NewsWatch Today

The SBA issued several notices on its loan programs, including updated guidance on the tax implications of the six months of 7(a), 504, and Microloan payments it is making for borrowers under Section 1112 of the CARES Act.

The IRS on Friday reissued 1.2 million Economic Impact Payments through the ACH network with an effective date of this Wednesday, Feb. 3. Another 2.3 million reissued EIP2 checks are scheduled to be printed and mailed by Friday, Feb. 5.

The SBA issued a procedural notice and additional resources on resolving issues with first-draw Paycheck Protection Program loans to ensure borrower eligibility for second-draw loans, including codes to submit to the PPP loan platform.

The USDA announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Service Agency's Farm Storage Facility Loan and the Direct Farm Loan programs.

In addition to its guidance on PPP loan issues, the SBA also issued guidance on Economic Aid Act provisions affecting the agency's 7(a) and 504 loan programs.

The SBA said it is working to improve reviews of first-draw Paycheck Protection Program loans. The agency said anomalies—mostly data mismatches and eligibility concerns—were identified in approximately 4.7 percent of lender-submitted data.

Community banks with less than $100 million in assets are offering better overdraft pricing to consumers than "rival" credit unions, according to a Moebs Services report covered by CU Today.

ICBA is calling on community bankers to complete its State of Advocacy survey to help identify new and existing community banker relationships with members of Congress.

ICBA's next Community Bank Briefing with an update from Washington is set for 2 p.m. (Eastern time) this Thursday, Jan. 28.

The Government Accountability Office will be surveying a sample of Paycheck Protection Program lenders in the coming weeks to gather feedback about their experiences with the program.

The SBA on Saturday said it is working to ensure the Paycheck Protection Program appropriately accounts for the changes that businesses may have undergone since the beginning of the pandemic.

The Treasury Department announced plans to help the up to 8 million households that have not yet been able to access either round of Economic Impact Payments.