Small business lending

Senate passes extension of Paycheck Protection Program

06/30/20

The extension to Aug. 8 was offered by Senator Ben Cardin, a Maryland Democrat, and cleared the chamber by unanimous consent. The House has yet to take up the bill but could pass it as soon as Tuesday night.

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As PPP enters forgiveness phase, some banks see outsourcing as best move

06/30/20

Lenders are selling their Paycheck Protection Program loans or hiring outside companies to navigate the process in an effort to reduce risk and avoid overloading their employees.

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Small-business lending: Digital is the new normal

06/23/20

The Paycheck Protection Program put a premium on speed in processing and funding loans.

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Pandemic and protests: How the tumult of 2020 will forever change banking

06/23/20

A global health crisis. Economic free fall. A reckoning over racism and inequality. We will not be the same after this — and neither will banking.

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Rosengren's Main Street pitch to banks: Get in it for long haul

06/23/20

Participation in the Main Street Lending Program for midsize companies is partly about public service, but the core business rationale is building "a banking relationship that continues on for some time," the Boston Fed chief says.

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A purpose-driven CD and other ideas for advancing economic justice and diversity

06/22/20

Funds from a certificate of deposit at Berkshire Bank will help fuel lending to minority-owned small businesses. Mellody Hobson explains why merely ‘working on diversity’ is not good enough. And Wells Fargo ties compensation to progress on diversity targets.

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Frustrated by PPP, many small businesses are ditching their banks

06/21/20

Business owners are changing banks at three times normal levels, a trend researchers attribute to their difficulty in obtaining emergency loans. If the forgiveness stage of the Paycheck Protection Program proves arduous, that rate could climb much higher.

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Treasury, SBA to disclose identities of large PPP borrowers

06/19/20

The agencies said late Friday that they will provide information on small businesses that received $150,000 or more from the Paycheck Protection Program.

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Lenders, lawmakers push for PPP extension despite tepid demand

06/19/20

Activity in the Paycheck Protection Program has waned, but some argue that many small businesses, especially those owned by minorities, will miss out if the June 30 application deadline isn't extended.

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Why bankers remain unsold on Fed's Main Street program

06/19/20

Worried about a lack of demand and that some of their customers are ineligible, community banks are still on the fence about participating in the effort to back loans for businesses recovering from the pandemic crisis.

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