News Topic: Paycheck Protection Program

The Small Business Administration will allow lenders with less than $1 billion of assets to process applications in two days. The portal will open to all lenders on Tuesday. ... Read full article

Several community banks said they didn't have enough time to review the Paycheck Protection Program's application forms, forcing them to sit out Monday's reopening. The SBA is not saying when more lenders will be allowed to access its ... Read full article

Bankers have several unanswered questions about the Paycheck Protection Program before it reopens to select lenders on Monday. Among them: When will forms be available, and which portal will the Small Business Administration use? ... Read full article

Community banks will have access to allocated funds and at least two days of exclusive portal access when the Small Business Administration relaunches the Paycheck Protection Program. ... Read full article

The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month. ... Read full article

The recent stimulus law’s relief for renters and extension of the federal eviction ban were meant to ward off a housing crisis. But owners of 1- to 4-unit dwellings still face mounting mortgage and property tax debts, and delinquencies could start rising ... Read full article

On December 27, 2020, President Donald Trump signed into law the Consolidated Appropriations Act, 2021 (the 2021 Consolidated Appropriations Act ), an omnibus statute that is comprised of, among other laws, twelve fiscal year 2021 appropriations bills for ... Read full article

Triad Business Bank opened in North Carolina shortly before the launch of the Paycheck Protection Program, which brought in many clients. CEO Ramsey Hamadi, one of our community bankers to watch in 2021, will have to work hard to retain them after their ... Read full article

The new legislation includes a provision sparing lenders from having to pay such fees on Paycheck Protection Program loans, except in cases where they agree in advance with borrower representatives to do so. ... Read full article

Gilles Gade, one our community bankers to watch in 2021, led an effort that made Cross River Bank one of the biggest Paycheck Protection Program participants. He is ready for his team to pick up where it left off when the new stimulus package kicks in. ... Read full article

The legislation allows the Small Business Administration to waive fees and raise the guarantee for 7(a) and 504 loans, which could encourage more small businesses to apply for loans as the economy recovers. ... Read full article

The Oregon bank has launched a new division targeting businesses with up to $15 million in annual sales and tapped the banker who led its Paycheck Protection Program lending, Ashley Hayslip, to run it. ... Read full article

At least two items on the industry's Paycheck Protection Program wish list were delivered: provisions allowing many existing borrowers to obtain new funding and streamlined forgiveness for loans of $150,000 or less. ... Read full article

The two groups have launched a new effort to promote the benefits of being certified as a community development financial institution. ... Read full article

Lawmakers need to create a coronavirus relief program targeting owners of smaller businesses facing more hardship than larger competitors that received much of the aid from the Paycheck Protection Program. ... Read full article

It includes simpler Paycheck Protection Program forgiveness and a consistent approach from federal regulators to reforming the Community Reinvestment Act, says Bank of America's Christine Channels, who chairs the Consumer Bankers Association's ... Read full article

Buyers say the Federal Reserve's decision to extend the life of a crucial lending facility another 90 days makes it possible for them acquire more PPP loans ... Read full article

New analysis from S&P shows credit unions near $1 billion of assets and above continuing to dominate the industry's performance in the Paycheck Protection Program as some CUs dedicate a substantial portion of their portfolios to the effort. ... Read full article