Yesterday, Treasury released an updated set of rules that finally provide guidance on how banks and other lenders participating in the SBA’s Paycheck Protection Program (“PPP”) can report disbursements of funds and collect on PPP processing fees. The newly updated rules make it clear that any PPP lender must make a one-time disbursement of funds ...
Yesterday, April 2, the Small Business Administration issued an interim final rule providing additional guidance on implementing its Paycheck Protection Program. While questions still remain, here is the new information that lenders need to know: Lenders who are already SBA 7(a) lenders may begin accepting and processing applications today. Other lenders can become eligible upon ...
By now most banks have been alerted to the fact that a significant part of the Coronavirus Aid, Relief and Economic Security Act (“CARES ACT”), is comprised of the Paycheck Protection Program (PPP), which was signed in to law on March 27, 2020. The CARES Act authorizes $349 billion in forgivable Section 7(a) SBA loans to small and mid-size businesses (“PPP Loans”). What Banks may not have seen is how it may impact their organization directly. Below are some of the relevant questions we have received and what we know today as a result of the CARES ACT.
As you are probably aware, yesterday afternoon, March 25, 2020, Minnesota Governor Tim Walz announced Executive Order 20-20 (the “Order”), directing Minnesotans to stay at home. As set forth in the order, beginning at 11:59 pm on Friday, March 27, 2020 through 5:00 pm, Friday, April 10, 2020, all persons currently living within the State ...
Governor Evers’ Safer at Home order took effect in Wisconsin at 8:00AM on Wednesday, March 25, and will remain in effect until 8:00AM on April 24. Every person is ordered to remain at home, though exception is made for the following permitted reasons: Essential Activities Essential Government Functions Essential Business and Operations Minimum Basic Operations ...
The COVID-19 virus has impacted the world in unforeseen ways, and all businesses are balancing many questions as a result of these unique times. Below is a summary of some key considerations for banks in particular, including branch operations, bank hours, regulatory requirements, employment concerns and board and shareholder meetings.
The recent trend of credit unions buying banks has become one of the hot topics in the industry. While the number of actual transactions is quite small relative to the number of mergers and acquisitions that take place each year, the trend has been a featured item at recent financial institution industry conferences and the ...
Community Banking attorney Tony Moch will present Eide Bailly's Bankers Seminar on November 7, 2019 in Mankato, Minnesota.
Verizon Wireless Center
1 Civic Center Plaza
Mankato, MN 56001
Thursday, November 7, 201912:15 PM - 7:00 PM
Community Banking attorney Tony Moch will present at the Eide Bailly Bankers Seminar on October 24, 2019 in Fargo, North Dakota.
Delta by Marriott Fargo
1635 42nd St SW
Fargo, ND 58103
Thursday, October 24, 201911:00 AM - 7:15 PM
Community Banking attorney Tony Moch published an article on the importance of having a strong treasury management agreement for your bank.
Mergers & Acquisitions and Community Banking attorney Tony Moch will co-present at the 2019 Bank Holding Company Association Fall Seminar.
Hyatt Regency Bloomington-Minneapolis
Tuesday, October 8, 20198:45AM - 9:45AM
Community Banking attorneys Anton Moch and Amber Kraemer published an M&A article on BankBeat.biz on August 23, 2019.