Small business lending

Bill would create California public bank

07/09/20

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.

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Here’s where Wells Fargo is donating its $400M in PPP fees

07/09/20

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.

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Main Street program starts slowly; DOJ probing Wirecard for bank fraud

07/09/20

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.

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Banks poised to get fee windfall from small-business stimulus

07/07/20

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.

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SBA discloses PPP loan recipients; bank drive-throughs make a comeback

07/07/20

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.

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Trump administration discloses details on $521.5 billion in virus aid

07/06/20

The Trump administration released details of almost 4.9 million loans to businesses — from sole proprietors to restaurant and hotel chains — under the federal government's largest coronavirus relief program so far, the $669 billion Paycheck Protection Program.

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Fed to start buying loan stakes in coronavirus rescue program

07/06/20

Banks participating in the Main Street Lending Program were able to register for and offer credit to businesses last month, but the Federal Reserve said Monday it was set to make the effort fully operational.

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House clears extension of PPP to August

07/02/20

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

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Federal loan programs seek borrowers; ECB to encourage more bank mergers

07/02/20

The Main Street Lending Program is off to a slow start, while the PPP is extended five weeks to distribute the remaining $130 billion in loans; the European regulator is softening its stance to allow more deals.

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Get ready for wave of small-business defaults, PNC’s Demchak warns

07/01/20

With stimulus money running out and forbearances set to expire, consumer spending is bound to shrink. That's bad news for business owners and their landlords, the Pittsburgh bank's CEO says.

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