The Federal Reserve Steps in to Help Small and Medium-Sized Businesses
Carol Beaumier, Protiviti Senior Managing Director, and Michael Brauneis, Protiviti Managing Director
During the week of April 6, 2020, we saw the Federal Reserve take several decisive actions to try to stabilize the economy. Three of these actions were specifically focused on assisting small and medium-sized businesses by making participation in the paycheck protection loan program (PPP) more palatable for the banking industry and by introducing and expanding loan programs for small and medium businesses.
This article outlines the process for purchasing SBA loans and identifies key attestations lenders for institutions eligible to make PPP loans should be aware of.