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.
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.
Jennifer Roberts, the company's head of business banking, details a process to have units work one-on-one with customers to get Paycheck Protection Program funds deployed faster.
Nearly 4 million households that were to be mailed paper checks will instead receive their pandemic relief aid via prepaid debit cards issued by MetaBank.
Members of the Banking Committee pressed the Treasury secretary and Fed chief to ensure CARES Act funds are deployed as Congress intended. They also debated the need for more stimulus to ease the economic effects of the coronavirus.
