Paycheck Protection Program

Broader PPP forgiveness, Wells bumping its cap, 'no regrets' cost cutting: Top stories of the week

06/05/20

Big banks call for blanket forgiveness of PPP loans under $150,000; Wells Fargo struggling to stay under asset cap amid pandemic, CEO says; banks are getting aggressive — and creative — to boost profits; and more from this week's most-read stories.

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After PPP reform, more flexibility but same complexity

06/05/20

Bankers said legislative fixes to the small-business rescue program should help more borrowers secure loan forgiveness, though new demand will likely remain tepid because the process is still extremely cumbersome.

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Banks must shift focus to thrive in extraordinary times

06/05/20

Past is not prologue, and a successful strategy for becoming a top-performing bank in 2020 is very different than it might have been just six months ago.

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Lenders, businesses say confusing rules hampered virus rescue

06/04/20

Representatives of lenders as well as businesses that received pandemic bailout money told an oversight board Wednesday that delayed and confusing instructions from the government hampered the effectiveness of the main rescue program for smaller companies.

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HSBC sides with Beijing over Hong Kong; overdraft fee haul

06/04/20

The bank’s Asia-Pacific chief backs law giving greater mainland control over the territory; the Center for Responsible Lending said big banks took in almost $12 billion in overdraft fees last year, with the bulk of it paid by lower-income customers.

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Senate passes changes to small business PPP loan program

06/03/20

The bill, which passed the House last week on a 471-1 vote, now heads to President Trump’s desk for his signature.

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Coronavirus response allows banks to ‘change the narrative’: Citi chair

06/03/20

John Dugan says a successful effort by banks to alleviate the economic damage of the pandemic could boost the industry's reputation.

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Should PPP be extended to vandalized businesses?

06/02/20

The program is intended to aid businesses hit hard by pandemic-induced lockdowns, but lenders are lobbying to have the rules relaxed to help owners of stores and offices damaged by recent riots and looting.

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Big banks call for blanket forgiveness of PPP loans under $150,000

06/02/20

The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans.

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Justice Dept. asks United Community for PPP documents

06/02/20

The Georgia company said the agency is looking at its policies for paying, or withholding, Paycheck Protection Program fees to borrowers' agents.

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