We are closely monitoring the developments around COVID-19 and the resulting economic fallout. This unparalleled situation continues to change day by day, raising new questions and creating additional challenges.
As information continues to come in, we have compiled the latest updates and guidance from federal and state regulators. We’ve also included some additional resources for your business as well as for your clients.
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Small Business Paycheck Protection Program (PPP)
*On Friday, April 24, 2020, the additional relief package was signed into law, providing $310 billion in new funds for the Paycheck Protection Program with $60 billion set aside for small lenders.
Department of Treasury
Below are some key topics FINRA has provided updates on:
Filing Deadline for Form ADV, Form ADV Part 2 and Form PF extended
For investment advisers affected by the COVID-19 outbreak, the SEC has extended the deadline for filing Form ADV, Form ADV Part 2 and Form PF until June 30, 2020. Investment advisers must notify the SEC via email at IARDLive@sec.gov if they wish to take advantage of the extension. They must also disclose on their public website that they are taking advantage of the extension, why they were unable to file on time and when they expect to file the Form. The deadline was initially extended until April 30, but on March 25, the SEC extended the deadline further to June 30.
Read the original order.
Read the SEC’s March 25 update.
Read Chairman Clayton’s Public Statement – April 2, 2020
For additional information, please click here for SEC’s COVID-19 Response.
For state insurance department information, click here for state-by-state updates on examination services, processing delays and staff availability from the National Insurance Producer Registry (NIPR).
Coronavirus Emergency Loans: Small Business Guide & Checklist (from U.S. Chamber of Commerce)
U.S. Small Business Administration: Guidance for Businesses and Employers