Blue Canopy LC

CONGRESS

ABA, Groups Support Automatic Forgiveness for PPP Loans under $150K
ABA joined a broad coalition of nearly 150 trade associations and advocacy groups in strong support of a bipartisan bill that would expedite the forgiveness process for most borrowers who received loans through the Small Business Administration’s Paycheck Protection Program. Sponsored by Sens. Kevin Cramer (R-N.D.), Bob Menendez (D-N.J.), Thom Tillis (R-N.C.) and Kyrsten Sinema (D-Ariz.) the Paycheck Protection Program Small Business Forgiveness Act would allow PPP loans of $150,000 or less to be automatically forgiven once the borrower completes a one-page forgiveness document.

The bill is expected to ease the forgiveness process for approximately 86% of PPP borrowers, in addition to saving an estimated $7 billion and hours of paperwork, the groups said. “This bipartisan legislation would ensure our nation’s small business owners can focus their time, energy, and resources back into their business and communities instead of allocating significant time and resources into completing complex forgiveness forms,” they noted.

A group of 51 state bankers associations also submitted a letter yesterday in support of the bill. “Banks of all sizes will continue to support their business customers and do their part to spur the economic recovery to come,” the associations said. “In order to help our nation’s smallest small businesses, we urge Congress to quickly pass the Paycheck Protection Program Small Business Forgiveness Act to provide necessary relief to millions of small businesses.”

An ABA analysis of PPP loan data released by SBA last week found that the program had supported more than 51.1 million jobs as of June 30. Loans made by the nation’s banks accounted for 95% of that total—an estimated 48.5 million jobs (see Data Bank post below). Additionally, banks far outpaced credit unions, fintech firms and Farm Credit System lenders in their efforts to make PPP loans, accounting for more than 90% of all loans made and dollars lent. Read the joint trades letter. Read the state association letter.

Labor Day, the first Monday in September, is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.

Happy Easter 2019

When is open enrollment for Medicare?
For 2019 coverage, open enrollment will run from October 15, 2018, to December 7, 2018. During the annual enrollment period (AEP) you can make changes to various aspects of your coverage.

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At Blue Canopy agency we have knowledge of the insurance industry, and excellent relationships with major insurance companies, all adding up to providing you with the right coverage at the right price!

Foreclosure Review Deadline Extended, Nearly 200K Requests So Far The deadline to request a free, independent foreclosure review has been extended for another two months, and so far, nearly 200,000 people have requested a foreclosure review, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Boa