SBA

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Online lenders can help the agency distribute loans faster as it gets set to deploy emergency funding to small businesses.

No online lenders are approved for the agency's traditional programs, but they could make loans under the COVID-19 stimulus package if they get special approval.

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The proposal from Sens. Marco Rubio and Susan Collins would provide the Small Business Administration with $300 billion to help companies hurt by the coronavirus outbreak meet immediate financial obligations, including payroll.

Lenders are rallying around a bill from Sen. Rubio that would give them access to another $50 billion under the 7(a) program. It could face obstacles in the House, where a bill favors direct lending by the Small Business Administration.

From scams to watch out for to the role banks play in an SBA virus loan program, news about the pandemic's impact was everywhere. Also: As State Farm bows out, U.S. Bank seizes an expansion opportunity; CFPB sues Fifth Third for allegedly opening phony accounts; and more from this week's most-read stories.

The agency will be tasked with providing $50 billion in loans to small businesses harmed by the pandemic. It is unclear whether the SBA will need help from banks and CUs.

The agency will be tasked with providing $50 billion in loans to small businesses harmed by the pandemic. It is unclear whether the SBA will need bankers' help.

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