Members of the Small Business Committee signaled backing for broadening Paycheck Protection Program access for the smallest companies, encouraging participation by nonbank lenders and other improvements.
Accountants, as well as lawyers and consultants, who helped small businesses apply for emergency relief funds through the Paycheck Protection Program want to be compensated. Are they entitled to be?
Activity in the Paycheck Protection Program has slowed in recent weeks, but Customers Bancorp and Fountainhead Capital continue to pursue loans aggressively in hopes of developing long-term borrower relationships.
Bankers said legislative fixes to the small-business rescue program should help more borrowers secure loan forgiveness, though new demand will likely remain tepid because the process is still extremely cumbersome.
Two years ago, the Tulsa, Okla., bank expanded its Native American casino lending business nationwide. It seemed like a great plan until the coronavirus pandemic struck.
The SBA issues guidance on Paycheck Protection Program loan forgiveness; after staffing up for PPP, Bank of America may need to delay investments to meet cost targets; American Express has leaned hard on cloud tech to help employees work at home during the pandemic.
The measure, which garnered near-unanimous support, would triple the period during which businesses can spend their coronavirus relief funds and make it easier for loans to be forgiven.
The new Paycheck Protection Program rules, which created a review process and timeline for paying lenders, did not extend the time borrowers have to comply or increase how much money can be spent nonpayroll expenses.
