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.

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Catarina Saraiva in Houston at asaraiva5@bloomberg.net

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