SBA

The SBA issues guidance on Paycheck Protection Program loan forgiveness; after staffing up for PPP, Bank of America may need to delay investments to meet cost targets; American Express has leaned hard on cloud tech to help employees work at home during the pandemic.

The website, ppp.bank, will help borrowers in the Paycheck Protection Program apply for loan forgiveness.

The measure, which garnered near-unanimous support, would triple the period during which businesses can spend their coronavirus relief funds and make it easier for loans to be forgiven.

The funds include $3.2 billion in loans that community development financial institutions had already approved during the PPP's second phase.

The funds include $3.2 billion in loans that community development financial institutions had already approved during the PPP's second phase.

The new Paycheck Protection Program rules, which created a review process and timeline for paying lenders, did not extend the time borrowers have to comply or increase how much money can be spent nonpayroll expenses.

The SBA and Treasury Department release more guidance on PPP loan forgiveness; Santander Consumer reaches $550M settlement with state AGs; how Wells Fargo's tech chief is managing coronavirus response; and more from this week's most-read stories.

Companies that received funding from the Paycheck Protection Program in early April can start to submit forgiveness applications at the end of May.

A Manhattan man was charged by federal prosecutors with fraudulently trying to obtain more than $20 million in government loans intended to aid small businesses affected by the coronavirus pandemic.

Jennifer Roberts, the company's head of business banking, details a process to have units work one-on-one with customers to get Paycheck Protection Program funds deployed faster.

The National Association of Federally-Insured Credit Unions has released the results of survey looking at how the industry has used the Paycheck Protection Program so far.

The sellers will continue to service the loans and retain the fees they receive from the Small Business Administration.

The government's latest stimulus package cleared the House on Friday but a number of key credit union priorities didn't make the cut.

A small Texas company that profits from loan applications is using a web address so similar to the Trump administration's portal for small businesses that even Treasury Secretary Steven Mnuchin pitched the wrong one when outlining a pandemic-aid program.

Triad Business Bank in North Carolina, which opened in March, has made $106 million in Paycheck Protection loans.

The agencies produced an application process that includes favorable interpretation of qualifying expenses.

The agency said Wednesday that as long as small businesses return funds they received through the Paycheck Protection Program, no action would be taken.

The move is the first time the bank has provided services to digital currency players; the Washington Post and four other heavy hitters want details on PPP and small business disaster loan programs.

The agency said without further action banks' participation in coronavirus relief programs could inflate their deposit insurance assessments.

SBA Express has existed for years, but its new $1 million cap could prove helpful to small businesses that need funds for more than just payroll expenses.