Paycheck Protection Program

More than 30 banks across the country, including dozens of community banks and some lenders with more than $1 billion in assets, could generate fees that surpass their 2019 net revenue before set-asides for loan losses.

Restaurants, medical offices and car dealerships were the top recipients of large loans; increased usage of the drive-ups is putting a strain on the low-tech lanes.

The Trump administration released details of almost 4.9 million loans to businesses — from sole proprietors to restaurant and hotel chains — under the federal government's largest coronavirus relief program so far, the $669 billion Paycheck Protection Program.

As PPP enters forgiveness phase, some banks see outsourcing as best move; after the Fed’s stress tests, Wells Fargo to cut dividend while other big banks boost capital buffer; Supreme Court strikes down CFPB leadership structure; and more from this week’s most-read stories.

The Senate had passed the bill Tuesday, shortly before the Small Business Administration was to stop accepting new loan applications.

The Main Street Lending Program is off to a slow start, while the PPP is extended five weeks to distribute the remaining $130 billion in loans; the European regulator is softening its stance to allow more deals.

The Paycheck Protection Program propped up many banks' balance sheets in the first half of the year, but what will drive loan demand in the second half?

The company seeks to help funnel more loans to minority businesses and consumers; the regulator says short-staffed banks are having trouble handling new government programs.

The extension to Aug. 8 was offered by Sen. Ben Cardin, a Maryland Democrat, and cleared the chamber by unanimous consent. The House has yet to take up the bill but could pass it as soon as Tuesday night.

Lenders are selling their Paycheck Protection Program loans or hiring outside companies to navigate the process in an effort to reduce risk and avoid overloading their employees.

Supreme Court says the president has the power to remove the director at will; the bank is the only one of the six largest U.S. banks to say it will cut its dividend next quarter.

The company said it had cut 20 positions and found a way to shed 35,000 square feet of office space by the end of 2020.

Wells Fargo customers targeted with phishing attacks using calendar invites; Fed freezes stock buybacks, caps dividends after stress test results; Citigroup names Titi Cole its head of global operations and fraud prevention.

The Loan Source, the nonbank lender buying the Paycheck Protection Program loans, has similar deals in place with other lenders.

The Paycheck Protection Program had more than $100 billion in funding left as of last Saturday, with only days remaining until the Small Business Administration stops taking new applications on June 30.

Despite success lobbying for PPP inclusion and the elimination of Regulation D, the industry must continue to push for additional reforms.

The payments company is buying Finicity, which powers platforms for Rocket Mortgage and others; the small N.J.-based lender to fintechs is the fourth largest PPP provider.

The Paycheck Protection Program put a premium on speed in processing and funding loans.

Business owners are changing banks at three times normal levels, a trend researchers attribute to their difficulty in obtaining emergency loans. If the forgiveness stage of the Paycheck Protection Program proves arduous, that rate could climb much higher.

The agencies said late Friday that they will provide information on small businesses that received $150,000 or more from the Paycheck Protection Program.