Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
Stimulus bill sent to president
Congress has approved and sent to the president for enactment the long-anticipated $900 billion coronavirus relief package in a record-breaking 5,500 plus-page bill. Key provisions affecting banks include:
- An additional $284 billion in funding for the Paycheck Protection Program, included an option for prior PPP borrowers to obtain additional funds. Fifteen billion dollars were set aside for PPP loans by community financial institutions.
- A hold-harmless provision for lenders from penalties related to borrower or applicant certifications for PPP loans
- A simplified forgiveness process for PPP loans up to $150,000
- A second round of economic impact payments (stimulus checks) for eligible recipients, that will not be subject to garnishment. Treasury Secretary Mnuchin predicts direct deposits of these payments could start next week.
- An extension of federally-enhanced unemployment insurance payments
- Extension until January 1, 2022, of the troubled debt restructuring provisions in the CARES Act
- A delay of CECL implementation until January 1, 2022.