Paycheck Protection Program

The Paycheck Protection Program proved successful in providing small-business owners with funds to keep workers employed — but it was also a magnet for criminals. Here is a rundown of fraud probes, prosecutions and potential long-term consequences for commercial lending.

Moving its loan operations beyond its geographic footprint, California's US Metro Bank shot up in our rankings of the best-performing community banks.

Click here for an overview of No. 1-10 on American Banker's annual list of the highest-performing banks with less than $2 billion of assets and a full breakdown of all the banks on the roster.

For anyone who wants a phony pay stub or doctored tax return, an easy source is just a click away.

Almost 350,000 loans made to small businesses in 2020 during the COVID-19 pandemic haven’t been forgiven, according to a Bloomberg News analysis of Paycheck Protection Program data, and most of them are for less than $25,000. 

Banks that rank high on a Fintech Similarity Score made the most government-backed small-business loans outside their local area, a study found.

The agency's new platform can reach a decision on Paycheck Protection Program loan reimbursement in minutes and has handled hundreds of thousands of applications since its Aug. 4 debut. The original process required a lengthy form.

Fintechs were almost five times more likely than traditional lenders to be involved with suspicious loans issued through the U.S. government’s Paycheck Protection Program, according to a new study.

The billionaire entrepreneur, Dallas Mavericks owner and "Shark Tank" co-host has always been outspoken. In a recent interview, he shared his thoughts on the shortcomings of the Paycheck Protection Program, the problem with bank consolidation and the future of cryptocurrency.

Borrowers with Paycheck Protection Program loans of up to $150,000 will be able to apply for forgiveness directly through a government portal if their lender opts in. Industry representatives welcomed the move.

Derek Ellington will replace Steve Troutner, who is stepping down for personal reasons. He will report to Mary Mack, the bank's CEO of consumer and small-business banking.

Mortgages and wealth management generated fees that gave top midtiers an edge, as the pandemic halted most lending outside of the Paycheck Protection Program.

Though the Paycheck Protection Program is winding down, the Small Business Administration has prolonged several other pandemic relief programs. Community banks can help local businesses sort through their options.

As attitudes about corporate responsibility evolve, regulators will expect banks to take a more proactive approach to environmental, social and governance issues. That means going beyond assessing climate-related risks to incorporate a focus on ethics, culture, inclusion and customer protection.

The Fed’s decision to extend a key liquidity program keeps the prospect of additional Paycheck Protection Program loans alive through July 31.

Just as small and midsize businesses had to adapt to survive the coronavirus emergency, lenders need to adopt new underwriting practices and technologies that modernize how they evaluate borrowers' creditworthiness.

Nearly a quarter of Black business owners seeking Paycheck Protection Program loans last year applied to fintechs — not far behind the percentage that turned to community banks, according to a New York Fed study. Deepening those new relationships could be a major source of growth for online lenders.

Huntingdon Valley Bank in Pennsylvania and First Savings Bank in Indiana are among the banks extending their relationships with software providers to make small-business lending more efficient after the Paycheck Protection Program is phased out.

The Small Business Administration’s sluggish pace in forgiving the biggest Paycheck Protection Program loans is straining relations between banks and some borrowers.

The best-performing banks' revenue rose at nearly twice the rate of expenses thanks to mortgage refinancing and the Paycheck Protection Program.