Yes, the Small Business Administration's emergency funding program for the coronavirus crisis is off to a rocky start, but that shouldn't stop banks from helping customers in need.
Many bankers find crucial parts of the SBA effort to help businesses hurt by the coronavirus outbreak to be unclear and onerous. If those issues go unresolved, participation could suffer.
The pandemic may force the Small Business Administration to rely more on fintechs and digital channels to hasten loan approvals, a shift that could stick.
What banks need to know about the coronavirus stimulus package; tech vendor Finastra hit with ransomware attack; bank CIOs confront challenge of so many employees working at home; and more from this week's most-read stories.
No online lenders are approved for the agency's traditional programs, but they could make loans under the coronavirus stimulus package if they get special approval.
Banks cutting back on branch services — or closing stores outright — to slow spread of coronavirus; Trump administration to halt foreclosures as pandemic worsens; Wells Fargo hires TD's Ellen Patterson as general counsel; and more from this week's most-read stories.
