News Topic: SBA

The move is the first time the bank has provided services to digital currency players; the Washington Post and four other heavy hitters want details on PPP and small business disaster loan programs. ... Read full article

The agency said without further action banks' participation in coronavirus relief programs could inflate their deposit insurance assessments. ... Read full article

SBA Express has existed for years, but its new $1 million cap could prove helpful to small businesses that need funds for more than just payroll expenses. ... Read full article

The agency is being methodical in its rollout of the Main Street Lending Program in hopes of avoiding missteps that followed the launch of other coronavirus relief efforts. But observers say delaying aid brings its own risks. ... Read full article

Banks could end up holding many low-rate Paycheck Protection Program loans on their books for two years, and dealing with irate borrowers who failed to meet federal requirements for forgiveness. ... Read full article

Lawmakers are pushing for better data on who's receiving loans in hopes that more funds will be directed to lenders that serve women- and minority-owned businesses. ... Read full article

The agency’s IG says the PPP failed to prioritize borrowers in underserved and rural markets; the firms, which lack deposits to cushion them, are vulnerable to borrowers defaulting on their loans. ... Read full article

Late approval and delayed access to the Fed’s liquidity facility have forced fintechs to play catch-up in the Paycheck Protection Program. A strong finish could bolster their case for becoming full-fledged Small Business Administration lenders. ... Read full article

The Small Business Administration's Inspector General also flagged a number of shortcomings in the implementation of the Paycheck Protection Program. ... Read full article

The SBA's long-standing Economic Injury Disaster Loan program has been so overwhelmed with applications that the agency has capped loan sizes; ECB finding few takers for a program in which it pays banks to make business loans. ... Read full article

Up to 12% of loans under the $660 billion small-business rescue program could be tied to misleading or completely phony applications, fueling concerns about lenders' potential liability. ... Read full article

Regulators need to give more detailed guidance on the coronavirus relief program for small businesses so lenders don’t get trapped in underwriting mistakes down the road. ... Read full article

Bankers are bracing for accusations of discrimination in the way Paycheck Protection Program loans were allocated. ... Read full article

Payday Loan LLC, which engages in lending and check cashing in 22 stores in California, sued the SBA on April 25 after its request for a $644,000 loan from the Paycheck Protection Program was denied. ... Read full article

Small businesses that received loans from the Paycheck Protection Program pandemic still don’t know how much they may have to repay after the government missed a deadline to give specific guidance. ... Read full article

More companies will be eligible to apply for the four-year loans, including those with high debt loads; four-year loans will be offered to European banks with rates as low as minus 1% as the eurozone economy tanks. ... Read full article

The Justice Department has begun a preliminary inquiry into how taxpayer money was lent out under the Paycheck Protection Program and has already found possible fraud among businesses seeking relief, a top official said. ... Read full article

In round two of the Paycheck Protection Program, the bank has sent some 256,000 loan applications to the Small Business Administration for processing. ... Read full article