Paycheck Protection Program

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

The industry is well positioned to gain market share, but institutions may not see the same levels of growth as after the last recession.

The new Paycheck Protection Program rules, which created a review process and timeline for paying lenders, did not extend the time borrowers have to comply or increase how much money can be spent nonpayroll expenses.

The SBA and Treasury Department release more guidance on PPP loan forgiveness; Santander Consumer reaches $550M settlement with state AGs; how Wells Fargo's tech chief is managing coronavirus response; and more from this week's most-read stories.

Companies that received funding from the Paycheck Protection Program in early April can start to submit forgiveness applications at the end of May.

The company, the product of a big merger shortly before the outbreak, had to build portals on the fly, help many customers shift to mobile and accomplish in days tasks that once took months, its digital chief says.

A Manhattan man was charged by federal prosecutors with fraudulently trying to obtain more than $20 million in government loans intended to aid small businesses affected by the coronavirus pandemic.

The FHFA says the two government-sponsored enterprises need at least $240 billion of capital before they can go private; Transunion says more than 3% of consumer loans it tracks are in financial hardship.

Jennifer Roberts, the company's head of business banking, details a process to have units work one-on-one with customers to get Paycheck Protection Program funds deployed faster.

The Small Business Administration gave lenders some direction ⁠for closing out Paycheck Protection Program loans. Bankers say it's an encouraging start, but they want more protection from liability and a concession on nonpayroll expenses.

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.

One of the biggest subprime auto lenders agreed to pay $550 million to settle predatory lending charges; the bank regulator has largely completed his goal of overhauling the Community Reinvestment Act.

Members of the Banking Committee pressed the Treasury secretary and Fed chief to ensure CARES Act funds are deployed as Congress intended. They also debated the need for more stimulus to ease the economic effects of the coronavirus.

Black and Latino business owners were less likely to get loans than overall borrowers, survey states; Atlanta Fed president tells lenders they won’t be second-guessed if they do right by borrowers.

Bracing for a prolonged economic slowdown, many community bankers say they are considering a number of belt-tightening measures, including freezing salaries and delaying investments in technology and product development, according to a survey by Promontory Interfinancial Group.

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.

The program would give small businesses greater flexibility on how they use loan proceeds; Warren Buffett’s company dumped 10 million of its nearly 12 million shares in the bank.

Triad Business Bank in North Carolina, which opened in March, has made $106 million in Paycheck Protection loans.