News Topic: Paycheck Protection Program

Lenders are set to flood the SBA with new PPP applications; long nights and weekends the new normal; Fifth Third rethinks new-branch designs in light of coronavirus; and more from this week's most-read stories. ... Read full article

The bill, which President Trump is expected to sign Friday, includes $310 billion more funding; the four largest U.S. banks took in $590 billion of the $1 trillion banks attracted. ... Read full article

The House overwhelmingly passed and sent to President Donald Trump a $484 billion coronavirus aid package, even as members are already at odds over the next phase of rescue legislation. ... Read full article

The energy business alone faces immense challenges and the overall economy may not bounce back until 2022, Stephen Steinour says. ... Read full article

The central bank and other agencies have come under pressure to be transparent about their use of funds authorized by the recent pandemic rescue law. ... Read full article

Lawmakers should approve a program to distribute stimulus funds using a government-sanctioned coin, which would be speedier than the current system. ... Read full article

The policy move will allow small institutions participating in the Paycheck Protection Program to pledge business loans as collateral to obtain advances. ... Read full article

Some say the agencies are exacting too high a price to buy loans from the cash-strapped lenders; some small banks hustled in dealing with the Paycheck Protection Program, others are accused of a hustle. ... Read full article

A backlog has formed since the first round of Paycheck Protection Program funding dried up, threatening to further strain a platform that struggled to handle the initial workload. ... Read full article

Financial institutions could testify before the bipartisan commission overseeing the unprecedented economic aid for industries hit by the COVID-19 pandemic. But without subpoena authority, the panel’s impact may be limited. ... Read full article

The bill, which includes $310 billion in new funding, is expected to pass the House on Thursday; Chase has no timeline for returning but plans to bring back employees to offices in stages. ... Read full article

The House is expected to vote later this week on the bill expanding emergency relief for small businesses reeling from the effects of the coronavirus. ... Read full article

John Pitts, policy lead for Plaid, has some ideas to ensure Paycheck Protection Program legislation set to be voted on this week targets the companies most in need of a cash infusion. ... Read full article

The administration and Congress are said to be close to adding $310 billion to the small business loan program; the department is looking at whether it can prevent banks from seizing government checks. ... Read full article

Bank of America and U.S. Bancorp were also named in a lawsuit filed in Sunday in which the banks are accused of prioritizing large loans distributed through the Paycheck Protection Program in order to maximize fees. ... Read full article

The Paycheck Protection Program (“ PPP ”), as enacted under the Coronavirus Aid, Relief, and Economic Security (CARES) Act , provides federally-guaranteed loans up to a maximum amount of $10 million to qualified businesses, which can be fully forgivable, ... Read full article

From stimulus checks to the Paycheck Protection Program, the government’s infusion of cash into an economy reeling from the coronavirus pandemic has primarily helped those who already strong banking relationships. ... Read full article

Lawmakers are considering a plan to reserve at least $50 billion in Paycheck Protection Program funds for customers of community banks and small regionals. ... Read full article