Treasury Secretary Steven Mnuchin did not define "small," but advocates have been urging Congress to convert all Paycheck Protection Program loans of less than $150,000 into grants.
A Bloomberg News analysis shows that the data for Paycheck Protection Program loans totaling more than $521 billion released on July 6 are riddled with anomalies.
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.
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.
Two state assembly members introduced legislation that would let the California Infrastructure and Economic Development Bank accept deposits from public entities and provide financing to small businesses and local governments.
The company has established a fund that will provide capital, technical assistance and long-term recovery support to small businesses, especially minority-owned companies. The other megabanks are expected to donate their fees, also.
But Boston Fed chief sees more interest among banks and borrowers if the economy worsens; the failed payments company is being investigated for its alleged role in a $100 million caper.
More than 30 banks across the country, including dozens of community banks and some lenders with more than $1 billion in assets, could generate fees that surpass their 2019 net revenue before set-asides for loan losses.
Restaurants, medical offices and car dealerships were the top recipients of large loans; increased usage of the drive-ups is putting a strain on the low-tech lanes.
