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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A backlog has formed since the first round of Paycheck Protection Program funding dried up, threatening to further strain a platform that struggled to handle the initial workload.
April 22 -
The Los Angeles regional bank recorded the $1.5 billion noncash charge after its stock price ended March below its tangible book value.
April 21 -
The Small Business Administration stopped approving loans when the Paycheck Protection Program hit its cap.
April 16 -
The Small Business Administration stopped approving loans when the Paycheck Protection Program hit its cap.
April 16 -
PayPal, Intuit QuickBooks Capital and Square Capital have been named direct lenders in the Paycheck Protection Program, and more await the go-ahead. They could be crucial to reaching the smallest firms trying to survive the economic toll of the coronavirus pandemic.
April 13 -
Many banks were hitting their limits for lending to small businesses devastated by the coronavirus outbreak. They say the Fed's decisions to help fund additional loans and relax capital requirements will resolve many of their problems.
April 9 -
The agency overhauled its system for the Paycheck Protection Program on Wednesday. Lenders hope it addresses the access issues and a crash that bedeviled the effort’s first week.
April 8 -
The Small Business Administration said lenders approved $71 billion in loans from the Paycheck Protection Program in less than five days.
April 7 -
Lenders must balance the financial risk of extending credit without explicit backing from the Small Business Administration against the reputational risk of delaying aid for needy borrowers.
April 6 -
Many bankers find crucial parts of the SBA effort to help businesses hurt by the coronavirus outbreak to be unclear and onerous. If those issues go unresolved, participation could suffer.
April 2
