Insight

Washington Report 360 | May 29, 2020

PPP extension passed House, goes to Senate; MSLP forms & agreements; SEC highlights ESG issues; Fannie and Freddie launch LIBOR sites

Amy S. Matsuo

Amy S. Matsuo

National Leader, Regulatory Insights, KPMG US

+1 919-664-7302

Highlights

  • Ongoing attention to the Paycheck Protection Program with the release of interim final rules governing the loan forgiveness process and legislation in the House that would modify terms of the program including extending the covered period from 8 to 24 weeks, changing the payroll restrictions from 75 percent to 60 percent, and increasing the loan term from two to five years. The legislation has moved to the Senate for consideration.
  • Focus on FRB’s Main Street Lending Program with release of lender and borrower forms and agreements by the Federal Reserve Bank of Boston; the launch date has not been announced but is expected within the next week.
  • SEC highlights that one or more ESG issues can be material to investment decisions but cautions on a single combined rating/score.
  • Fannie Mae and Freddie Mac launched websites containing their LIBOR Transition Playbook and FAQs to help lenders and investors plan for the shift to alternative reference rates, including discontinuing LIBOR-indexed products by the end of 2020. 

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