Paycheck Protection Program

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.

Activity in the Paycheck Protection Program has waned, but some argue that many small businesses, especially those owned by minorities, will miss out if the June 30 application deadline isn't extended.

Firms won’t have to repay their loans even if they don’t rehire all their laid off workers; Fed chair confirms the shortage is due to the coronavirus but is easing as the economy reopen.

A record amount of funds have flowed into banks since the coronavirus hit, but a low-rate environment and tepid loan demand are complicating efforts to put that money to work.

The online lender quickly built an app for ride-share drivers with much of their information already filled in.

In letters to administration officials and large banks, the lawmakers sought details about loan recipients following reports that financial institutions had favored their wealthiest clients.

Borrowers say getting the loans forgiven is just as complicated as obtaining the money; payment companies are holding some merchant funds in reserve as chargebacks spike.

Evidence suggests some minority-owned businesses can’t access loans, and the Trump administration is under pressure to report borrower demographics. The issue is gaining attention against the backdrop of protests over the George Floyd killing.

The lawmakers cited concerns from small businesses that the current application to have coronavirus relief loans forgiven is “especially burdensome, time-consuming, and costly.”

PNC open to deal that would boost assets to $700 billion; banks take hard line against accountants seeking fees for PPP referrals; rush to online banking during coronavirus has hackers salivating, bureau says; and more from this week's most-read stories.

Uwharrie Capital in North Carolina and Valley National in New York used their community connections to seek out small companies in need of loans from the Paycheck Protection Program. They found plenty of them.