#20: Can the Countless Hours We Spent on the SBA PPP Count? You Might Be Surprised...

Can the countless hours you’ve spent on the SBA Paycheck Protection Program (PPP) count as a community development service?The answer is yes and no! Although your bank worked seemingly around the clock last year to stand up the SBA PPP, none of the hours spent internally creating the loan application portals, working on underwriting and compliance or deploying loans under the program count towards your CRA program.You will, however, count the SBA PPP as a special loan program and loans will count either as small business loans or may qualify as community development loans depending on the circumstances.Quotes• “You do get credit for offering the program in general….You get a credit as a special loan program, but not the actual hours associated with ‘volunteering,’ because it wasn’t really a volunteer activity.” (1:58-2:18)• “So, the community development loans must have a community development purpose, but there are ways to get lending credit for it.” (2:49-2:55)LinksCRA Today Website: https://cratoday.com/ For more information on the CRA Hub, a membership for bankers to connect, inspire, and master the art of CRA: https://cratoday.com/hub/ Enrollment opens July 26-30, 2021.Copyright © 2021 by CRA Today LLC(No claim to original U.S. government material)All rights reserved. No part of this podcast may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.This podcast is a periodic publication of CRA Today LLC and is intended to notify and inspire recipients of new developments in the Community Reinvestment Act. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.Podcast production and show notes provided by FIRESIDE Marketing: https://meetfireside.com/podcast-production-service/