Paycheck Protection Program

Small businesses give fintechs low marks for PPP lending


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.


PPP loans reach $72.7 billion in new round with big lenders


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.


Fast-tracked PPP forgiveness provided unexpected earnings lift


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.


Rural U.S. states get larger share of PPP loans in latest round


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.


Fintechs try to take the pain out of PPP applications


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.


Paycheck Protection Program: SBA Issues Guidance on First Draw and Second Draw PPP Loans and Releases PPP Applications Pursuant to the Economic Aid Act


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


Lenders rush to get PPP loans to Black-owned businesses


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.


The Save Our Stages Act – Time for Eligible Businesses to Get Ready for Their Audition (Part 2 of 2)


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 Act”, comprising Title III of Division N of the Consolidated Appropriations Act, 2021).  The SOS Act establishes a new grant program (the “SOS Program”, also known as the “grant program for shuttered venue operators”) to be administered by the Small Business Administration (“SBA”) to aid certain financially distress


Small lenders embrace automation for latest PPP round


First Bank in New Jersey, Northeast Bank in Maine and others have warmed to the idea of using software to streamline Paycheck Protection Program lending so that employees can be more hands-on with customers.