Holly Ferguson | Albin, Randall and Bennett

PPP & EIDL Borrower Information to be Released by SBA

Throughout the ongoing legal battle with national-news organizations, the SBA has pushed for withholding certain PPP loan borrower information. The SBA claimed the information withheld was because of clauses under the Freedom of Information Act (FOIA), which designated that information as private, and that its release would violate borrowers’ personal privacy.  The Court, however, has


SBA Issues Procedural Notice Addressing Changes of Entity Ownership for Paycheck Protection Program Loan Recipients

On October 2nd, the SBA issued a procedural notice addressing the banking procedures involved in changes of entity ownership for Paycheck Protection Program (PPP) loan recipients. While the notice specifically addresses lender responsibilities, insight on the associated responsibilities of business owners undergoing a change in ownership who are also PPP recipients may also be gleaned


Credit Unions Must Notify PPP Borrowers of Extended Deferral Period

The Paycheck Protection Program Flexibility Act of 2020 extended the 6 month deferral period for Paycheck Protection Program (PPP) borrower payments of principal, interest, and fees on all loans. If your credit union hasn’t already done so, we advise notifying PPP borrowers of the deferral period change immediately. The deferral period now ends: the date


SBA Issues New PPP Interim Final Rule

The SBA recently issued Paycheck Protection Program Interim Final Rule – Treatment of Owners and Forgiveness of Certain Nonpayroll Costs. This PPP interim final rule supplements the previously posted interim final rules by providing additional guidance on treatment of owners and forgiveness of certain nonpayroll costs. Here are several key points stipulated by the Rule: Less