SBA

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.

Small businesses that received loans from the Paycheck Protection Program pandemic still don’t know how much they may have to repay after the government missed a deadline to give specific guidance.

More companies will be eligible to apply for the four-year loans, including those with high debt loads; four-year loans will be offered to European banks with rates as low as minus 1% as the eurozone economy tanks.

The Justice Department has begun a preliminary inquiry into how taxpayer money was lent out under the Paycheck Protection Program and has already found possible fraud among businesses seeking relief, a top official said.

In round two of the Paycheck Protection Program, the bank has sent some 256,000 loan applications to the Small Business Administration for processing.

A former economist says high-ranking officials engaged in “legally risky” behavior to downplay consumer harm; online payments and contactless transactions jumped in the first quarter, and some think the new habits will stick.

The Small Business Administration's last-minute plan to temporarily block larger banks from the relief loan program is another example of the agency changing the rules midstream, critics said.

Treasury secretary says big firms that took PPP loans should apologize, not just return the money; German fintech’s shares drop 26% as audit fails to rebut accounting fraud allegations.

The Small Business Administration has processed more than 476,000 applications from struggling small-business owners, but lenders say access to the second round of the Paycheck Protection Program has been spotty.

Elected officials are better off deciding who’s most deserving of federally backed coronavirus relief funds for small businesses.

Lawmakers should approve a program to distribute stimulus funds using a government-sanctioned coin, which would be speedier than the current system.

The bank told customers that it wasn't accepting new applications for the rescue loans because it was trying to work through a backlog of requests already in its pipeline.

Portal crashes, technology glitches, last-minute changes in guidance, renewed suspicions about loan dispersal: Meet the new Paycheck Protection Program, same as the old Paycheck Protection Program.

Community banks that have used the Paycheck Protection Program to help businesses ride out the coronavirus outbreak are looking to turn that goodwill into deeper loan and deposit relationships down the road.

Queued-up loans. Extra bankers. Government tweaks to promote fairness. None of these precautionary measures has been enough for the second round of the Paycheck Protection Program to avoid the pitfalls of the first.

As banks accept new applications for the paycheck program, they are dogged by complaints that they prioritized wealthy borrowers. But lenders likely fast-tracked clients they knew best under difficult circumstances, observers say.

The Small Business Administration's systems froze up shortly after the latest Paycheck Protection Program was launched Monday morning.

The latest version of the business lending initiative has $60 billion set aside for smaller lenders, including credit unions, but there are concerns the money will be allocated just as quickly this time as it was during the first round.

The billionaire investor and entrepreneur sees problems with small businesses having to apply for loans to get coronavirus relief. He says a more efficient approach would be to let them run negative balances on their bank accounts.

Lenders are being urged to prepare applications for the latest version of the Paycheck Protection Program.