News Topic: Paycheck Protection Program

Only businesses with 20 or fewer employees will be eligible to apply for forgivable loans from the Small Business Administration's Paycheck Protection Program. ... Read full article

The Small Business Administration wants to vet Paycheck Protection Program loans of $2 million or more, but lenders have grown tired of waiting for months with no updates. ... Read full article

Noninterest income from Paycheck Protection loans and mortgage refinancings isn't enough to make up for shortfalls elsewhere, and growth prospects are hard to identify. ... Read full article

A full rebound won’t occur until next year at the earliest because of the slow vaccine rollout, most executives at small banks said in a new survey. Last summer, more than half expected a turnaround this year. ... Read full article

Noninterest income from Paycheck Protection loans and mortgage refinancings isn't enough to make up for shortfalls elsewhere, and growth prospects are hard to identify. ... Read full article

A full rebound won’t occur until next year at the earliest because of the slow vaccine rollout, most executives at small banks said in a new survey. Last summer, more than half expected a turnaround this year. ... Read full article

Banks have diverted resources from traditional Small Business Administration lending to make Paycheck Protection Program loans, but many are taking steps to rev up 7(a) and 504 lending once the PPP winds down. ... Read full article

The majority of Paycheck Protection Program loans are being approved for borrowers in industries that have yet to regain their footing. ... Read full article

Bankers have claimed that the Small Business Administration's procedures to counter fraud and improper lending have ensnared legitimate Paycheck Protection Program applications. ... Read full article

On January 19, 2021, the U.S. ... Read full article

Only 18% of businesses that received a Paycheck Protection Program or other loan from an online lender were satisfied with customer service, while 42% said they were dissatisfied. Banks, credit unions and CDFIs fared better in the Federal Reserve survey. ... Read full article

The number of Paycheck Protection Program loans to U.S. small businesses more than doubled in the third week of the latest round of pandemic relief aid, as Bank of America and JPMorgan Chase each processed more than $1 billion in funding. ... Read full article

Long hours by bankers and the streamlined resolution of Paycheck Protection Program loans helped lenders collect more fees than anticipated in the fourth quarter. It was a rare bright spot at a time when revenue is being pinched. ... Read full article

A rule change that allows farms with just one employee tap the Paycheck Protection Program means more pandemic relief funds are flowing into such states as Nebraska, Oklahoma, Wyoming and North Dakota. ... Read full article

The application process was a mess in the first rounds of the Paycheck Protection Program. Fintechs say their efforts will make it go smoothly in the latest iteration. ... Read full article

On January 6, 2020, the SBA published its 26 th Interim Final Rule (the First Draw PPP IFR ) and 27 th Interim Final Rule (the Second Draw PPP IFR ) [1] with respect to the Paycheck Protection Program ( PPP ), as reauth ... Read full article

Businesses owned by minorities and women got a head start this week in a new round of $284 billion funding, and early anecdotal evidence suggests stronger demand coming from these businesses. ... Read full article

This client alert is the second of a two part series concerning the Save Our Stages Act (the “ SOS Act ”), which became law on December 27, 2020 as Section 324 of the Economic Aid to Hard-Hit Small Business, Nonprofits, and Venues Act (the “ Economic Aid ... Read full article