A webinar slated Thursday by the federal bank and credit union regulatory agencies will answer the question of how banks and credit unions can be lenders in the Small Business Administration (SBA) Paycheck Protection Program (PPP) established under a recently enacted law addressing the coronavirus, according to an announcement issued just Wednesday.
The webinar, slated from 11 a.m. to noon ET, is focused on lenders that are not currently SBA lenders. SBA officials will speak during the webinar, held jointly by the Federal Deposit Insurance Corp. (FDIC), Federal Reserve, Office of the Comptroller of the Currency (OCC), and National Credit Union Administration (NCUA).
During the hour-long program, SBA officials will provide an overview of how to apply to become a PPP lender and how to understand what to expect during application; accessing SBA loan systems; originating loans; entering applications into SBA systems; and where to find additional guidance as the PPP evolves. There will be a brief Q&A session.
“To accommodate the participation of as many financial institutions as possible, we ask each institution to register no more than two representatives to attend the live session,” according to an announcement via FDIC Financial Institution Letter (FIL-49-2020).
Participants must preregister for the event and are encouraged to email questions in advance.