- Mnuchin and Powell Provide the First Public Update on the Coronavirus Aid, Relief and Economic Security Act
- House Democrats Propose the Heroes Act
- Main Street Lender Portal Includes the Additional Functionality to Support Multi-borrower Loan Structures
- Mnuchin Letter to Powell on Facilities
- SFNet Responds to Main Street Lending Program Guidance
SFNet Petitions SBA to Modify Interim Final Rule to Include Lender Eligibility Under PPP
April 7, 2020
Source: SFNet
SFNet, in alignment with the International Factoring Association and Equipment Leasing and Finance Association has petitioned the Small Business Administration and Department of the Treasury to amend its Interim Final Rule prohibiting financial services companies from participating in the Paycheck Protection Program under the CARES Act. In a letter to Secretary Mnuchin and Secretary Carranza, CEO Rich Gumbrecht vigorously reinforced SFNet’s prior calls for eligibility of “these non-depository lenders [who] extend economic lifelines to small businesses and are themselves now under financial stress.” SFNet has engaged outside resources and is continuing to work with organizations with aligned interests in conjunction with this and other matters related to the CARES Act and other relief efforts. We encourage everyone in our community to reach out to your representatives in Congress to support this imperative. For more information on how to do so, contact Michele Ocejo at mocejo@sfnet.com. Please click here to view the letter.
In This Section