US Financial Regulatory Agency Action on COVID-191
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As of April 26, 2021 US Financial Regulatory Agency Action on COVID-19 1 1 Joint banking regulator rulemakings and releases are listed under the Federal Reserve 2 Federal Reserve Covid-19 Resource Page: https://www.federalreserve.gov/covid-19.htm Date Action Purpose Materials Read More Federal Reserve Board 2 March 25, 2021 Federal Reserve Announces Restrictions on Bank Holding Company Dividends and Share Repurchases Will End for Most Firms After June 30 The Federal Reserve Board announced that the temporary and additional restrictions on bank holding company dividends and share repurchases currently in place will end for most firms after June 30 Press Release March 19, 2021 Federal Reserve, Others, Publishes Regulatory Capital Rule for the Emergency Capital Investment Program The Federal Reserve and other banking agencies published a new capital requirement for the Emergency Capital Investment Program in the Federal Register. Regulatory Capital Rule: Emergency Capital Investment Program March 19, 2021 Temporary Supplementary Leverage Ratio Changes to Expire as Scheduled The federal bank regulatory agencies announced that the temporary change to the supplementary leverage ratio, or SLR, for depository institutions will expire as scheduled on March 31, 2021. Announcement Press Release
Transcript of US Financial Regulatory Agency Action on COVID-191
As of April 26, 2021
US Financial Regulatory Agency Action on COVID-191
1 Joint banking regulator rulemakings and releases are listed under the Federal Reserve 2 Federal Reserve Covid-19 Resource Page: https://www.federalreserve.gov/covid-19.htm
Date Action Purpose Materials Read More
Federal Reserve Board2
March 25, 2021
Federal Reserve Announces Restrictions on Bank
Holding Company Dividends and Share
Repurchases Will End for Most Firms After June 30
The Federal Reserve Board announced that the temporary and
additional restrictions on bank holding company dividends and
share repurchases currently in place will end for most firms after June 30
Press Release
March 19, 2021
Federal Reserve, Others, Publishes Regulatory Capital Rule for the Emergency Capital
Investment Program
The Federal Reserve and other banking agencies published a new
capital requirement for the Emergency Capital Investment
Program in the Federal Register.
Regulatory Capital Rule: Emergency Capital
Investment Program
March 19, 2021
Temporary Supplementary Leverage Ratio Changes to
Expire as Scheduled
The federal bank regulatory agencies announced that the temporary change to the supplementary
leverage ratio, or SLR, for depository institutions will expire as scheduled
on March 31, 2021.
Announcement
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
March 8, 2021
Federal Reserve Announces PPLF Extension
The Federal Reserve Board on Monday announced it will extend its
Paycheck Protection Program Liquidity Facility, or PPPLF, by three
months to June 30, 2021. The extension will provide continued
support for the flow of credit to small businesses through the Paycheck
Protection Program, or PPP.
Paycheck Protection Program Liquidity Facility
Term Sheet
Press Release
February 9, 2021
Federal Reserve Board Announces Extension of a
Rule to Bolster the Effectiveness of the Small Business Administration's
Paycheck Protection Program (PPP)
The Federal Reserve Board announced the second extension of a rule to bolster the effectiveness of the
SBA’s PPP. Like the earlier extensions, this one will temporarily
modify the Board's rules so that certain bank directors and
shareholders can apply to their banks for PPP loans for their small
businesses.
Federal Register Notice Press Release
January 8, 2021
Federal Reserve Posts Post-Termination
The Federal Reserve has released a set of FAQs intended to questions
that borrowers and lenders may have about the Main Street Lending Program facilities, which were terminated on January 8, 2021.
Post-Termination FAQs
December 29, 2020
Federal Reserve Extends Termination Date of Main Street Lending Program
To allow more time to process and fund loans that were submitted to the
Main Street lender portal on or before December 14, 2020, the
Federal Reserve Board extended the termination date of the Main Street
Main Street New Loan Facility Term Sheet
Main Street Priority Loan
Facility Term Sheet
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Lending Program facilities to January 8, 2021.
Main Street Expanded Loan Facility Term Sheet
Nonprofit Organization New
Loan Facility Term Sheet
Nonprofit Organization Expanded Loan Facility
Term Sheet
For-Profit FAQs
Nonprofit FAQs
December 16, 2020
Fed Extends FIMA Repo Facility
The Federal Reserve has announced the extension of its temporary U.S. dollar liquidity swap lines and the temporary repurchase agreement
facility for foreign and international monetary authorities (FIMA repo
facility) through September 30, 2021.
Press Release
November 30-December 1, 2020
Powell Testifies Before Congressional Committee
on CARES Act
Federal Reserve Chairman Jerome Powell appeared before the Senate
Banking and House Financial Services committees for a quarterly report on
the CA7RES Act.
Testimony Before the Senate Banking and House Financial
Services Committee
November 30, 2020
Federal Reserve Board Announces Extension for
Several of Lending Facilities
The Federal Reserve Board has announced extensions for the
Commercial Paper Funding Facility, the Money Market Mutual Fund
Liquidity Facility, the Primary Dealer
Commercial Paper Funding Facility Term Sheet
Money Market Mutual Fund
Liquidity Facility Term Sheet
Federal Reserve Press Release
Treasury Press
Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Credit Facility, and the Paycheck Protection Program Liquidity Facility.
These programs are extended until March 31, 2021.
Primary Dealer Credit
Facility Term Sheet
Paycheck Protection Program Liquidity Facility
Term Sheet
November 25, 2020
Fed Board Updates MSLP FAQs for For-Profit and
Nonprofit Orgs
The Federal Reserve Board has updated the FAQs for both For-Profit
and Nonprofit organizations that participate in the Main Street
Lending Program.
Nonprofit Frequently Asked Questions
For-Profit Frequently Asked
Questions
November 19-20, 2020
Mnuchin Requests Return of Unused Lending Facility Funds; Powell to Comply
On November 19, Treasury Secretary Steven Mnuchin requested the return of unused Federal Reserve funds so
that these funds may be appropriated. Federal Reserve Chair
Jerome Powell signaled his willingness to comply.
Letter from Secretary Steven Mnuchin
Letter from Chair Jerome
Powell
November 20, 2020
Banking Regulators Provide Relief to Community
Banking Organizations
Provides temporary relief for certain community banking organizations related to certain regulations and
reporting requirements as a result, in large part, of their growth in size from the coronavirus response.
Federal Register notice: Temporary Asset Thresholds
Press Release
November 18, 2020
Fed Board Updates FAQs for For-Profit and Nonprofit
Orgs
The Federal Reserve Board has updated the FAQs for both For-Profit
and Nonprofit organizations.
For-Profit Frequently Asked Questions
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Nonprofit Frequently Asked Questions
October 30, 2020
Fed Lowers Minimum Loan Size Under the MSLP
The Federal Reserve has adjusted the terms of the Main Street Lending Program (MSLP) to broaden the
appeal of the program, lowering the minimum loan size from $250,000 to $100,000 and clarifying that certain
PPP loans may be excluded for purposes of determining maximum
loan size.
Main Street New Loan Facility Term Sheet
Main Street Priority Loan
Facility Term Sheet
Main Street Expanded Loan Facility Term Sheet
Nonprofit Organization New
Loan Facility Term Sheet
Nonprofit Organization Expanded Loan Facility
Term Sheet
FAQ: Do PPP loans count as "outstanding debt" for
purposes of Main Street?
Press Release
October 5, 2020
NY Fed Updates FAQs for Municipal Liquidity Facility
The NY Fed has updated its FAQs for the MLF to indicate that an eligible issuer that wishes to issue eligible
notes to the MLF must submit an NOI no later than 30 calendar days before the facility's stated termination date.
Municipal Liquidity Facility: FAQs
October 1, 2020
Federal Reserve Board Extends Actions to Increase the Availability of Intraday
The Federal Reserve Board extended temporary actions aimed at
increasing the availability of intraday
Federal Register notice: Temporary Actions to
Support the Flow of Credit to Households and Businesses
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Credit Extended by Federal Reserve Banks
credit on both a collateralized and uncollateralized basis to support the
flow of credit to households and businesses and to mitigate the
disruptions from COVID-19.
by Encouraging Use of Intraday Credit
September 30, 2020
Fed Extends Measures to Ensure Banks Maintain
Capital Resilience
The Federal Reserve announced an extension to several measures to
ensure that large banks maintain a high level of capital resilience during
the COVID-19 crisis.
Press Release
September 29, 2020
Federal Reserve Issues New COVID-19 Relief Rules
The federal bank regulatory agencies finalized two rules designed to
provide COVID-19 relief:
• A final rule that temporarily defers appraisal and evaluation
requirements after the closing of certain real estate transactions.
• A final rule that neutralizes the regulatory capital and liquidity
effects for banks that participate in certain Federal Reserve
liquidity facilities.
Federal Register Notice: Real Estate Appraisals
Federal Register notice:
Treatment of Certain Emergency Facilities in the Regulatory Capital Rule and the Liquidity Coverage Ratio
Rule
Press Release
September 21, 2020
MSLP Now Permits Multi-Borrower Loans
As of September 21, the Main Street lender portal includes the additional
functionality to support multi-borrower loan structures, meaning
the program now permits the
Federal Reserve Bank of Boston:
Main Street Lending Program
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
submission of multi-borrower loans – loans made to multiple co-borrowers.
September 18, 2020
Fed Updates MSLP FAQs The Federal Reserve Board updated the FAQs to clarify the Board and
Department of Treasury’s expectations regarding lender
underwriting for the Main Street Lending Program.
For-Profit Frequently Asked Questions
Nonprofit Frequently Asked
Questions
Press Release
September 8, 2020
Federal Reserve Releases Reports on COVID-19
Lending Facilities
The Federal Reserve has released reports detailing the activities of
facilities authorized to combat COVID-19.
Periodic Report: Update on Outstanding Lending
Facilities Authorized by the Board under Section 13(3) of
the Federal Reserve Act
MSNLF Transaction-specific disclosures
MSELF Transaction-specific
disclosures
MSPLF Transaction-specific disclosures
September 4, 2020
Main Street Lending Program Opens to
Nonprofits
The Federal Reserve announced that the MSLP for nonprofits is
operational.
Press Release
August 26, 2020
Agencies Issue CARES Act Rule
The federal bank regulatory agencies today finalized three rules, including a final rule that temporarily modifies
Regulatory Capital Rule Temporary Changes to and
Transition for the
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
the community bank leverage ratio, as required by the CARES Act.
Community Bank Leverage Ratio Framework (PDF)
August 24, 2020
Federal Reserve Updates FAQS for MSLP
The Federal Reserve has updated the MSLP FAQs for nonprofit
organizations and businesses.
Nonprofit Frequently Asked Questions
For-Profit Frequently Asked
Questions
August 11, 2020
Federal Reserve Announces Revised Pricing for
Municipal Liquidity Facility (MLF)
The Federal Reserve Board announced revised pricing for its
MLF. The revised pricing reduces the interest rate spread on tax-exempt
notes for each credit rating category and reduces the amount by which the
interest rate for taxable notes is adjusted relative to tax-exempt notes.
Term Sheet Press Release
August 6, 2020
Federal Reserve Updates FAQs for Nonprofit Loans
The Federal Reserve has updated the FAQs for the MSLP nonprofit lending
program.
Nonprofit Frequently Asked Questions
July 31, 2020
Federal Reserve Updates Main Street Lending Program Documents
The Boston Fed has updated the documents for the MSLP, including forms, agreements, and FAQs. They
now include the Nonprofit Organization New Loan Facility and Nonprofit Organization Expanded
Loan Facility, simplify certain form and agreement fields, and
accommodate multi-borrower loans.
MSLP Forms and Agreements
MSLP For-Profit FAQs
MSLP For-Profit FAQs
(Comparison)
MSLP Nonprofit FAQs
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
MSLP Nonprofit FAQs (Comparison)
July 28, 2020
Federal Reserve Extends Lending Facilities Through
12/31
The Federal Reserve announced a three-month extension that will facilitate planning by potential
facility participants and provide certainty that the facilities will
continue to be available to help the economy recover from the COVID-19
pandemic.
Secondary Market Corporate Credit Facility Term Sheet
Main Street Priority Loan
Facility Term Sheet
Main Street New Loan Facility Term Sheet
Money Market Mutual Fund
Liquidity Facility Term Sheet
Main Street Expanded Loan Facility Term Sheet
Term Asset-Backed
Securities Loan Facility Term Sheet
Paycheck Protection
Program Liquidity Facility Term Sheet
Primary Dealer Credit
Facility Term Sheet
Primary Market Corporate Credit Facility Term Sheet
Nonprofit Organization New
Loan Facility Term Sheet
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Nonprofit Organization Expanded Loan Facility
Term Sheet July 23, 2020
Federal Reserve Releases FAQs for Main Street for Nonprofit Organizations
The Federal Reserve released FAQs for nonprofit organizations
interested in the Main Street Lending Program.
Frequently Asked Questions
July 23, 2020
Federal Reserve Announces Expansion of TALF, CPFF,
and SMCCF
The Federal Reserve announced a broadened set of firms eligible to
transact with and provide services in the Term Asset-Backed Securities Loan Facility (TALF), Commercial
Paper Funding Facility (CPFF), and Secondary Market Corporate Credit
Facility (SMCCF).
Commercial Paper Funding Facility Term Sheet
Term Asset-Backed
Securities Loan Facility
TALF, SMCCF, and CPFF Expanded Counterparty
FAQs
Press Release
July 21, 2020
Federal Reserve Votes to Maintain Current Schedule
of Prices
In recognition of the COVID-19 pandemic, the Fed announced its
intent to maintain the current schedule of prices for most payment
services that the Federal Reserve Banks provide to depository
institutions in 2021.
Press Release
July 17, 2020
Federal Reserve Modifies Main Street Lending
Program to Provide Greater Access for Nonprofit
Organizations
The Federal Reserve modified the Main Street Lending Program to
provide greater access for nonprofit organizations, approving two new
Nonprofit Organization Expanded Loan Facility
Term Sheet
Nonprofit Organization New Loan Facility Term Sheet
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
loan options to provide support to a broad set of nonprofit organizations.
July 15, 2020
Federal Reserve Extends Rule Change to Increase
Payroll Protection Program Effectiveness
The Federal Reserve will continue to allow certain bank directors and
shareholders to apply to their banks for PPP loans for their small
businesses
Federal Register Notice Press Release
July 15, 2020
Boston Fed Updates FAQs for the Main Street Lending
Program
The Boston Federal Reserve has updated the FAQs for the Main Street Lending Program, seeking to provide
additional clarity.
Updated FAQs
Updated FAQ Comparison
July 8, 2020 Boston Fed Publishes Listing of Lenders Accepting Customers Under the Main
Street Lending Program
The Boston Fed published a state-by-state listing of lenders participating in the Main Street Lending Program
who are currently accepting applications from new business
customers and also elect to be listed.
State-by-State Listing
July 6, 2020 Main Street Lending Program Fully Operational
The Federal Reserve Bank of Boston on Monday announced that the Main Street Lending Program is now fully
operational, ready to purchase participations in eligible loans that
are submitted to the program by registered lenders.
Program Information Press Release
June 29, 2020
NY Fed Launches Primary Market Corporate Credit
Facility
The Federal Reserve Bank of New York today announced that the
Primary Market Corporate Credit Facility (PMCCF) is operational and
Frequently Asked Questions
Issuer Certification Forms and Other Documents
Press Releases
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
available for use beginning June 29, and that the
Program Terms and
Conditions June 26, 2020
Boston Fed Updates Main Street Lending Program
FAQs
The Boston Fed added questions to the Main Street Lending Program FAQs regarding calculating total
compensation for purposes of limits on a borrower’s employee
compensation under the direct loan restrictions (H.12-H.14) and required
borrower financial information and other inputs required by the Main
Street portal (L.8 and L.9).
Updated FAQs
June 23, 2020
Regulatory Agencies Issue Examiner Guidance for
Assessing Safety and Soundness Considering the
Effect of the COVID-19 Pandemic on Financial
Institutions
The four federal agencies in conjunction with the state bank and credit union regulators today issued
examiner guidance to promote consistency and flexibility in the supervision and examination of
financial institutions affected by the COVID-19 pandemic.
Interagency Examiner Guidance for Assessing Safety and Soundness
Considering the Effect of the COVID-19 Pandemic on
Institutions
Press Release
June 20, 2020
Federal Reserve Updates Main Street Lending
Program FAQs
The Boston Federal Reserve updated FAQs on the Main Street Lending Program, specifically FAQ C.6 (re:
debt refinancing under MSPLF), H.11 (re: conflicts of interest certification, including with respect to preferred
equity), K.5 (re: application of lending limit regulations), L.4 (re: 1-
day funding under conditional
Updated FAQs
FAQs Comparison
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
funding model), and L.5 (re: SPV purchases under earlier program
terms).
June 15, 2020
Main Street Lending Program Open for Lender
Registration
Lenders may now register under the Main Street Lending Program. Lenders can find the necessary registration documents on the
program site and are encouraged to begin making Main Street program
loans immediately.
Main Street Lender Portal
Registration Documents
Main Street Lending Program
Site
June 15, 2020
New York Fed Releases Updated Frequently Asked Questions and Documents
for the TALF
The New York Fed has updated several documents and Frequently
Asked Questions for TALF.
Frequently Asked Questions
Form of Issuer and Sponsor Certification as to TALF
Eligibility for ABS
FRBNY Borrower Due Diligence Policy for TALF
Agents
June 15, 2020
New York Fed Announces Start of Additional Secondary Market
Corporate Credit Facility Purchases on June 16
The Federal Reserve Bank of New York today announced that the
Secondary Market Corporate Credit Facility (SMCCF) will begin buying
corporate bonds on June 16.
Revised Term Sheet
Updated FAQs
June 8, 2020
Federal Reserve Board Expands Its Main Street
Lending Program to Allow Small and Medium-Sized Businesses to Be Able to
Receive Support
The Fed has lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal
repayment schedule to begin after two years, and extended the term to five years, providing borrowers with
Term Sheet: Main Street New Loan Facility
Term Sheet: Main Street
Priority Loan Facility
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
greater flexibility in repaying the loans.
Term Sheet: Main Street Expanded Loan Facility
June 8, 2020
New York Fed Releases Updated Frequently Asked Questions and Documents for the Term Asset-Backed
Securities Loan Facility
The FAQs specify that with respect to ABS issued on or after March 23 and
before May 22, in advance of submitting any loan requests for the June 17 subscription date only, the
CUSIP number and a copy of the final prospectus or offering document
must be submitted by the issuer to the New York Fed by June 11, and all
other documentation by June 15.
Frequently Asked Questions
Form of Issuer and Sponsor Certification as to TALF
Eligibility for ABS; Form of Sponsor Indemnity
Undertaking
Form of Auditor Attestation; Form of Management Report
on Compliance Guidance for Accounting
Firms in Determining TALF Collateral Eligibility for ABS
June 7, 2020
Federal Reserve Board Releases Update Report on
Lending Facilities
The Federal Reserve Board is providing the following updates
concerning lending facilities established under section 13(3) of
the Federal Reserve Act (12 U.S.C. § 343).
Update on Outstanding Lending Facilities
Authorized by the Board under Section 13(3) of the
Federal Reserve Act
June 3, 2020
Federal Reserve Board Expands Entities Eligible to
Directly Use Municipal Liquidity Facility (MLF)
All states will be able to have at least two cities or counties eligible to directly issue notes to the MLF
regardless of population. The MLF continues to be directly open to US
states, DC, US cities with a population of at least 250,000 residents, US
counties with a population of at least
Term Sheet: Municipal Liquidity Facility
Municipal Liquidity Facility: Frequently Asked Questions
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
500,000 residents, and certain multistate entities.
Appendix A: Federal Reserve Municipal Liquidity Facility
Limit per State
May 29, 2020
The New York Fed Releases Legal Services Engagement
Letter Template
The NY Fed continues to release information for vendors on the Main
Street Lending Program.
Legal Services Engagement Letter
May 27, 2020
Boston Fed Releases New FAQs and Operating
Documents for Main Street Lending Program
The Federal Reserve Bank of Boston released on the Main Street Lending
Program, including a form loan participation agreement, lender
certifications and covenants, borrower certifications and
covenants, updated Frequently Asked Questions, and more.
Main Street Lending Program Forms and
Agreements
FAQs
Press Release
May 27, 2020
NY Fed Posts TALF Agreements
The New York Federal Reserve posted to facility agreements for the Term Asset-Backed Securities Loan
Facility (TALF).
Collateral Custody and Administration
Agreement
Collateral Monitor Agreement
May 22, 2020
Federal Reserve Bank of Boston Announces Main
Street Loan Program Vendor
The Federal Reserve Bank of Boston selected State Street Bank and Trust Company as a third-party vendor to
serve as the custodian and accounting administrator for the
Main Street Lending Program. State Street was selected for this role after
Main Street Lending Program
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
evaluating its response to a request for proposals.
May 20, 2020
Federal Reserve Releases Guidance on Small-Dollar
Loans
The federal financial institution regulatory agencies today issued
principles for offering small-dollar loans in a responsible manner to
meet financial institutions customers' short-term credit needs.
Interagency Lending Principles for Offering
Responsible Small-Dollar Loans
Press Release
May 20, 2020
New York Fed Announces the First Subscription Date and Releases FAQs for the
Term Asset-Backed Securities Loan Facility
The NY Fed announced the first loan subscription date for TALF and released an expanded set of FAQs and other documents pertaining to the facility’s operations.
TALF Website
Master Loan and Security Agreement
Program Terms and
Conditions
Frequently Asked Questions
Press Release
May 18, 2020
NY Fed Releases Application materials for the Municipal Liquidity
Facility
The Federal Reserve Bank of New York today released a sample application and form documents and certifications with detailed information for potential issuers who wish to sell eligible notes to the MLF.
Notice of Interest
Sample Application
Form Documents and Certifications
Municipal Liquidity Facility
Application Materials
May 15, 2020
Regulators Temporarily Change the Supplementary
Leverage Ratio
The temporary modifications will provide flexibility to certain
depository institutions to expand their balance sheets in order to
provide credit to households and
Regulatory Capital Rule: Temporary Exclusion of US Treasury Securities and Deposits at Federal Reserve Banks from the
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
businesses in light of the challenges arising from the coronavirus
response.
Supplementary Leverage Ratio for Depository
Institutions
Additional Questions on Regulatory Capital Rule: Temporary Exclusion of US Treasury Securities and Deposits at Federal Reserve Banks from the
Supplementary Leverage Ratio for Depository
Institutions
May 15, 2020
Federal Reserve Releases Report on Activities
The Federal Reserve periodically releases reports on its activities, as is mandated by the Federal Reserve Act. This report includes updates on (1) the Municipal Liquidity Facility (MLF); (2) the Main Street New Loan Facility; (3) the Main Street Expanded Loan Facility; and (4) the Paycheck Protection Program Liquidity Facility (PPPLF).
Periodic Report: Update on Outstanding Lending
Facilities Authorized by the Board under Section 13(3) of
the Federal Reserve Act
May 15, 2020
New York Fed Releases Notice of Interest for the
Municipal Liquidity Facility
The NY Fed released a Notice of Interest for eligible issuers to express interest in selling notes to the special
purpose vehicle (SPV) Municipal Liquidity Facility LLC. Filling out the
notice of interest is the initial step for an eligible issuer.
Notice of Interest Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
May 12, 2020
Federal Reserve Publishes Updates to The Term Sheet for The Term Asset-Backed
Securities Loan Facility (TALF) and Announces
Information to Be Disclosed Monthly
The Federal Reserve Board on Tuesday announced additional
information regarding borrower and collateral eligibility criteria for the TALF. On Tuesday, the Board also
outlined the information it will publicly disclose for the TALF and the
PPPLF on a monthly basis.
Term Sheet: Term Asset-Backed Securities Loan
Facility
FAQs: Term Asset-Backed Securities Loan Facility
Press Release
May 11, 2020
New York Fed Announces Start of Certain Secondary Market Corporate Credit
Facility Purchases on May 12
The Federal Reserve Bank of New York today announced that the
Secondary Market Corporate Credit Facility (SMCCF) will begin purchases of exchange-traded funds (ETFs) on
May 12.
Term Sheet
Statement from the Secretary of Treasury
Press Release
May 11, 2020
Federal Reserve Issues Updates to Municipal
Liquidity Facility Term Sheet
The Federal Reserve Board on Monday published updates to the term sheet for the MLF to provide
pricing and other information.
Term Sheet: Municipal Liquidity Facility
Municipal Liquidity Facility: Frequently Asked Questions
Appendix B: Municipal
Liquidity Facility - Pricing Appendix
Press Release
May 8, 2020
Federal Financial Regulatory Agencies Issue
Interagency Policy Statement on Allowances
for Credit Losses and Credit Risk Review Systems
Four federal financial regulatory agencies have approved a policy
statement on allowances for credit losses. The agencies also finalized
interagency guidance on credit risk review systems.
Federal Register Interagency Policy Statement on
Allowances for Credit Losses
Federal Register: Interagency Guidance on
Credit Risk Review Systems
Press Release
May 8, 2020
Federal Reserve Board Releases Report to Congress
Pursuant to Section 13(3) of the Federal Reserve Act, the Federal
Federal Reserve Board Report to Congress
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
on Main Street Priority Loan Facility
Reserve Board has released a report to Congress on the Main Street
Priority Loan Facility.
May 6, 2020
Agencies Extend Two Resolution Plan Deadlines
In light of the challenges arising from the coronavirus response, the Federal
Deposit Insurance Corporation and the Federal Reserve Board today
announced two extensions to upcoming resolution plan deadlines. The extension applies to the targeted
resolution plans from the large foreign and domestic banks in
Category II and Category III of the agencies' large bank regulatory
framework.
Resolution Plan Deadline Extension Firm List
2021 Plan Extension Letter
Template for 10 Firms
2020 + 2021 Plan Extension Letter Template for Four
Foreign Banks
Press Release
May 5, 2020
Bank Regulators Modify Liquidity Coverage Ratio
(LCR) for Banks Participating in Money
Market Mutual Fund Liquidity Facility and Paycheck Protection
Program Liquidity Facility
The interim final rule facilitates participation in these facilities by
neutralizing the LCR impact associated with the non-recourse
funding provided by these facilities. The rule does not otherwise alter the
LCR or its calibration.
Federal Register Notice Press Release
May 4, 2020
New York Fed Releases Information on the Primary
Market and Secondary Market Corporate Credit
Facility
Additional details provided in these FAQs include information on
eligibility of issues and issuers, guidance on compliance with CARES
Act requirements, and terms applicable to underwriting for new
issue syndications.
FAQs Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
May 4, 2020
Federal Reserve Board Adds Two Questions to Main
Street Lending Program Site
How do eligible borrowers apply? Once the program is operational,
small and medium-sized businesses interested in the program can apply for program loans by contacting an
eligible lender.
What documents should eligible lenders prepare? The Federal
Reserve will publicly issue a form loan participation agreement, form borrower and lender certifications, and other form agreements that are
necessary to implement the program in accordance with the term sheets.
The Federal Reserve will not provide form loan documents for eligible
lenders to use when making eligible loans to eligible borrowers. Rather,
eligible lenders should provide these documents. Loan documents related to any loans that are participated to the SPV must reflect the terms of the
program.
Main Street Lending Program
May 1, 2020
Federal Reserve Board Extends Initial Compliance
Dates for Certain Parts of Its Single-Counterparty Credit
Limit Rule by 18 Months
The Fed finalized a rule to extend by 18 months the initial compliance
dates for certain parts of its single-counterparty credit limit rule. The
extension applies to the combined US operations of foreign banks and
provides additional time for foreign jurisdictions' implementation of the
standard to become effective.
Federal Register Notice Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
April 30, 2020
Federal Reserve Expands Access to Its Paycheck
Protection Program Liquidity Facility (PPPLF) to
Additional Lenders, and Expands the Collateral That
Can Be Pledged
All PPP lenders approved by the US Small Business Administration (SBA), including non-depository institution
lenders, are now eligible to participate in the PPPLF.
Additionally, eligible borrowers will be able to pledge whole PPP loans
that they have purchased as collateral to the PPPLF.
Term Sheet Press Release
April 30, 2020
Federal Reserve Board Announces It is Expanding the Scope and Eligibility for
the Main Street Lending Program
The Fed has expanded loan options available to businesses, and
increased the maximum size of businesses that are eligible for
support under the program. The changes include:
- Creating a third loan option, with increased risk sharing by lenders for
borrowers with greater leverage;
- Lowering the minimum loan size for certain loans to $500,000; and
- Expanding the pool of businesses eligible to borrow.
Term sheet: Main Street New Loan Facility
Term sheet: Main Street
Priority Loan Facility
Term sheet: Main Street Expanded Loan Facility
Main Street Lending
Program Frequently Asked Questions
Press Release
April 29, 2020
Federal Reserve Issues Federal Open Market
Committee Statement and Implementation Note
The Federal Reserve is renewing its commitment to using its full range of tools to support the US economy in
this challenging time, thereby promoting its maximum employment
and price stability goals. The Fed:
- Decided to maintain the target range for the federal funds rate at 0
to ¼%.
Implementation Note Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
- Continues to monitor the implications of incoming information.
- Continues to purchase securities and agency residential and
commercial mortgage-backed securities in the amounts needed to support smooth market functioning.
April 27, 2020
Federal Announces Expansion of the Municipal
Liquidity Facility
The facility will now purchase up to $500 billion of short-term notes
issued by US states (including the District of Columbia), US counties
with a population of at least 500,000 residents, and US cities with a population of at least 250,000
residents. This is an expansion of the population threshold. In addition, the
duration of the program has been extended.
Term Sheet
FAQs
FAQs: Appendix A
Press Release
April 27, 2020
Fed Extends Comment Period on Updates to
Resolution Plan Guidance for Large Foreign Banks
Extension will allow interested parties additional time to analyze the
issues and to prepare comments through June 4, 2020.
Federal Register Notice Press Release
April 24, 2020
Federal Reserve Board Announces Interim Final
Rule to Delete the Six-Per-Month Limit on Convenient
Transfers From the "Savings Deposit" Definition
in Regulation D
Allows customers to make an unlimited number of convenient
transfers and withdrawals from their savings deposits at a time when
financial events associated with the coronavirus pandemic have made
such access more urgent.
Savings Deposits FAQs
Federal Register Notice
Federal Register Notice
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
April 23, 2020
The Fed Announces It Is Working to Expand Access
to Its PPPLF
To facilitate lending to small businesses via the SBA's PPP, the
Federal Reserve on Thursday announced that it is working to
expand access to its PPPLF.
Press Release
April 23 The Fed Announces Temporary Actions Aimed
at Increasing the Availability of Intraday
Credit
Supports the flow of credit to households and businesses, as well as
encourages regular use of intraday credit by healthy financial
institutions
Federal Register Notice Press Release
April 23, 2020
The Fed Outlines Public Information It Will Make
Available Regarding Programs to Support the
Flow of Credit
The Fed has outlined information that it will release to provide
additional transparency.
Press Release
April 17, 2020
NY Fed Releases FAQs for Primary Market Corporate
Credit Facility and Secondary Market
Corporate Credit Facility
The NY Fed has sought to provide additional information and
clarification on the PMCCF and SMCCF.
FAQs for SMCCF and PMCCF Press Release
April 17, 2020
Federal Reserve Announces Paycheck Protection
Program Rule Change
The change will temporarily modify the Board's rules so that certain bank directors and shareholders can apply
for PPP loans for their small businesses.
Federal Register Notice Press Release
April 16, 2020
Federal Reserve announces its Paycheck Protection
Program Liquidity Facility is fully operational
The PPP guarantees loans extended by qualified lenders to small
businesses so that those businesses can keep workers employed. The
Federal Reserve's facility will support the effectiveness of the PPP by
extending credit to financial
Paycheck Protection Program Liquidity Facility
(PPPLF)
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
institutions that make PPP loans, using such loans as collateral.
April 14, 2020
Federal banking agencies to defer appraisals and
evaluations for real estate transactions affected by
COVID-19
This temporary relief is to allow regulated institutions to extend
financing to creditworthy households and businesses quickly in the wake of
the national emergency declared in connection with COVID-19.
Interim Final Rule
Interagency Statement
Press Release
April 14, 2020
NY Fed Begins to Public Daily Rates for the
Commercial Paper Funding Facility (CPFF)
The Federal Reserve created the (CPFF) to provide a liquidity
backstop to US issuers of commercial paper. Daily rates will be posted by
8:00 a.m. ET.
CPFF Daily Purchase Rates
April 9, 2020
Establishes the Municipal Liquidity Facility
Help state and local governments manage cash flow stresses caused by the coronavirus pandemic by offering up to $500 billion in lending to states and municipalities. The Treasury will
provide $35 billion of credit protection.
Term Sheet: Municipal Liquidity Facility
Press Release
April 9, 2020
Expands the Primary and Secondary Market
Corporate Credit Facilities (PMCCF and SMCCF) and
Term Asset-Backed Securities Loan Facility
(TALF)
Increase the flow of credit to households and businesses through
capital markets. These three programs will now support up to
$850 billion in credit backed by $85 billion in credit protection provided
by the Treasury.
Term Sheet: Primary Market Corporate Credit Facility
Term Sheet: Secondary
Market Corporate Credit Facility
Term Sheet: Term Asset-Backed Securities Loan
Facility
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
April 9, 2020
Establishes the Main Street Lending Program
Ensure credit flows to small and mid-sized businesses with the purchase of
up to $600 billion in loans through the Main Street Lending Program. Treasury will use funding from the CARES Act to provide $75 billion in
equity to the facility.
Term Sheet: Main Street New Loan Facility
Term Sheet: Main Street Expanded Loan Facility
Press Release
April 9, 2020
Establishes the Paycheck Protection Program
Liquidity Facility
Extends credit to eligible financial institutions that originate PPP loans, taking the loans as collateral at face
value.
Term Sheet: Paycheck Protection Program Lending
Facility
Press Release
April 9, 2020
Federal bank regulators issue interim final rule for
Paycheck Protection Program Facility
Encourages lending to small businesses through the SBA's PPP.
Regulatory Capital Rule: Paycheck Protection
Program Lending Facility and PPP Loans
Press Release
April 8, 2020
Federal Reserve Board announces it will
temporarily and narrowly modify the growth
restriction on Wells Fargo
To provide additional support for small businesses and others during the current unprecedented crisis.
Amended Consent Order Press Release
April 7, 2020
Agencies issue revised interagency statement on
loan modifications by financial institutions
working with customers affected by the coronavirus
Encourages financial institutions to work constructively with borrowers affected by COVID-19, and provides
additional information regarding loan modifications and the agencies' views
on consumer protection considerations.
Interagency Statement Press Release
April 6, 2020
Federal Reserve Establishes Facility to Facilitate Lending to Small Businesses via the
SBA's PPP
Facilitates lending to small businesses eligible for the PPP. Will provide term financing backed by
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
PPP loans. More details to be announced later in the week.
April 6, 2020
New York Fed Opens the Registration Process for the Commercial Paper Funding
Facility and Releases Additional Information for
April 14 Launch
The Federal Reserve Bank of New York today opened the registration process for the Commercial Paper
Funding Facility (CPFF) and released an expanded set of Frequently Asked
Questions (FAQs) pertaining to the facility’s operations. The CPFF will
begin funding purchases of commercial paper on April 14.
FAQs
Commercial Paper Funding Facility Issuer Registration
Materials
Program Terms and Conditions
Press Release
April 1, 2020
Federal Reserve Board announces temporary
change to its supplementary leverage ratio rule
Eases strain in the Treasury market resulting from the coronavirus and
increase banking organizations’ ability to provide credit to
households and businesses.
Federal Register Notice Press Release
March 31, 2020
Federal Reserve announces establishment of a
temporary FIMA Repo Facility
Establishes a temporary repurchase agreement facility for foreign and
international monetary authorities to help support smooth functioning of
financial markets. Allows FIMA account holders to enter into
repurchase agreements with the Fed.
FIMA Repo Facility FAQs Press Release
March 31, 2020
Federal Reserve Board will delay by six months the
effective date for its revised control framework
Reduces operational burden and allows institutions to focus on current economic conditions.
Federal Register Notice Press Release
March 31, 2020
Joint Statement on Interaction of the
Regulatory Capital Rule: Revised Transition of the
CECL Methodology for
Clarifies the interaction between the CECL IFR and the CARES Act for purposes of regulatory capital
requirements.
Joint Statement Supervision and Regulation Notice
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Allowances with Section 4014 of CARES
March 27, 2020
Identification of Essential Critical Infrastructure
Workers in the Financial Services Sector During the
COVID-19 Response
Workers who are needed to process and maintain systems for processing financial transactions and services, workers who are needed to provide
consumer access to banking and lending services, and workers who
support financial operation are deemed essential.
Supervision and Regulation Letter 20-6
March 27, 2020
Optional Extension of the Regulatory Capital
Transition for the New Credit Loss Accounting
Standard
Allows banking organizations to mitigate the effects of the "current
expected credit loss," or CECL, accounting standard.
Federal Register Notice Press Release
March 27, 2020
Early Adoption of New Method to Measure
Counterparty Credit Risk Derivatives Contracts
Improve current market liquidity by permitting banking organizations to
early adopt SA-CCR.
Federal Register Notice Press Release
March 26, 2020
Increasing the System Open Market Account (SOMA) Holdings of Mortgage-
Backed Securities
The FOMC ordered the NY Fed to increase the holdings of agency
mortgage-backed securities, including CMBS, in the amounts
needed to support smooth market functioning.
Term Sheet
FOMC Directive
Press Release
March 26, 2020
Reporting Relief to Small Financial Institutions
The Fed will not act against a financial institution with $5 billion or
less in total assets for late submissions.
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
March 26, 2020
Encouraging Responsible Small-Dollar Lending in Response to COVID-19
Agencies are specifically encouraging small-dollar lending to both
consumers and small businesses.
Joint Statement Press Release
March 24, 2020
Implementation Delay for Changes Payment System Risk Policy for Intraday
Credit
Six-month delay in implementation of changes to procedures governing the
provision of intraday credit to US branches and agencies of foreign
banking organizations.
Federal Register Notice Press Release
March 24, 2020
Supervisory Approach Adjustments
Fed will temporarily reduce its examination activities, with the greatest reduction in activities
occurring at the smallest banks.
Federal Reserve Statement Press Release
March 23, 2020
Commercial Paper Funding Facility (CPFF)
Government to purchase commercial paper from eligible issuers.
March 20 Term Sheet
March 17 Program Terms and Conditions
Press Release FAQs
March 23, 2020
Term Asset-Backed Securities Loan Facility
(TALF)
Government to issue non-recourse loans secured by eligible asset-
backed securities.
Term Sheet Press Release
March 23, 2020
Primary Market Corporate Credit Facility (PMCCF)
Government to purchase corporate bonds from eligible issuers.
Term Sheet Press Release
March 23, 2020
Secondary Market Corporate Credit Facility
(SMCCF)
Government to purchase eligible corporate bonds and exchange-traded funds in the secondary
market.
Term Sheet Press Release
March 23, 2020
Total Loss Absorbing Capacity (TLAC) Buffer
Requirements
Gradual phase in for automatic restrictions associated "total loss
absorbing capacity," buffer requirements to promote lending
activity to households and businesses.
Interim Final Rule Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
3 Treasury Coronavirus Page: https://home.treasury.gov/coronavirus
March 20, 2020
Money Market Mutual Fund Liquidity Facility (MMLF)
Government to issue non-recourse loans secured by eligible money
market mutual funds.
Term Sheet
Interim Final Rule
March 18 Press Release; March 20
Press Release
March 20, 2020
Central Bank Action to Further Enhance the
Provision of Dollar Liquidity
Central banks have agreed to increase the frequency of seven-day maturity operations from weekly to
daily and establish swap lines.
Press Release
March 19, 2020
CRA Consideration for Activities in Response to
COVID-19
Favorable consideration for banking and lending activities that are
responsive to low- and moderate-income individuals, small businesses, and small farms affected by COVID-
19.
Joint Statement
March 19, 2020
Establishment of Temporary US Dollar
Liquidity Arrangements
Establishment of temporary US dollar liquidity arrangements (swap lines).
Swap Lines FAQs Press Release
March 15, 2020
FOMC Statement – Discount Window, Intraday Credit;
Bank Capital and Liquidity Buffers; Reserve
Requirements
The Fed encourages depository institutions to use their capital and
liquidity buffers, utilize intraday credit, and the discount window to
maintain liquidity.
FOMC Statement Press Release
US Department of the Treasury3
April 21, 2021
Tax Credits Available to Small Employers to Provide
Paid Leave to Employees Receiving COVID-19
Vaccines
The Treasury Department and the Internal Revenue Service announced further details of tax credits available
to help small businesses, including
Fact Sheet Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
providing paid leave for employees receiving COVID-19 vaccinations.
April 14, 2021
Treasury Establishes New Office to Lead
Implementation of Relief and Recovery Programs
The U.S. Department of the Treasury announced the establishment of the Office of Recovery Programs to lead the Department’s implementation of
economic relief and recovery programs.
Press Release
April 12, 2021
Treasury, SBA, Release New Lender Application Forms
The Treasury Department and the Small Business Administration has
released new and updated application forms for Paycheck
Protection Program lenders.
Lender Application Form for Federally Insured
Depository Institutions, Federally Insured Credit Unions, and Farm Credit
System Institutions
Lender Application Form for Non-Bank and Non-Insured
Depository Institution Lenders
April 7, 2021
Treasury Releases Statement on State Fiscal Recovery Funds and Tax
Conformity
The Treasury Department released a statement on the provision of state fiscal recovery funds, as well as on
tax conformity.
Press Release
April 6, 2021
Treasury, SBA Updates PPP FAQs
The Treasury Department has released updated FAQs for the
Paycheck Protection Program. The FAQs are in the process of being
revised and do not yet reflect changes made by the American Rescue Plan Act of 2021 enacted on March 11,
2021.
FAQs Regarding the Paycheck Protection
Program
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
March 30, 2021
Treasury Updates ECIP FAQs
On March 30, the Treasury Department released an updated
version of Emergency Capital Investment Program (ECIP) FAQs.
Press Release
March 26, 2021
Treasury Releases Emergency Rental
Assistance Programs Materials
On March 26th, the Treasury Department released revised and
new FAQs and grantee award terms.
Grantee Award Terms
FAQs Regarding the Emergency Rental
Assistance Program
March 22, 2021
SBA Publishes New Interim Final Rule on the PPP, Posts
on Treasury Website
The SBA has published a new final rule on changes to the PPP made by
the American Rescue Plan.
Interim Final Rule: Business Loan Program Temporary
Changes; Paycheck Protection Program as Amended by American
Rescue Plan Act
March 18, 2021
Treasury Releases Summary of the American
Rescue Plan
On March 18th, the Treasury Department released an overview of the newly enacted American Rescue
Plan.
FACT SHEET: The American Rescue Plan Will Deliver
Immediate Economic Relief to Families
March 16, 2021
Treasury Releases Revised FAQs for the Emergency
Rental Assistance Program
The Treasury Departments revised Emergency Rental Assistance
Program FAQs to provide additional guidance.
FAQs regarding the Emergency Rental
Assistance Program
Emergency Rental Assistance Program
March 12, 2021
Treasury, SBA Release New PPP Documents
Treasury and the SBA released updated FAQs on the Paycheck Protection Program, as well as
additional guidance on revenue estimates.
Frequently Asked Questions
How to Calculate Maximum Loan Amounts for First Draw
PPP Loans and What Documentation to Provide –
By Business Type
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Second Draw PPP Loans – How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to
Provide
March 10, 2021
Treasury Releases New FAQs on the Payroll Support
Program Extension
Treasury has released FAQs to elucidate requirements for the
Payroll Support Program Extension (PSP2) for Passenger Air Carriers and
Contractors.
Payroll Support Program Extension FAQs
March 4, 2021
Treasury Launches Emergency Capital
Investment Program
The Treasury announced that it was opening the application process for the Emergency Capital Investment
Program, a new initiative designed to support access to capital in
communities traditionally excluded from the financial system and that have struggled the most during the
COVID-19 crisis.
Application Instructions and Materials
Senior Preferred Stock Term
Sheet
Subordinated Debt Term Sheet for Mutual Institutions
and S Corporations
Subordinated Debt Term Sheet for Credit Unions
Rate Reduction Incentive
Guidelines
ECIP Restrictions on Executive Compensation,
Share Buybacks, and Dividends
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
March 3, 2021
Treasury, SBA, Releases New Applications, Guidance, for PPP
The Treasury Department and SBA released a wide variety of new
documents on the Paycheck Protection Program, including
applications and FAQs.
Borrower Application Form (revised 3/3/2021)
Second Draw Borrower
Application Form (revised 3/3/2021)
Borrower Application Form for Schedule C Filers Using Gross Income (3/3/2021)
Second Draw Borrower
Application Form for Schedule C Filers Using
Gross Income (3/3/2021)
Lender Application Form (revised 3/3/2021)
Second Draw Lender
Application Form (revised 3/3/2021)
Frequently Asked Questions
(3/3/2021)
February 22, 2021
Treasury Updates FAQs for the Emergency Rental
Assistance Program
Treasury is providing FAQs as guidance regarding the requirements of the Emergency Rental Assistance
program.
Emergency Rental Assistance Frequently Asked
Questions
February 17, 2021
Treasury, SBA, Release New PPP Borrower Applications
The Treasury and SBA have released revised borrower applications for the
Paycheck Protection Program.
Borrower Application Form
Second Draw Borrower Application Form
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
February 5, 2021
Treasury, SBA Release New PPP Interim Final Rule
The SBA and Treasury released a new interim rule on changes made to the Paycheck Protection Program by the
Economic Aid Act.
PPP -Loan Forgiveness Requirements and Loan Review Procedures as
Amended by Economic Aid Act
January 19, 2021
Treasury Releases Emergency Rental Assistance FAQs
The Treasury Department has released a set of FAQs on the Emergency Rental Assistance
program.
Emergency Rental Assistance Frequently Asked
Questions
January 19, 2021
Treasury, SBA Release PPP Loan Forgiveness Applications and
Instructions
The Treasury Department and SBA released forms 3508S, 3508EZ, and
3508 to be used for PPP loan forgiveness.
PPP – Loan Forgiveness Application and Instructions
– Form 3508S
PPP – Loan Forgiveness Application and Instructions
– Form 3508EZ
PPP – Loan Forgiveness Application and Instructions
– Form 3508
January 17-19, 2021
Treasury, SBA Release PPP Disclosure and
Documentation Guidance
The SBA and Treasury have released documentation and disclosure
information on calculating maximum loan amounts disclosing controlling
issues.
How to Calculate Maximum Loan Amounts for First Draw
PPP Loans and What Documentation to Provide –
By Business Type
Second Draw PPP Loans – How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to
Provide
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
PPP – Borrower’s Disclosure
of Certain Controlling Interests
January 15, 2021
Treasury Releases Details of Emergency Capital
Investment Program
The Emergency Capital Investment Program (ECIP) was created to encourage low- and moderate-
income community financial institutions to augment their efforts
to support small businesses and consumers in their communities.
Emergency Capital Investment Program
Application Instructions and
Materials
January 15, 2021
Treasury Finalizes Payroll Support to Aid Airline Industry Employees
The Department of the Treasury approved more than $12 billion in
payroll support for major passenger air carriers to support airline
industry workers.
Press Release
January 13, 2021
SBA Re-Opens Paycheck Protection Program on
January 15 and All Lenders on January 19
The SBA, in consultation with the Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for
First and Second Draw applications on January 15. The portal will fully
open on January 19, 2021 to all participating PPP lenders to submit
First and Second Draw loan applications to SBA.
Press Release
January 8, 2021
Treasury, SBA Announce Re-Opening of PPP
On January 8th, the Treasury and SBA announced the reopening of the Paycheck Protection Program on
January 11. Initially only community financial institutions will be able to
make First Draw PPP Loans on January 11 and Second Draw PPP
Top-line Overview of First Draw PPP
Top-line Overview of Second Draw PPP
Lender Application Form
Press Release
https://home.treasury.gov/system/files/136/ECIP-Instructions-and-Materials-Early-Release-Draft_0.pdf
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Loans on January 13. The PPP will open to all participating lenders shortly thereafter. In addition, Treasury and the SBA released
additional guidance and application forms.
Second Draw Lender Application Form
Lender Application Form for
Federally Insured Depository Institutions, Federally Insured Credit Unions, and Farm Credit
System Institutions
Lender Application Form for Non-Bank and Non-Insured
Depository Institution Lenders
Borrower Application Form
Second Draw Borrower
Application Form
Guidance on Repeal of EIDL Advance Deduction
Requirement for SBA Loan Forgiveness Remittances to
PPP Lenders
January 7, 2021
Treasury Launches Emergency Rental
Assistance Program (ERAP)
On January 7, the Treasury announced the launch of the $25
billion ERAP, which is set to disburse funds to state governments for use in
emergency rental programs.
Guidance and Additional Information
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
December 29, 2020
Treasury Releases Guidance for 2nd Round of Payroll
Support Program Funding
The Treasury Department released guidance on preparing for and
applying for the second round of Payroll Support Program Funding.
PSP2 Guidelines and Application Procedures
Preparing for the PSP2
Application
December 16, 2020
Treasury Updates FAQs on Payroll Support to Airlines
The Treasury Department has updated the FAQs for the CARES Act
program “Payroll Support Air Carriers and Contractors.”
FAQs
December 10, 2020
Treasury Secretary Mnuchin Appears Before
CARES Act Oversight Commission
Treasury Secretary Steven Mnuchin appeared before the CARES Act
Oversight Commission to update Congress on the National Security
Loan Program.
Statement from Secretary Mnuchin
December 9, 2020
Treasury, SBA, Update PPP FAQs, Unveils “Loan
Necessity Questionnaire”
SBA is reviewing all loans of $2 million or more, and other loans as appropriate, for eligibility, fraud or
abuse, and compliance with loan forgiveness requirements. As part of this process, SBA is providing a Loan Necessity Questionnaire to lenders.
Updated PPP FAQs
Loan Necessity Questionnaire (For-Profit
Borrowers)
Loan Necessity Questionnaire (Non-Profit
Borrowers)
November 30-December 1, 2020
Mnuchin Testifies Before Congressional Committee
on CARES Act
Treasury Secretary Steven Mnuchin appeared before the Senate Banking
and House Financial Services committees for a quarterly report on
the CARES Act.
Senate Banking Testimony
House Financial Services Testimony
November 18, 2020
Treasury Issues Guidance on PPP Expense Deductions
The U.S. Treasury Department and IRS released guidance clarifying the
Revenue Ruling
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
tax treatment of expenses where a PPP loan has not been forgiven by the end of the year the loan was received.
Revenue Procedure
October 30, 2020
Treasury Releases Information on PPP Loan
Forgiveness
On October 30, the Treasury Department has released a new
factsheet on loan forgiveness under the PPP.
Loan Forgiveness Factsheet
October 23, 2020
FATF Adopts Report on The Trends and Development of
Trade-Based Money Laundering
The FATF continued its focus on the impact of the COVID-19 pandemic on
detecting and countering fraud including attempts to defraud government backed stimulus
programs.
Outcomes of the FATF Plenary
Press Releases
October 19, 2020
Treasury Updates FAQs on Coronavirus Relief Fund
Treasury has updated the FAQs relating to the Coronavirus Relief
Fund, designed to provide additional information to state and local
governments.
Coronavirus Relief Fund Frequently Asked Questions
October 16, 2020
Treasury Updates Compliance Guidance for Payroll Support Program
Treasury has updated the FAQs for the Payroll Support Program
Compliance Obligations, adding new sections on CARES Administration
Hub Guidance.
Q&A: Payroll Support Program Compliance
Obligations
October 13, 2020
Treasury Updates FAQs on PPP Loan Forgiveness
The Treasury Department and SBA has added additional information to the FAQs on loan forgiveness under
the PPP.
FAQs
October 8, 2020
SBA and Treasury Announce Simpler PPP
Forgiveness for Loans of $50,000 or Less
Treasury and the SBA have announced a new, streamlined, PPP
loan forgiveness application.
Simpler Loan Forgiveness Application
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Instructions for Completing Simpler Loan Forgiveness
Application
Interim Final Rule
October 7, 2020
Treasury Updates FAQs on PPP Loans
The Treasury Department has updated FAQs relating to the PPP.
FAQs
September 2, 2020
Treasury Releases Updated Guidance and FAQs for COVID-19 Relief Fund
The Treasury Department has updated the FAQs for the Coronavirus
Relief Fund, as well as additional guidance for state, local, and tribal
governments.
Coronavirus Relief Fund Guidance for State,
Territorial, Local, and Tribal Governments
Coronavirus Relief Fund
Frequently Asked Questions
August 28, 2020
Treasury and IRS Issue Guidance Deferring Certain
Payroll Tax Obligations
Treasury has released guidance on deferring payroll tax obligations,
pursuant to the president’s COVID-19 economic relief order.
Treasury Notice
August 24, 2020
Treasury Releases Interim Final Rule on Treatment of Owners and Forgiveness of
Certain Nonpayroll Costs
This interim final rule supplements a previously posted interim final rules by providing additional guidance on treatment of owners and forgiveness
of certain nonpayroll costs.
Interim Final Rule on Treatment of Owners and
Forgiveness of Certain Nonpayroll Costs
August 11, 2020
Treasury Releases Rule on Appeals of SBA Loan
Review Decisions Under the PPP
This interim final rule informs PPP borrowers and lenders of the process for a PPP borrower to appeal certain SBA loan review decisions under the PPP to the SBA Office of Hearings and
Appeals (OHA).
Interim Final Rule
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
August 11, 2020
Treasury Updates Coronavirus Relief Fund
Tribal Allocation Methodology
The Treasury Department has released an updated version of the
Coronavirus Relief Fund Tribal Allocation Methodology.
Coronavirus Relief Fund Tribal Allocation
Methodology
August 11, 2020
Treasury Updates PPP FAQs on Loan Forgiveness
The Treasury Department has updated the FAQs on PPP Loan
Forgiveness.
FAQs on PPP Loan Forgiveness
August 11, 2020
Treasury Updates PPP FAQs The SBA and Treasury Department have updated the FAQs for the PPP.
FAQs
August 4, 2020
Treasury Updates PPP FAQs on Loan Forgiveness
The Treasury Department has updated the FAQs on PPP Loan
Forgiveness.
Frequently Asked Questions (FAQs) on PPP Loan
Forgiveness
July 20, 2020
Treasury Releases Lender Application Forms for
Several Institution Categories
The Treasury Department has released lender application forms for
non-bank lenders, non-insured depository lenders, federally insured
credit unions, farm credit institutions, and federally insured
depository institutions.
Lender Application Form for Federally Insured
Depository Institutions, Federally Insured Credit Unions, and Farm Credit
System Institutions
Lender Application Form for Non-Bank and Non-Insured
Depository Institution Lenders
July 19, 2020
Treasury Posts Compliance Guide for Data Collection
The Treasury Department has posted a compliance guide for the Data
Collection Template.
Data Collection Template Guidance
July 9, 2020 Treasury Releases Compliance Guidance on
Creating a Certified Digital Identity
The Treasury Department released compliance guidance on creating a
certified digital identity as part of the Payroll Support Program.
Creating a Certified Digital Identity
https://home.treasury.gov/system/files/136/Coronavirus-Relief-Fund-Tribal-Allocation-Methodology.pdf
https://home.treasury.gov/system/files/136/Coronavirus-Relief-Fund-Tribal-Allocation-Methodology.pdf
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
July 9, 2020 Treasury Posts Memo on Coronavirus Relief Fund
Reporting and Record Retention Requirements
The Treasury Department has posted a memo on compliance for record retention and reporting under the
CARES Act.
Memorandum
July 8, 2020 Treasury Updates FAQs on Coronavirus Relief Fund
The Treasury Department has updated the FAQs on the Coronavirus Relief Fund for state, local, tribal, and
territorial governments.
FAQs
July 6, 2020 Paycheck Protection Program Reopens
The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to the Paycheck Protection Program Extension Act. The new deadline to
apply for a Paycheck Protection Program loan is August 8, 2020.
SBA: PPP Information
June 30, 2020
Treasury Updates Payroll Support Program FAQs
The Treasury Department has added new questions to the Payroll Support
Program FAQs.
Compliance FAQs
June 25, 2020
Treasury Releases Interim Final Rule on Payroll Costs
Treasury released a new interim final rule on regulations and payroll
eligibility for fishing boats.
Interim Final Rule on Certain Eligible Payroll Costs
June 25, 2020
Treasury Updates PPP FAQs Treasury and the SBA have added question 49 to the PPP FAQs,
regarding the maturity date of PPP loans.
Updated FAQs
June 24, 2020
SBA and Treasury Release Additional Eligibility
Revisions to First Interim Final Rule
The SBA and Treasury released a new interim final rule relating to the
eligibility of felons.
Interim Final Rule on Additional Eligibility
Revisions to First Interim Final Rule
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
June 24, 2020
Treasury Revises Borrower and Lender Applications
Forms
The SBA and Treasury have revised and amended the borrower and
lender application forms for participants in the PPP.
Borrower Application Form (revised 6/24/2020)
Lender Application Form
(revised 6/24/2020)
June 22, 2020
SBA, Treasury Release Guidance on Refinancing of
SBA EIDLs.
Provides guidance for when PPP loan proceeds must be used to refinance SBA Economic Injury Disaster Loans (EIDL) and to inform PPP Lenders of
the procedure for remitting to the SBA any PPP loan proceeds
designated for the refinance of an EIDL.
SBA Procedural Notice
June 22, 2020
SBA, Treasury, Release Revisions to Loan
Forgiveness Protocols
This interim finale rule amends loan forgiveness protocols for the PPP to conform with changed made under
the PPP Flexibility Act.
Interim Final Rule
June 17, 2020
SBA and Treasury Announce New EZ and
Revised Full Forgiveness Applications
The SBA and Treasury Department posted a revised, borrower-friendly
PPP loan forgiveness application implementing the PPP Flexibility Act
of 2020.
EZ Forgiveness Application
Loan Forgiveness Application Form EZ
Instructions
Full Forgiveness Application
Loan Forgiveness Application Instructions
Press Release
June 17, 2020
SBA and Treasury Post Interim Final Rule on
Revisions to the Third and Sixth Interim Final Rules
This interim final rule revises interim final rules posted on SBA’s website
on April 14 (published in the Federal Register on April 20) and April 28
(published in the Federal Register on
Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules
https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-EZ-Instructions.pdf
https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-EZ-Instructions.pdf
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
May 4), by changing provisions to conform to the Flexibility Act.
June 12, 2020
SBA and Treasury Announce New and Revised
Guidance Regarding the PPP
The new guidance included in this release implements the provisions of
the Paycheck Protection Program Flexibility Act.
New Interim Final Rules
New Borrower Application
New Lender Application
Press Release
June 11, 2020
Treasury Releases Revised Applications for Borrowers
and Lenders
Treasury has posted revised applications for borrowers and
lenders participating in the PPP. Additionally, Treasury posted
additional changes to an existing interim final rule.
Borrower Application Form
Lender Application Form
Interim Final Rule on Revisions to First Interim
Final Rule
June 5, 2020
Treasury Posts Interim Final Rule on Eligibility of
Certain Telephone Cooperatives for PPP
Funding
This interim final rule supplements previous rules providing guidance on additional eligibility requirements for
certain telephone cooperatives.
Interim Final Rule
May 28, 2020
Treasury Updates FAQs for State and Local Government
Relief
Treasury has released new guidance and information for states and local
governments receiving federal relief.
FAQs
May 28, 2020
Treasury, SBA Announce $10 Billion for CDFIs
The SBA and Treasury announced that they would be setting aside $10
billion from the 2nd round of PPP funding exclusively for Community Development Financial Institutions
(CDFIs).
Press Release
May 27, 2020
Treasury Releases Updated PPP FAQs
Treasury updated its FAQ to reflect the safe harbor date change that was
FAQs
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
mentioned in previous rule. No other changes were made.
May 22, 2020
Treasury Releases New Guidance on PPP Loan
Reviews and Forgiveness
Treasury has posted to new interim final rules that relate to loans issued
under the PPP program.
Interim Final Rule on Loan Forgiveness
Interim Final Rule on SBA
Loan Review Procedures and Related Borrower and
Lender Responsibilities
May 20, 2020
Treasury Releases Rule on Extension of Limited Safe
Harbor
Extends the date by which certain PPP borrowers may repay their loans from May 14, 2020 to May 18, 2020, in order to avail themselves of a safe
harbor with respect to the certification required by the Act.
Interim Final Rule
May 19, 2020
Treasury Updates PPP FAQs The Treasury Department has added question 48 to the FAQs, relating to
SBA reporting requirements.
Updated FAQs
May 18, 2020
Treasury Adds Interim Final Rule on Treatment of Entities With Foreign
Affiliates.
This interim final rule supplements the previously posted interim final
rules by providing guidance on additional eligibility requirements
related to entities with foreign affiliates.
Interim Final Rule on Treatment of Entities with
Foreign Affiliates
May 15, 2020
SBA and Treasury Release Paycheck Protection
Program Loan Forgiveness Application
The SBA and Department of the Treasury released the PPP Loan
Forgiveness Application and detailed instructions for the application.
Application and Instructions Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
May 14, 2020
Treasury Adds CARES Act Guidance for Tribes
Treasury has posted guidance and instructions for tribal governments to submit employment and expenditure
reports.
Tribal Employment and Expenditure Submission
Instructions
May 14, 2020
Treasury Adds New SBA Interim Final Rule on Electric Cooperatives
This new interim rule lays out PPP eligibility for certain electric
cooperatives.
Interim Final Rule
May 13, 2020
Treasury Updates PPP FAQs Treasury has added question 47, regarding the repayment dates of
loans.
Updated FAQs
May 13, 2020
Treasury Adds New SBA Interim Final Rule on Loan
Increases
This interim final rule authorizes the lender to make an additional
disbursement of the increased loan proceeds prior to submission of the initial SBA Form 1502 that includes
that loan.
Interim Final Rule
May 13, 2020
Treasury Updates PPP FAQs Treasury has added questions 46, regarding the review process for the good-faith certification required by
the SBA.
Updated FAQs
May 12, 2020
Treasury Provides Update on Implementation of
Payroll Support Program for the Aviation Industry
The Department of the Treasury made a number of important
announcements on the Payroll Support Program under Title IV of
the CARES Act, including in regards to transparency provisions.
List of Carriers Receiving Aid Press Release
May 10, 2020
Treasury Issues a Round 2 Report on SBA Paycheck Protection Program Loan
Report
Treasury has released a new report on the funds distributed under the
PPP.
Paycheck Protection Program (PPP) Report:
Second Round
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
May 8, 2020
Treasury Issues Interim Final Rule on Safe Harbor
PPP Loan Request Certifications
This interim final rule revises the interim final rule posted on April 24,
by extending the date by which certain PPP borrowers may repay
their loans from May 7 to May 14, in order to avail themselves of a safe
harbor with respect to a certification required by the Act, and makes other
conforming changes.
Interim Final Rule
May 6, 2020
Treasury Updates PPP FAQs Treasury has added question 46 to the PPP FAQs.
Updated FAQs
May 5, 2020
Treasury Updates PPP FAQs Treasury has added questions 43 and 44 to the FAQs regarding the PPP.
Updated FAQs
May 5, 2020
Treasury Releases Interim Final Rule on
Nondiscrimination and Additional Eligibility
Criteria
This interim final rule supplements the previously posted interim final
rules by providing guidance on nondiscrimination obligations and additional eligibility requirements,
and requests public comment.
Interim Final Rule
May 5, 2020
Treasury Statement Distribution of Coronavirus
Relief Fund Dollars to Native American Tribes
Distribute 60% of the $8 billion to tribes based on population data used
in the distribution of the Indian Housing Block Grant, subject to a floor of $100,000. Distribute the remaining 40% of the $8 billion
based on the total number of persons employed by the Indian tribe.
Press Release
May 4, 2020
Treasury Updates FAQs for Distribution of State and
Local Funds
Treasury adds FAQs to provide further guidance for state and local governments receiving funds from
the Treasury Department.
FAQs
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
May 3, 2020
Treasury Updates PPP FAQs Treasury has added several questions to the FAQs surrounding the PPP.
FAQs
May 2-3, 2020
Treasury Adds Guidance on Whole Loans Sales of PPP
Loans
Provides guidance to lenders approved to participate in the PPP regarding whole loan sales of PPP
loans.
SBA Procedural Notice
April 30, 2020
Treasury Release Interim Final Rule on Corporate
Groups and Non-Bank and Non-Insured Depository
Institution Lenders
Supplements the previously posted interim final rules by limiting the
amount of PPP loans that any single corporate group may receive and
provides additional guidance on the criteria for non-bank lender
participation in the PPP.
Interim Final Rule
April 29, 2020
Treasury Adds 38th Question to PPP FAQs
Treasury continues to provide clarification and guidance for
participants in the PPP.
FAQs
April 28, 2020
Treasury Releases Rule on Disbursements
This interim final rule establishes additional guidance surrounding
disbursements under the PPP.
Interim Final Rule
April 28, 2020
Treasury Releases Updated FAQs for PPP
Treasury has added a 37th question to the FAQs for the PPP.
FAQs
April 28, 2020
Treasury Releases New Interim Final Rule for Seasonal Employers
Treasury is authorizing all lenders eligible to originate loans under the
PPP to use an alternative criterion for calculating the maximum loan amount for PPP loans issued to
seasonal employers.
Interim Final Rule
April 26, 2020
Treasury Releases Updated FAQs for PPP
Treasury is releasing additional clarification on the PPP.
FAQs
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
April 24, 2020
Treasury Releases Loan Application for National
Security Businesses
Treasury has released a new COVID-19 relief loan application for
businesses deemed essential to national security.
Loan Application Form for Businesses Critical to Maintaining National
Security
April 24, 2020
Treasury Adds New Interim Rule for PPP
Provides regulatory guidelines on authorizations, affiliation, and
eligibility.
Interim Final Rule on Promissory Notes,
Authorizations, Affiliation, and Eligibility
April 23, 2020
Treasury Releases Update to PPP FAQs
Treasury has released an update to questions on FAQs for those
navigating the PPP.
PPP FAQs
April 23, 2020
Treasury Releases Guidance on Treatment of Alaska
Native Corporations
Treasury has issued a set of guidelines for Alaskan Native
Corporations as they navigate federal relief.
Coronavirus Relief Fund Payments to Tribal
Governments
April 21, 2020
Treasury, IRS Announce Cross-Border Tax Guidance
Treasury and the IRS issued guidance that provides relief to individuals and
businesses affected by travel disruptions arising from the COVID-
19 emergency.
Press Release
April 21, 2020
IRS Releases FAQs for Treasury Payroll Support
The IRS has issued clarification on tax provisions under the Treasury
Payroll Support Program.
FAQs
April 20, 2020
Treasury Updates FAQs for Payroll Support to Air
Carriers and Contractors
Treasury is providing additional clarifications for the Payroll Support
program.
FAQs
April 20, 2020
Treasury Finalizes Agreements with Major
Airlines, Disburses Initial Payroll Support Program
Payments
Treasury has concluded agreements with major airlines, and began to
disburse funds.
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
April 19, 2020
Treasury and CBP Defer Duties and Fees
Provides importers with the option for a 90-day deferment period on the
payment of duties, taxes, and fees.
Temporary Final Rule Press Release
April 17, 2020
Treasury Releases First Report on PPP Loans
The new release details the funds distributed by the PPP.
Paycheck Protection Program Report
April 16, 2020
Paycheck Protection Program Exhausts Funds
The $349 billion PPP to boost small businesses during the coronavirus
economic crisis has run out of money.
SBA Notice: Lapse in Appropriations
April 14, 2020
Treasury Announces First Round of Airline
Participants in the Payroll Support Program
Treasury Secretary Steven Mnuchin announced the first round of
participants in the Payroll Support Program.
Press Release
April 14, 2020
Treasury Releases New Interim Final Rule w/ Additional Eligibility
Requirements
This interim final rule supplements the first PPP interim final rule with guidance for individuals with self-
employment income who file a Form 1040, Schedule C. This rule also
addresses eligibility issues for certain business concerns and requirements
for certain pledges of PPP loans.
Interim Final Rule
April 13, 2020
Treasury Releases New Information for Aid to State,
Tribal, and Local Governments
The CARES Act established the $150 billion Coronavirus Relief Fund.
Treasury will make payments from the Fund to States and eligible units
of local government.
Data Sources and the Distribution Methodology
for Units of Local Government
Listing of Eligible Units of
Local Government
Eligible Units: Submission Required for Receipt of
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Coronavirus Relief Fund Payments.
April 10, 2020
Treasury Announces Support for Small Airlines
Treasury will not require passenger air carriers that will receive $100
million of payroll assistance or less to provide financial instruments as
appropriate compensation.
Press Release
April 9, 2020
Treasury and IRS Extend Over 300 Tax Filing,
Payment and Administrative Deadlines
Extends the deadline for many administrative acts as well as the tax
filing and payment deadlines for fiscal year businesses, tax-exempt
organizations and certain estates and trusts.
IRS Notice 2020-23 Press Release
April 6, 2020
Treasury Releases Updated FAQs for Paycheck
Protection Program (PPP) Loans
Intended to provide timely additional guidance to address borrower and
lender questions concerning the implementation of the PPP.
PPP Loans FAQs
April 6, 2020
Treasury Releases Q&A for Loans to Air Carriers,
Eligible Businesses, and National Security
Businesses
Intended to provide guidance and support for business looking to
engage in the program.
Q&A: Loans to Air Carriers and Eligible Businesses and
National Security Businesses
April 6, 2020
Treasury Posts Loan Application for Air Carriers
and Certain Eligible Businesses
For information purposes only, to enable potential applicants to begin preparing the required information.
The Treasury Department is not accepting applications at this time.
Treasury Loan Application for Air Carriers and Certain
Eligible Businesses
April 3, 2020
Treasury Releases PPP Affiliation Rules
Two new documents laying out the affiliation rules for eligible
borrowers.
PPP – Interim Final Rule on Affiliation
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
PPP – Applicable Affiliation Rules
April 3, 2020
Treasury Releases PPP Application Forms for
Lenders
Two new applications for lenders to participate in the PPP have been
posted.
PPP New Lender Application Form (Federally Insured Depository Institutions, Federally Insured Credit
Unions, Farm Credit System Institutions)
PPP Lender Application Form
April 3, 2020
Treasury Releases FAQs/Q&A Payroll Support
for Air Carriers
These FAQs/Q&A are intended to streamline and clarify the application
process, as well as clarifying next steps.
FAQs
Q&A
April 1, 2020
Treasury Delays Tax and Reporting Due Dates for
Alcohol, Tobacco, Firearms and Ammunition
Businesses
Delays tax payment due dates for alcohol, tobacco products, firearms,
and ammunition excise taxes, to provide flexibility for businesses that
have been negatively affected by COVID-19.
Press Release
March 31, 2020
Treasury and IRS Launch Employee Retention Credit
Designed to encourage businesses to keep employees on their payroll, the refundable tax credit is 50% of up to $10,000 in wages paid by an eligible
employer.
Press Release
March 30, 2020
Treasury Releases Guidance on Payroll Support to Aid
Airline Industry Employees, and on Loans to Airline
Industry and Businesses Critical to National Security
Assists eligible businesses in applying for payroll support to enable the continued payment of employee
wages, salaries, and benefits, and for loans pursuant to the Coronavirus Aid, Relief, and Economic Security
Act.
Guidelines and Application Procedures for Payroll
Support to Air Carriers and Contractors
Procedures and Minimum Requirements for Loans to
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
4 FHFA Coronavirus Help Page: https://www.fhfa.gov/Homeownersbuyer/MortgageAssistance/Pages/Coronavirus-Assistance-Information.aspx
Air Carriers and Eligible Businesses and National
Security Businesses
March 23, 2020
Treasury Secretary Mnuchin authorized the
expansion of MMLF, CPFF, and the establishment of
the TALF, PMCCF, and SMCCF
Government authorized the expansion of two recently launched facilities and the establishment of
three new facilities to provide liquidity.
See above Press Release
March 18, 2020
Relief for Taxpayers Affected by Ongoing
Coronavirus Disease 2019 Pandemic
Postpones federal tax payments by three months.
IRS Notice 2020-17
Federal Housing Finance Administration (FHFA)4
April 21, 2021
FHFA Announces Extension of COVID-Related Loan
Flexibilities
The Federal Housing Finance Agency announced that the GSEs will extend
some temporary loan origination flexibilities until May 31, 2021.
Press Release
March 31, 2021
HMDA Flexibilities Rescinded
The Consumer Financial Protection Bureau has rescinded several
compliance flexibilities, including flexibilities related to the Home
Mortgage Disclosure Act.
Press Release
March 11, 2021
FHFA Further Extends COVID-Related Loan
Flexibilities
The FHFA that the GSEs will extend temporary loan origination
flexibilities until April 30, 2021. Temporary flexibilities extended
through April include:
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
- Alternative appraisals on purchase and rate term refinance loans;
- Alternative methods for documenting income and verifying
employment before loan closing; and - Expanding the use of power of
attorney to assist with loan closings. March 4,
2021 FHFA Extends COVID-19 Multifamily Forbearance
The FHFA announced that the GSEs will continue to offer COVID-19
forbearance to qualifying multifamily property owners through June 30,
2021, subject to the continued tenant protections FHFA has imposed
during the pandemic.
Press Release
February 25, 2021
FHFA Extends COVID-19 Forbearance Period and
Foreclosure and REO Eviction Moratoriums
The FHFA announced that the GSEs are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until
June 30, 2021.
Press Release
February 10, 2021
FHFA Further Extends COVID-Related Loan
Flexibilities
The FHFA announced today that the GSEs will extend several loan
origination flexibilities until March 31, 2021. These include:
- Alternative appraisals on purchase and rate term refinance loans
- Alternative methods for documenting income and verifying
employment before loan closing - Expanding the use of power of
attorney to assist with loan closings
Press Release
February 9, 2021
FHFA Extends Foreclosure and REO Eviction
Moratoriums and COVID Forbearance Period
The FHFA announced that the GSEs are extending the moratoriums on single-family foreclosures and real
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
estate owned (REO) evictions until March 31, 2021.
January 19, 2021
FHFA Extends Foreclosure and REO Eviction
Moratoriums
The Federal Housing Finance Agency (FHFA) announced that the GSEs will
extend the moratoriums on single-family foreclosures and real estate
owned (REO) evictions until at least February 28, 2021.
Press Release
January 14, 2021
FHFA Further Extends COVID-Related Loan
Flexibilities
The FHFA announced that the GSEs will extend several loan origination flexibilities until February 28, 2021.
These include: - Alternative appraisals on purchase and rate term refinance
loans; - Alternative methods for
documenting income and verifying employment before loan
closing; and - Expanding the use of power of
attorney to assist with loan closings. -
Press Release
December 23, 2020
FHFA Extends COVID-19 Multifamily Forbearance
The FHFA announced that the GSEs will continue to offer COVID-19
forbearance to qualifying multifamily property owners through March 31,
2021.
Press Release
December 10, 2020
FHFA Further Extends COVID-Related Loan
Flexibilities
The GSEs will extend several COVID-19 loan flexibilities, including:
- Alternative appraisals on purchase and rate term refinance loans;
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
- Alternative methods for documenting income and verifying
employment before loan closing; and
- Expanding the use of power of attorney to assist with loan closings.
December 2, 2020
FHFA Extends Foreclosure and REO Eviction
Moratoriums
The Federal Housing Finance Agency (FHFA) announced that the GSEs will
extend the moratoriums on single-family foreclosures and real estate
owned (REO) evictions until at least January 31, 2021.
Press Release
November 13, 2020
FHFA Further Extends COVID-Related Loan
Flexibilities
The FHFA announced that the GSEs will extend several loan origination
flexibilities until December 31. Extended flexibilities include:
- Alternative appraisals on purchase and rate term refinance loans;
- Alternative methods for documenting income and verifying
employment before loan closing; and
- Expanding the use of power of attorney to assist with loan closings.
Press Release
November 12, 2020
Temporary Policy Allowing Purchase of Qualified Loans
in Forbearance Extended
The FHFA has extended the current temporary policy that allows for the
purchase of certain single-family mortgages in forbearance until
December 31.
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
October 21, 2020
Temporary Policy Allowing Purchase of Qualified Loans
in Forbearance Extended
The FHFA has extended the current temporary policy that allows for the
purchase of certain single-family mortgages in forbearance.
Press Release
October 19, 2020
FHFA Further Extends COVID-Related Loan
Flexibilities
The FHFA announced today that the GSEs will extend several loan
origination flexibilities. Extended flexibilities include:
• Alternative appraisals on purchase and rate term refinance loans;
• Alternative methods for documenting income and verifying employment before loan closing; and
• Expanding the use of power of attorney to assist with loan closings.
Press Release
September 24, 2020
FHFA Extends COVID-Related Loan Processing
Flexibilities
The FHFA announced that the GSEs will extend buying qualified loans in
forbearance and several loan origination flexibilities until October
31.
Press Release
August 27, 2020
FHFA Extends Foreclosure and REO Eviction
Moratoriums
The FHFA announced that the GSEs will extend the moratoriums on
single-family foreclosures and real estate owned (REO) evictions until at
least December 31. The current moratoriums were set to expire on
August 31.
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
August 26, 2020
FHFA Further Extends Buying Loans in
Forbearance & COVID-Related Loan Processing
Flexibilities
The FHFA announced today that the GSEs will extend buying qualified
loans in forbearance and several loan origination flexibilities until
September 30. The flexibilities were set to expire on August 31.
Press Release
August 25, 2020
Adverse Market Refinance Fee Implementation Now
December 1
The FHFA today directed the GSEs to delay the implementation of their adverse market refinance fee until
December 1. The fee was previously scheduled to take effect September 1.
Press Release
August 6, 2020
Multifamily Property Owners in Forbearance Now Required to Inform
Tenants of Eviction Suspension and Tenant
Protections
The FHFA announced today that multifamily property owners with
mortgages backed by the GSEs who enter into a new or modified
forbearance agreement must inform tenants in writing about tenant
protections during the multifamily property owner's forbearance and
repayment periods.
Press Release
July 31, 2020
FHFA Announces Temporary Policy Allowing Purchase of Qualified Loans
in Forbearance Extended
To support homeowners and mortgage lenders, the FHFA
approved an extension of the temporary policy that allows for the
purchase of certain single-family mortgages in forbearance that meet specific eligibility criteria set by the
GSEs.
Press Release
July 22, 2020
FHFA Offers Duty to Serve Adjustments in Response to
the Covid-19 Pandemic
The FHFA is delaying the deadline for the GSE Underserved Market Plans. The FHFA will permit the GSEs to an
unlimited number of innovation
DTS Adjustments in Response to the Covid-19
Pandemic
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
modifications for the 2020 Plan year. 2021 activities and objectives will be structured as a one-year extension of
the 2018-2020 Plans.
July 9, 2020 FHFA Extends COVID-Related Loan Processing
Flexibilities for Fannie Mae and Freddie Mac Customers
The FHFA announced that the GSEs will extend loan origination
flexibilities until August 31 to ensure continued support for borrowers
during the COVID-19 national emergency.
Press Release
June 29, 2020
FHFA Provides Tenant Protections
The FHFA announced that the GSEs are allowing servicers to extend
forbearance agreements for multifamily property owners with
existing forbearance agreements for up to three months, for a total
forbearance of up to six months.
Press Release
June 17, 2020
FHFA Extends Foreclosure and Eviction Moratorium
The FHFA announced that the GSEs will extend their single-family
moratorium on foreclosures and evictions until at least August 31. The
foreclosure moratorium applies to GSE-backed, single-family mortgages
only.
Press Release
June 11, 2020
FHFA Extends COVID-Related Loan Processing
Flexibilities for GSE Customers Through July
The FHFA is extending loan origination flexibilities currently
offered by the GSEs designed to help borrowers during the COVID-19
crisis.
Press Release
May 19, 2020
FHFA Announces Refinance and Home Purchase
The GSEs have issued temporary guidance regarding the eligibility of
borrowers who are in forbearance, or
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Eligibility for Borrowers in Forbearance
have recently ended their forbearance, looking to refinance or
buy a new home.
May 14, 2020
FHFA Extends Foreclosure and Eviction Moratorium
To help borrowers and renters who are at risk of losing their home due to the coronavirus national emergency, the FHFA announced that the GSEs are extending their moratorium on foreclosures and evictions until at
least June 30.
Press Release
May 13, 2020
FHFA Announces Payment Deferral as New Repayment Option for Homeowners in
COVID-19 Forbearance Plans
The FHFA is allowing borrowers, who are able to return to making their
normal monthly mortgage payment, the ability to repay their missed
payments at the time the home is sold, refinanced, or at maturity.
Press Release
May 12, 2020
CFPB, FHFA, HUD Launch Joint Mortgage/Housing Assistance Website for
COVID-19
To ensure homeowners and renters have the most up to date and accurate housing assistance
information.
Joint Statement Press Release
May 5, 2020
FHFA Extends Loan Processing Flexibilities for
Fannie Mae and Freddie Mac Customers
The FHFA extended several loan origination flexibilities currently
offered by the GSEs designed to help borrowers during the COVID-19
national emergency. Those flexibilities are extended until at least
June 30.
Press Release
May 4, 2020
FHFA Announces Tools to Help Renters Find Out if They are Protected from
Eviction
To help renters find out if they are protected from evictions during the
COVID-19 national health emergency, the FHFA announced today that the
Fannie Mae Tool
Freddie Mac Tool
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
GSEs have created online multifamily property lookup tools.
April 27, 2020
FHFA Clarifies That No Lump Sum Required at the
End of Forbearance
The FHFA is clarifying rules and requirements under the temporary
COVID-19 forbearance for borrowers.
Fannie Mae Notice
Freddie Mac Notice
Press Release
April 23, 2020
FHFA Supports Small Business by Allowing
Federal Home Loan Banks to Accept PPP Loans as
Collateral
The FHFA announced that Federal Home Loan Banks can accept PPP loans as collateral when making loans, called advances, to their
members.
Supervisory Letter Press Release
April 22, 2020
FHFA Announces that Enterprises will Purchase
Qualified Loans in Forbearance to Keep
Lending Flowing
FHFA is approving the purchase of certain single-family mortgages in
forbearance that meet specific eligibility criteria.
Press Release
April 21, 2020
FHFA Announces Four Month Advance Obligation
Limit for Loans in Forbearance
The FFHA announced the alignment of the GSEs policies regarding
servicer obligations to advance scheduled monthly principal and
interest payments for single-family mortgage loans. Once a servicer has
advanced four months of missed payments on a loan, it will have no
further obligation to advance scheduled payments.
Press Release
April 15, 2020
FHFA and CFPB Announce Borrower Protection
Program
The FHFA and CFPB have created the Borrower Protection Program to
share servicing information to protect borrowers during the
coronavirus national emergency.
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
April 8, 2020
Fannie and Freddie Release Guidance
The GSEs are releasing information and guidance for mortgage servicers
impacted by COVID-19.
Freddie Mac: Bulletin 2020-10
Fannie Mae: LL-2020-02
March 31, 2020
FHFA Authorizes Loan Processing Flexibilities for
Fannie Mae and Freddie Mac Customers
Creates new several loan processing flexibilities from Fannie Mae and
Freddie Mac designed to help their customers.
Fannie Mae Announcement
Freddie Mac Announcement
Press Release
March 23, 2020
FHFA authorized Fannie Mae and Freddie Mac to
enter into additional dollar roll transactions
FHFA authorizes the GSEs to enter into additional dollar roll
transactions, which provide MBS investors with short-term financing
and liquidity.
Press Release
March 23, 2020
FHFA directed Fannie Mae and Freddie Mac to provide
alternative flexibilities to satisfy appraisal
requirements and employment verification
requirements through May 17, 2020
FHFA directs the GSEs to provide alternative flexibilities to satisfy
appraisal requirements and employment verification
requirements on a short-term basis.
Press Release
March 18, 2020
FHFA directed Fannie Mae and Freddie Mac to suspend foreclosures and evictions
for at least 60 days
FHFA directs the GSEs to temporarily suspend foreclosures and evictions to
relieve homeowners.
Press Release
March 10, 2020
Statement from FHFA Director Mark Calabria on
Coronavirus – Hardship Forbearance
FHFA encourages borrowers to seek forbearance.
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
5 CFTC Coronavirus Page: https://www.cftc.gov/coronavirus
US Commodity Futures Trading Commission5
April 13, 2021
CFTC Staff Issues Continuation of Certain No-
Action Relief to Market Participants in Response to
COVID-19
The Commodity Futures Trading Commission announced a
continuation of certain parts of the temporary no-action relief issued in
response to the COVID-19 (coronavirus) pandemic that is scheduled to expire on April 15,
2021.
CFTC Letter No. 21-10 Press Release
January 19, 2021
CFTC Extends No-Action Relief
The CFTC is providing brief extensions of COVID-19 no-action
relief. Extensions include timestamping relief and oral
communications recordkeeping relief.
CFTC Letter No. 21-04
CFTC Letter No. 21-05
Press Release
September 11, 2020
CFTC Extends No-Action COVID-19 Relief
The CFTC is extending targeted no-action relief from CFTC regulations
requiring recording of oral communications related to voice
trading and other telephonic communications, as well from certain
CFTC regulations regarding audit trails and recording of oral
communications.
CFTC Staff Letter No. 20-26 Press Release
June 17, 2020
CFTC Extends Targeted COVID-19 Relief
The CFTC has extended the time period for the targeted no-action
relief provided in CFTC Staff Letter
CFTC Staff Letter 20-20 Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
No. 20-16 from certain fingerprint requirements.
June 10, 2020
CFTC Extends No-Action Relief to Market
Participants in Response to COVID-19
The CFTC has extended relief offered to market participants on March 17. This relief is detailed in CFTC letters
20-02 through 20-09.
CFTC Staff Letter 20-19 Press Release
May 28, 2020
CFTC Approves Further Extension of Relief for
Margin Requirements for Uncleared Swaps
The CFTC approved an interim final rule to grant an extension of the compliance schedule for initial
margin requirements for uncleared swaps in response to operational
challenges certain entities are facing due to the COVID-19 (coronavirus)
pandemic.
Interim Final Rule Voting Draft
Press Release
May 22, 2020
CFTC Releases COVID-19 Customer Advisory
Informs the public about the unique risks associated with certain trading vehicles that use futures contracts or
other commodity interests as they make investment decisions during
the COVID-19 crisis.
CFTC Customer Advisory Press Release
April 24, 2020
CFTC Provides Additional Relief to Market
Participants in Response to COVID-19
The CFTC is offering no-action relief from the requirement to submit a
fingerprint card for any such principal or associated persons
registration applicant.
CFTC Letter No. 20-16 Press Release
April 22, 2020
CFTC Provides Further Relief to Market
Participants in Response to COVID-19
DSIO has granted targeted no-action relief to permit eligible FCMs and IBs
taking advantage of covered loans under the Paycheck Protection
CFTC Letter No. 20-15 Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Program to add back to capital certain amounts under covered loans
that are forgivable in accordance with Regulation 1.17.
April 10, 2020
CFTC Extends Certain Comment Periods in
Response to COVID-19
The CFTC extended the comment period for Division of Market
Oversight rules that had comment periods starting in January or
February. They include:
Position Limits for Derivatives
Swap Execution Facility Requirements and Real-Time
Reporting Requirements
Certain Swap Data Repository and Data Reporting Requirements
Amendments to the Real-Time Public Reporting Requirements
Amendments to the Swap Data Recordkeeping and Reporting
Requirements
Voting Draft of Extension
Dissenting Statement of Rostin Benham
Dissenting Statement of Dan
Berkovitz
Press Release
April 6, 2020
CFTC Issues COVID-19 Customer Advisory on Fee
Scams
Informs the public to be on alert for frauds seeking to profit from recent
job losses due to the COVID-19 (coronavirus) pandemic.
Press Release
March 31, 2020
CFTC Provides Further Relief to Market
Permits certain foreign affiliates of futures commission merchants to
CFTC Letter No. 20-12 Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Participants in Response to COVID-19
accept US orders if the FCM is overwhelmed.
March 20, 2020
No-Action Relief for Commodity Pool Operators
The CFTC relieves certain disclosure requirements during the crisis.
CFTC Letter No. 20-11 Press Release
March 20, 2020
No-Action Relief for Excluding Certain
Commodity Swaps from Major Swap Participant Registration Threshold
Calculation of an Insured Depository Institution
CFTC granted temporary, targeted no-action relief to Commodity Pool.
Operators from certain reporting requirements.
CFTC Letter No. 20-10 Press Release
March 17, 2020
No-Action Relief for Swap Execution Facilities; Designated Contract
Markets
CFTC granted temporary, targeted, relief from regulations requiring
recording of oral communications that will make them unable to comply with certain audit trail requirements.
CFTC Letter No. 20-07 CFTC Letter No. 20-08 CFTC Letter No. 20-09
Press Release
March 17, 2020
No-Action Relief for Swap Dealers
Temporary, targeted no-action relief to swap dealers from recording
regulations.
CFTC Letter No. 20-06 Press Release
March 17, 2020
No-Action Relief for Retail Foreign Exchange Dealers
Temporary, targeted no-action relief to retail foreign exchange dealers
from recording regulations.
CFTC Letter No. 20-05 Press Release
March 17, 2020
No-Action Relief for Floor Brokers
Temporary, targeted no-action relief to floor brokers from recording
regulations.
CFTC Letter No. 20-04 Press Release
March 17, 2020
No-Action Relief for Futures Commission Merchants and
Introducing Brokers
Temporary, targeted no-action relief to futures commission merchants and
CFTC Letter No. 20-03 Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
6 SEC Coronavirus Page: https://www.sec.gov/sec-coronavirus-covid-19-response
introducing brokers from recording regulations.
March 17, 2020
No-Action Relief for Members of Designated
Contract Markets and Swap Execution Facilities
Temporary, targeted no-action relief to members of designated contract
markets and swap execution facilities from time-stamping requirements.
CFTC Letter No. 20-02 Press Release
US Securities & Exchange Commission6 April 15, 2021
SEC Issues Regarding Termination of Exemptive Relief and Withdrawal of
Staff Memos
The Securities and Exchange Commission has released a new
order withdrawing and terminating certain COVID-19 relief, effective
April 30.
Division of Investment Management Staff Statement
Regarding Termination Notice for Exemptive Relief
and Withdrawal of Staff Letters Related to COVID-19
Response
April 9, 2021
SEC Issues Updated Staff Guidance on Annual
Meetings
The Securities and Exchange Commission has released updated guidance on how public companies
should conduct shareholder meetings.
Staff Guidance for Conducting Shareholder
Meetings in Light of COVID-19 Concerns
December 7, 2020
SEC Provides Update on COVID-19 Relief
The SEC has provided an update on COVID-19 relief measures taken
earlier in the year. While some are likely to remain in place, others are
likely to be allowed to expire.
Public Statement
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
August 28, 2020
SEC Extends Temporary Amendments to Regulation
Crowdfunding
The SEC is extending the effective and applicability dates of temporary final rules under Regulation Crowdfunding
to facilitate capital formation for small businesses impacted by COVID-
19. The temporary final rules are intended to expedite the offering process for smaller, previously
established companies directly or indirectly affected by COVID-19 that
are seeking to meet their funding needs through the offer and sale of securities pursuant to Regulation
Crowdfunding.
Temporary Amendments to Regulation Crowdfunding;
Extension
August 25, 2020
SEC Releases Conditional Exemptive Order on
Exemptions from Regulation SHO
The SEC is providing certain exemptive relief from the “locate”
and close-out requirements of Regulation SHO for sales of owned
physical securities.
Conditional Exemptive Order
June 26 SEC Releases Update on COVID-19 Relief Measures
The SEC has released a cross-division assessment of the temporary relief
measures implemented by the SEC to combat COVID-19.
Public Statement an Update on the Commission’s
Targeted Regulatory Relief to Assist Market Participants
Affected by COVID-19 and Ensure the Orderly Function
of our Markets
June 24, 2020
SEC Releases Staff Statement Regarding
Temporary International Mail Service Suspensions to
Certain Jurisdictions
Due to service constraints brought about by COVID-19, SEC staff will not
recommend the SEC take enforcement action against an entity
Staff Statement Regarding Temporary International
Mail Service Suspensions to Certain Jurisdictions Related to the COVID-19 Pandemic
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Related to the COVID-19 Pandemic
for failure to deliver international documents.
June 16 , 2020
SEC Releases Temporary Conditional Exemption
from the Broker Registration Requirements
The SEC is granting a temporary conditional exemption from broker registration under Section 15 of the Securities Exchange Act of 1934 for
registered municipal advisors to address disruption in the municipal
securities markets.
Temporary Conditional Exemption: Certain
Activities of Registered Municipal Advisors
May 27, 2020
SEC Extends Conditional Exemption Order
The SEC announced that it would extend its conditional exemptive
order of March 20, maintaining relief from certain Exchange Act
requirements for transfer agents.
Release No. 34-88960: Conditional Exemptive
Order
May 8, 2020
SEC Division of Investment Management Updates
COVID-19 FAQs
The Division of Investment Management has updated the FAQs
provided to investors during the COVID-19 pandemic.
FAQs
May 4, 2020
SEC Provides Temporary, Conditional Relief to Allow Small Businesses to Pursue
Expedited Crowdfunding Offerings
Provides conditional relief for established smaller companies
affected by COVID-19 that may look to meet their urgent funding needs
through a Regulation Crowdfunding offering.
Interim Final Rule Press Release and Fact Sheet
April 24, 2020
SEC Forms Cross-Divisional COVID-19 Market Monitoring Group
Will assist the SEC in (1) Commission and staff actions and analysis related
to the effects of COVID-19 on markets, issuers, and investors, and
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
(2) responding to requests for information and assistance.
April 22, 2020
SEC Releases Frequently Asked Questions
Concerning the COVID-19 Pandemic and the Broker-
Dealer Financial Responsibility Rules
The SEC has released a new set of FAQs to clarify responsibilities for
broker-dealers during the COVID-19 crisis.
FAQs
April 20, 2020
SEC Provides for Phased CAT Broker-Dealer
Reporting Timelines with Conditional Exemption for
Impacts of COVID-19
The SEC issued two exemptive orders in order to move Consolidated Audit Trail (CAT) implementation forward:
(1) establishing a phased CAT reporting timeline for broker-dealers,
and (2) permitting introducing brokers that meet certain
requirements to follow the small broker-dealer reporting timeline.
SEC Order 1
SEC Order 2
Press Release
April 14, 2020
Division of Investment Releases FAQs, Statement on Importance of Timely
Information
To provide information to investors and advisers during the COVID-19
crisis, and to urge advisers and investment companies to continue to
supply accurate and timely information.
Division of Investment Management Coronavirus
(COVID-19) Response FAQs
Division of Investment Management Staff Statement on Importance of Delivering
Timely and Material Information to Investment
Company Investors
April 10, 2020
Division of Corporation Finance Statement
Regarding Requirements for Form 144 Paper Filings
In light of COVID-19, Division of Corporation Finance staff will not recommend enforcement action to
the Commission if Forms 144 filed in
Division of Corporation Finance Statement
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
in Light of COVID-19 Concerns
paper under Rules 101(b)(4) or 101(c)(6) of Regulation S-T are
submitted via email.
April 8, 2020
SEC Issues Updated Staff Guidance on Shareholder
Meetings
Provides additional guidance and clarification on best practices during
the crisis.
Staff Guidance for Conducting Shareholder
Meetings in Light of COVID-19 Concerns
April 6, 2020
SEC Releases Staff Guidance on Exchange Act Forms Sections 104 and 112
Provides clarifications for COVID-19 related issues that may arise with
Exchange Act Forms.
Staff Guidance: Exchange Act Forms, Section 104. Form 10-K (Question 104.18)
Staff Guidance: Exchange Act
Forms, Section 112. Form 40-F (Question 112.02)
April 3, 2020
SEC Issues Staff Responses to Questions About the
Investment Adviser Custody Rule
This Q&A provides guidance for investment advisers trying to comply
with the custody rule while also facing COVID-19 difficulties.
Staff Statement
April 3, 2020
Division of Trading and Markets Staff Statement Regarding Requirements
for Certain Paper Submissions in Light of
COVID-19 Concerns
Under certain conditions, staff will not recommend the SEC take action
with respect to any failure to comply with the paper format submission requirement or manual signature
requirement of the Impacted Paper Submissions.
Staff Statement
April 2, 2020
SEC Delays Action on Certain Rules
Delays action on certain rules until May 1. Maintains compliance dates
for others such as Reg BI.
Statement from SEC Commissioner Jay Clayton
March 27, 2020
SEC Provides Additional Temporary Regulatory
Temporary relief from Form ID Notarization Requirement,
Temporary Final Rule
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
Relief and Assistance to Market Participants
Affected by COVID-19
compliance with Regulation A and Regulation Crowdfunding, and annual
updates to Form MA for Municipal Advisors.
Securities and Exchange Act Order
March 26, 2020
No Action Letter: Affiliated Purchases of Debt Securities
under Section 17(a) of the Investment Company Act
Providing temporary relief due to a short- term dislocation in the market
for a variety of debt securities.
No Action Letter
March 26, 2020
Conditional Exemptive Order: Providing
Conditional Regulatory Relief for Registered Municipal Advisors
Giving municipal advisors more time to satisfy certain requirements of the
Securities Exchange Act.
Securities and Exchange Act Order No. 34-88491
March 25, 2020
SEC Extends Conditional Exemptions from Reporting
and Proxy Delivery Requirements for Public Companies, Funds, and
Investment Advisers Affected by Coronavirus
Disease 2019 (COVID-19)
Extension of filing periods covered by its previously enacted conditional
reporting, and extension of regulatory relief previously provided
to funds and investment advisers.
SEC Investment Adviser Act Order - No. IA-5469
SEC Investment Company Act Order - No. IC-33824
SEC Securities Exchange Act
Order – No. 34-88465
Press Release
March 16, 2020
No Action Relief from Consolidated Audit Trail
Reporting
Providing relief from SEC consolidated audit trail reporting.
Division of Trading & Markets Letter
March 13, 2020
SEC relief for funds and investment advisers related
to in-person board meetings and certain filing and delivery requirements
SEC provides regulatory relief for funds and investment advisers, the
relief covers in-person board meetings and certain filing and
delivery requirements for certain
SEC Investment Advisers Act Order
SEC Investment Company Act Order
Press Release
US Federal Regulatory Agency Action on COVID-19
As of April 26, 2021
investment funds and investment advisers.
March 13, 2020
SEC staff guidance to assist public companies,
investment companies, shareholders, and other
market participants affected by COVID-19 with their
upcoming annual shareholder meetings
SEC issued guidance to facilitate the ability of companies to engage with shareholders while complying with
the federal securities laws.
Division of Corporate Finance & Investment
Management Staff Guidance
Press Release
March 4, 2020
SEC relief provides publicly traded companies with an additional 45 days to file
certain disclosure reports that would otherwise have been due between March 1
and April 30, 2020
SEC provides conditional regulatory relief for certain publicly traded
company filing obligations under the federal securities laws.
SEC Order; Division of Investment Management
Statement
Press Release
