SBA

Lawmakers are pushing for better data on who's receiving loans in hopes that more funds will be directed to lenders that serve women- and minority-owned businesses.

Banks could end up holding many low-rate Paycheck Protection Program loans on their books for two years, and dealing with irate borrowers who failed to meet federal requirements for forgiveness.

The agency’s IG says the PPP failed to prioritize borrowers in underserved and rural markets; the firms, which lack deposits to cushion them, are vulnerable to borrowers defaulting on their loans.

The Small Business Administration's inspector general also flagged a number of shortcomings in the implementation of the Paycheck Protection Program.

Late approval and delayed access to the Fed’s liquidity facility have forced fintechs to play catch-up in the Paycheck Protection Program. A strong finish could bolster their case for becoming full-fledged Small Business Administration lenders.

The SBA's long-standing Economic Injury Disaster Loan program has been so overwhelmed with applications that the agency has capped loan sizes; ECB finding few takers for a program in which it pays banks to make business loans.

Up to 12% of loans under the $660 billion small-business rescue program could be tied to misleading or completely phony applications, fueling concerns about lenders' potential liability.

Regulators need to give more detailed guidance on the coronavirus relief program for small businesses so lenders don’t get trapped in underwriting mistakes down the road.

Bankers are bracing for accusations of discrimination in the way Paycheck Protection Program loans were allocated.

Payday Loan LLC, which engages in lending and check cashing in 22 stores in California, sued the SBA on April 25 after its request for a $644,000 loan from the Paycheck Protection Program was denied.