News Topic: SBA

A federal watchdog agency determined that Almena State Bank's push into government-backed loans, supported with high-cost wholesale funding, set it up for collapse when significant credit issues arose. ]] ... Read full article

First Internet CEO David Becker used to be dismissive of the Small Business Administration. But after getting to know some of the borrowers during the pandemic — and after his bank collected hefty fees from selling 7(a) loans — he's become a convert. ... Read full article

By an overwhelming majority, the House approved a two-month extension of the Paycheck Protection Program, which still has almost $93 billion left to distribute. ]] ... Read full article

The legislation would extend the Paycheck Protection Program for two months and give the Small Business Administration more time to remedy persistent system glitches that have delayed the processing of thousands of loan applications. ... Read full article

Legislators expressed concerns that thousands of pending applications are stuck in limbo just weeks before the Small Business Administration is legally required to stop accepting them. ... Read full article

Nonbanks had worried the end of the Paycheck Protection Program Liquidity Facility would hurt their ability to lend to small businesses. On Monday, the Federal Reserve announced the facility would be extended for three months. ... Read full article

Turnaround times on loans in the 504 program are stretching out for weeks as the Small Business Administration grapples with a spike in applications and responsibilities tied to the Paycheck Protection Program. ... Read full article

It would ignore technical glitches plaguing the entire Paycheck Protection Program and could end up delaying loans to larger borrowers who also need relief, bank executives and their trade groups say. ... 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 Los Angeles company agreed to buy $105 million of loans and a servicing portfolio that covers another $295 million in originations. ... 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

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

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. ... Read full article

The pace of forgiveness for Paycheck Protection Program loans is expected to accelerate when the Small Business Administration issues guidance on additional steps meant to streamline the process. ... Read full article

Among the various bills that were amalgamated in the Consolidated Appropriations Act, 2021 (the omnibus appropriations and stimulus funding bill that was signed into law on December 27, 2020) was a modified version of the Save Our Stages Act (the “ SOS ... Read full article

President-elect Joe Biden picked California official Isabel Casillas Guzman to lead the Small Business Administration, according to people familiar with the decision. ... 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