John Reosti is a reporter covering community banks in particular and the financial services industry in general. He also focuses on the Small Business Administration, the National Credit Union Administration Board and issues connected to the CECL accounting standard.
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The pace of forgiveness for Paycheck Protection Program loans is expected to accelerate when the Small Business Administration issues guidance on additional steps meant to streamline the process.
January 13 -
Several community banks said they didn't have enough time to review the Paycheck Protection Program's application forms, forcing them to sit out Monday's reopening. The SBA is not saying when more lenders will be allowed to access its portal.
January 12 -
Bankers have several unanswered questions about the Paycheck Protection Program before it reopens to select lenders on Monday. Among them: When will forms be available, and which portal will the Small Business Administration use?
January 8 -
Community banks will have access to allocated funds and at least two days of exclusive portal access when the Small Business Administration relaunches the Paycheck Protection Program.
January 7 -
Brian Argrett, whose City First Bank is being sold to Los Angeles-based Broadway Financial, would take the helm of the combined company at a time of increased national interest in reinvigorating minority-owned financial institutions.
January 4 -
Speculation is swirling that the Boston company will go on a buying spree after raising $1.8 billion, though some investors are advising caution. This tension makes CEO Bob Rivers one of our community bankers to watch in 2021.
December 31 -
The new legislation includes a provision sparing lenders from having to pay such fees on Paycheck Protection Program loans, except in cases where they agree in advance with borrower representatives to do so.
December 29 -
The company is also looking to hire more senior lenders as it expands in markets around Los Angeles and San Diego.
December 24 -
The legislation allows the Small Business Administration to waive fees and raise the guarantee for 7(a) and 504 loans, which could encourage more small businesses to apply for loans as the economy recovers.
December 22 -
At least two items on the industry's Paycheck Protection Program wish list were delivered: provisions allowing many existing borrowers to obtain new funding and streamlined forgiveness for loans of $150,000 or less.
December 21
