April 27, 2020

Parson Announces First Phase To Reopen Business Activity

Gov. Mike Parson today announced the first phase of the “Show Me Strong Recovery” Plan outlining how Missouri will gradually begin to reopen economic and social activity beginning Monday, May 4. The first phase is effective through Sunday, May 31.

During phase one of the plan, citizens may begin returning to economic and social activities but must adhere to social distancing requirements, including maintaining six feet of space between individuals in most cases. There are currently no limitations on social gatherings as long as necessary precautions are taken and six feet of distance can be maintained between individuals and/or families. If there are local orders that are more strict, these must be followed.

In addition, all businesses can be open provided that the social distancing guidelines set forth in the new health order are followed. Some businesses will be required to take additional precautions to protect their employees and the public, such as occupancy limits at retail locations. Guidelines and FAQs about the first phase are posted online

OCC Bulletin Details Documentation For SBA PPP Loans

The Office of the Comptroller of the Currency is encouraging banks providing loans under the U.S. Small Business Administration’s Paycheck Protection Program to prudently document their implementation and lending decisions. In addition, banks are encouraged to identify and track the PPP loans made to small business borrowers that have annual revenues of $1 million or less and are located in low- to moderate-income areas.


Frequently asked questions on the Paycheck Protection Program from the Federal Deposit Insurance Corporation have been updated to address the following.
  • Are small businesses owned by directors and equity shareholders of PPP-approved lenders eligible to receive a PPP loan?
  • Are PPP loans for existing customers considered new accounts for FinCEN CDD Rule purposes? Are lenders required to collect, certify, or verify beneficial ownership information in accordance with the rule requirements for existing customers?

Treasury Rule Addresses Additional Criterion For Seasonal Employees

An interim final rule from the Treasury Department addresses additional criterion for seasonal employers for the Paycheck Protection Program. The rule authorizes all lenders eligible to originate loans under the PPP to use an alternative criterion for calculating the maximum loan amount for PPP loans issued to seasonal employers.

FHFA Rebuts Claims About Lump Sum Payments For Borrowers Exiting Forbearance

In response to recent concerns raised about the repayment terms for mortgages backed by Fannie Mae or Freddie Mac that are in now forbearance because of the coronavirus pandemic, the Federal Housing Finance Agency confirmed today that borrowers will not be required to repay their missed payments in a lump sum at the end of the forbearance period.

Fannie and Freddie also issued their own statements detailing relief options for borrowers to make up their missed payments once their financial hardship has been resolved. These options include setting up a repayment plan, modifying the loan so that missed payments are added to the end of the mortgage, or modifying the loan to reduce the borrower’s monthly payment. The GSEs noted they would reach out to borrowers about 30 days before the scheduled end date of the forbearance period to discuss these options and determine if additional forbearance is needed.

ABA, Fannie Mae To Host Webinar On Mortgage Forbearances

With many borrowers now seeking forbearance options because of the coronavirus pandemic, the American Bankers Association and Fannie Mae will host a free webinar at 2 p.m. Friday, May 1, on the shifting mortgage landscape. The webinar will focus in particular on Fannie’s forbearance policy and answer frequently asked questions from lenders.

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