Senate GOP ‘Skinny’ Stimulus Bill Includes Liability Protection, New PPP Round

Senate Republicans on Tuesday unveiled a “skinny” economic stimulus bill that calls for another round of Payroll Protection Program loans, a simplified loan forgiveness process and limited liability for businesses reopening during the coronavirus economic crisis.

The Senate is likely to vote on the bill later this week.  It is unlikely the measure has the votes to pass, but it could serve as the next step in the haggling over the next stimulus legislation.

Inclusiv: Big Banks Failing Small Businesses During Pandemic; CDFIs Are Filling Void

The coronavirus economic crisis demonstrated the failure of large banks to reach small and minority-owned businesses, Cathie Mahon, president/CEO of Inclusiv told the Community Development Financial Advisory Board Thursday.

Community Development Financial Institutions stepped up to fill that void as much as they could, Mahon, whose trade group represents community development credit unions, told the board. She added, however, that Minority Depository Institutions and CDFIs were hampered in that effort because they need the capital, technical support, and platforms to keep up with the evolving financial services world.

Federal Judge Says Lenders Not Required to Pay Firms that Help PPP Applicants

Financial institutions are not required to share the agent fee they receive from Paycheck Protection Program loans with accounting firms and others who help borrowers apply for the assistance, a federal judge ruled this week. Judge T. Kent Wetherell II of the U.S. District Court for the Northern District of Florida said that unless there is a specific agreement between a company and a lender, federal law does not require the lender to share the fee it receives with the firms. The ruling was made in the case, Sport & Wheat, CPA v. ServisFirst Bank, Inc., in which a small