Washington Report 360 | April 4, 2020

SBA interim final rule on PPP; Regulatory focus on CECL; SEC Regulation Best Interest compliance date

Amy S. Matsuo

Amy S. Matsuo

Regulatory and ESG Insights Leader, KPMG US

+1 919-664-7100

Key highlights

  • Treasury and the Small Business Administration have released an interim final rule and additional guidance for implementation of the Paycheck Protection Program (PPP), a loan program created by the CARES Act and slated to begin as early as April 3, 2020.
  • Regulatory focus on CECL by the federal banking agencies included an optional two-year extension of the regulatory capital transition and a statement addressing the interaction of the regulatory rule with the CARES Act.
  • SEC stated the June 30, 2020 compliance date for its Regulation Best Interest and related filing requirements “remains appropriate”

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