Search Results for citation:"86 FR 8283"

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Search Results: citation:"86 FR 8283"

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  • 2021-01387 — Qualified Mortgage Definition Under the Truth in Lending Act (Regulation Z): Seasoned QM Loan Definition; Correction
    Type:Rule
    Citation:86 FR 8283
    Reading Time:about a minute or two

    The Bureau of Consumer Financial Protection issued a correction to a previously published rule regarding the definition of a Qualified Mortgage under the Truth in Lending Act, which appeared in the Federal Register on December 29, 2020. The correction fixes a minor error in the wording of an amendatory instruction related to the regulation that guides mortgage definitions. The change will become effective on March 1, 2021. For further details, individuals can contact Amanda Quester at the Bureau of Consumer Financial Protection.

    Simple Explanation

    The Bureau of Consumer Financial Protection found a small mistake in its previous instructions about what makes a mortgage "qualified" and fixed it, so everything is clear when people read the rules about loans.

  • 2021-02314 — Business Loan Program Temporary Changes; Paycheck Protection Program-Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act
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    Type:Rule
    Citation:86 FR 8283
    Reading Time:about 86 minutes

    The interim final rule from the U.S. Small Business Administration (SBA) and the Department of the Treasury outlines updates to the Paycheck Protection Program (PPP) loan forgiveness and review procedures, incorporating changes mandated by the Economic Aid Act. This includes guidelines for forgiving loans from both the first and second draw of PPP loans and addressing necessary documentation and processes for loan forgiveness. Key updates include the extension of the program, new rules regarding nonpayroll costs, and exemptions for certain borrowers. The rule aims to provide immediate relief to small businesses impacted by the COVID-19 pandemic and allows the SBA to continue remitting forgiveness payments promptly.

    Simple Explanation

    The government made some new rules to help small businesses pay back special loans they got during the COVID-19 pandemic, making it easier for them to not have to pay everything back as long as they follow certain rules. They also changed how these loans work a little bit to help these businesses and make sure they have all the right papers.