The IRS issued guidance for employers claiming the employee retention tax credit under the CARES Act. The guidance includes clarifications and describes retroactive changes relating to expanded eligibility.
ICBA released a summary of the House version of the $1.9 trillion American Rescue Plan Act (H.R. 1319), which the House passed Saturday on a nearly party-line vote.
ICBA-supported legislation allowing farmers and ranchers categorized as partnerships to use gross income to calculate maximum Paycheck Protection Program loan amounts was introduced in the House.
One of the Biden administration's Paycheck Protection Program reforms announced earlier this week started yesterday, with the rest set to be implemented next week.
The Financial Crimes Enforcement Network issued an advisory to alert financial institutions to fraud and other financial crimes related to Economic Impact Payments.
Community banks reported net income growth of 21.2 percent in the fourth quarter from a year ago and a 3.6 percent increase in 2020 from the year before, according to the FDIC's Quarterly Banking Profile.
ICBA and other groups urged Congress to include language in the next stimulus package exempting the third round of Economic Impact Payments from garnishment.
