Paycheck Protection Program

Bankers have become more uncertain about how to serve marijuana businesses owing to confusion about which states deem them essential.

Representatives of lenders as well as businesses that received pandemic bailout money told an oversight board Wednesday that delayed and confusing instructions from the government hampered the effectiveness of the main rescue program for smaller companies.

The bank’s Asia-Pacific chief backs law giving greater mainland control over the territory; the Center for Responsible Lending said big banks took in almost $12 billion in overdraft fees last year, with the bulk of it paid by lower-income customers.

The bill, which passed the House last week on a 471-1 vote, now heads to President Trump’s desk for his signature.

John Dugan says a successful effort by banks to alleviate the economic damage of the pandemic could boost the industry's reputation.

Automation and technology allow lenders to handle an evolving situation that changes by the day: adjustments are easily made to terms, timing and required data for loan forgiveness, says PayNet’s William Phelan.

The program is intended to aid businesses hit hard by pandemic-induced lockdowns, but lenders are lobbying to have the rules relaxed to help owners of stores and offices damaged by recent riots and looting.

The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans.

The Georgia company said the agency is looking at its policies for paying, or withholding, Paycheck Protection Program fees to borrowers' agents.

The Federal Reserve set up a liquidity facility to help banks meet demand for emergency small-business loans through the Paycheck Protection Program, but it's gone largely unused.