Small business lending

Banks, PPP recipients caught in bind between two SBA rescue programs

10/26/20

Businesses that received Paycheck Protection Program loans and Economic Injury Disaster advances discovered later they can't get full forgiveness. Lenders want the rules changed.

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To end lending bias, banks need to use the right tech

10/26/20

Traditional lenders must embrace fintech underwriting tools that would help women- and monitory-owned businesses get loans they are too often denied.

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House bill would let smaller banks exclude PPP loans from asset totals

10/23/20

The legislation would help institutions with less than $15 billion of assets avoid regulatory requirements resulting from participating in the small business relief program.

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Amex's recipe for small-business lending: Heavy on the Kabbage

10/23/20

With the COVID-19 pandemic creating unprecedented challenges for small businesses, American Express has increasingly targeted its investments in that niche.

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Huntington unveils new SBA program for women, minorities and veterans

10/20/20

The Ohio company's new effort will commit $25 million in 7(a) loans, along with fee waivers and financial education.

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Comerica prioritizes forgiveness of larger PPP loans

10/20/20

The Dallas bank has begun encouraging larger borrowers to seek forgiveness of Paycheck Protection Program loans first as it holds out for the government to streamline the process for loans below $150,000.

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Wells Fargo fires more than 100 workers for abusing U.S. aid

10/15/20

Wells Fargo fired more than 100 employees suspected of improperly collecting coronavirus relief funds, according to a person with knowledge of the situation.

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SBA streamlines forgiveness for PPP loans of $50,000 or less

10/09/20

Lenders welcomed the move as a helpful first step but are still urging policymakers to develop a broader, simpler process for expediting the approvals of loans extended to troubled small businesses under the Paycheck Protection Program.

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SBA relief effort spurred 7(a) spike. Will it backfire?

10/06/20

The Small Business Administration has been covering six months of principal, interest and fees for loans that existed on Sept. 27. There are concerns the moves are masking weaknesses in lenders' 7(a) portfolios.

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Government says it will start forgiving PPP loans within days

10/01/20

To date, the Small Business Administration hasn’t acted on tens of thousands of applications that lenders have submitted since early August. However, it will begin doing so by early next week, an official says.

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