SBA

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.

The agency is being methodical in its rollout of the Main Street Lending Program in hopes of avoiding missteps that followed the launch of other coronavirus relief efforts. But observers say delaying aid brings its own risks.

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.