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Fed Extends PPP Rule Change for Bank Directors, Shareholders

May 14, 2021, 6:00 PM

The Federal Reserve extended for a third time its rule modification allowing certain bank directors and shareholders to access the Paycheck Protection Program.

  • The rule change is in line with the Small Business Administration’s guidance that allows the bank directors and shareholders to apply to the PPP program for their small businesses.
  • It applies to loans made from March 31 through June 30 and will be extended should the PPP program be prolonged, though will ultimately sunset on March 31, 2022.

To contact the reporter on this story:
Catarina Saraiva in Houston at asaraiva5@bloomberg.net

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