News Topic: SBA

The company will pay $156 million for a bank with a large Small Business Administration lending platform. ... Read full article

Many sellers are ditching the loans to avoid the cumbersome forgiveness process. For others, the Paycheck Protection Program was never a strategic fit. ... Read full article

Besides reauthorizing the Paycheck Protection Program, Congress should upgrade the loan forgiveness process, offer businesses the chance to take out a second loan and ensure the pricing satisfies lenders, bankers say. ... Read full article

The Senate Republicans' coronavirus relief package, known as the HEALS Act, would continue to make the loan program available to businesses, but any final bill would need to be negotiated with House Democrats. ... Read full article

Many bankers want to focus more on the forgiveness process, assessing the status of deferrals and pursuing traditional lending opportunities. ... Read full article

Greater Nevada Credit Union, like a number of community banks, agreed to sell its Paycheck Protection Program loans to avoid navigating the complicated forgiveness process. ... Read full article

Pedro Bryant will oversee a $3 million effort to fund small businesses in disadvantaged communities. ... Read full article

For all banks' claims that credit unions pose a threat to their commercial lending market share, they've accounted for just 2% of volume in the Paycheck Protection Program. ... Read full article

After tech firms assisted community bankers in processing applications in the Paycheck Protection Program, small-business lenders are continuing to engage with cloud providers and other outside companies to automate the loan forgiveness process. ... Read full article

On July 4, 2020, President Trump signed into law a bill passed by the U.S. ... Read full article

The Senate had passed the bill Tuesday, shortly before the Small Business Administration was to stop accepting new loan applications. ... Read full article

Lenders are selling their Paycheck Protection Program loans or hiring outside companies to navigate the process in an effort to reduce risk and avoid overloading their employees. ... Read full article

The Paycheck Protection Program had more than $100 billion in funding left as of last Saturday, with only days remaining until the Small Business Administration stops taking new applications on June 30. ... Read full article

The agencies said late Friday that they will provide information on small businesses that received $150,000 or more from the Paycheck Protection Program. ... Read full article

Activity in the Paycheck Protection Program has waned, but some argue that many small businesses, especially those owned by minorities, will miss out if the June 30 application deadline isn't extended. ... Read full article

In letters to administration officials and large banks, the lawmakers sought details about loan recipients following reports that financial institutions had favored their wealthiest clients. ... Read full article

Borrowers say getting the loans forgiven is just as complicated as obtaining the money; payment companies are holding some merchant funds in reserve as chargebacks spike. ... Read full article

Evidence suggests some minority-owned businesses can’t access loans, and the Trump administration is under pressure to report borrower demographics. The issue is gaining attention against the backdrop of protests over the George Floyd killing. ... Read full article