Vorys (Ohio/Texas): Federal Reserve Follows SBA’s Lead, Expands PPP Loan Access for Bank Insiders

On April 17, the Federal Reserve Board (the Fed) announced an interim final rule that temporarily relaxes lending restrictions on member banks who make Paycheck Protection Program (PPP) loans to businesses owned by certain bank insiders. The Fed’s decision aligns it with the Small Business Administration (the SBA), who clarified in an interim final rule issued on April 14 that, subject to certain restrictions, lenders can make PPP loans to businesses owned by outside directors and certain significant shareholders. MORE.

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