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Will Legal Lending Limits Connect With PPP Loans? This will depend. Generally speaking, the…

Will Legal Lending Limits Connect With PPP Loans? This will depend. Generally speaking, the…

This will depend. Generally speaking, the part of a loan fully guaranteed by a U.S. federal government agency is excluded when determining appropriate financing restrictions. We suggest that banking institutions review relevant federal or state legislation and guidance (dependent on their charter) regarding legal financing restrictions plus the PPP system to ensure probably the most accurate way of determining appropriate financing restrictions relevant for them, as financing limitations may differ by jurisdiction. For instance, under Illinois legislation for state-chartered banking institutions, loans which are fully guaranteed by a U.S. federal government agency are exempted through the appropriate financing limitations.