March 27.
Next week’s webinar is expected to:
- Provide an overview of PPP loan forgiveness policy and guidance;
- Demonstrate how to access and use the SBA PPP Loan Forgiveness Platform;
- Review best practices for using the SBA PPP Loan Forgiveness Platform.