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Moratorium on Evictions Extensions of Temporary Relief from TDR and CECL Accounting Requirements A long-awaited bipartisan stimulus bill was signed into law by President Trump on December 27, 2020. Included in the law, known as the Consolidated Appropriations Act, 2021 (the “Act”), are economic stimulus measures and a number of provisions designed to provide relief to banks and their customers in the wake of the continuing COVID-19 pandemic. Below is a summary of the COVID-19 relief provisions of the Act that will most directly impact the banking industry and the financial services sector...

To embed, copy and paste the code into your website or blog: The omnibus budget act signed by President Trump on December 27 reinstitutes the Paycheck Protection Program, with significant changes. The act allows new borrowers to receive PPP loans and some existing borrowers to receive additional PPP funding. It also restores the tax deduction for expenses paid with PPP loan proceeds, makes a number of changes in PPP and other SBA programs, and creates a new grant program for performance venues and businesses. The new act extends the effectiveness of the original Paycheck Protection Program (n...