Paycheck Protection Program

The Paycheck Protection Program has about $8 billion remaining, with those funds earmarked for community development financial institutions, minority depository institutions and other mission-driven lenders.

With the Paycheck Protection Program likely winding down at the end of the month, many lenders are seeing heightened demand for the Small Business Administration’s 7(a) and 504 loans.

The Portland, Ore., company has a simple growth plan: convert more Paycheck Protection Program borrowers into long-term customers.

The legislation, led by Sen. Ben Cardin, D-Md., would qualify many farmers, ranchers and self-employed Americans for more Paycheck Protection Program funds.

The time has come for the payments industry to take a long, hard look at how we market and sell enhanced pricing programs, says Clearent's Phil Ricci.

Loan growth and wealth management revenue drove a 53% increase in the San Francisco bank's profit from a year earlier.

When it was launched a year ago, the program was criticized for glitches and a focus on larger borrowers. Since then technical improvements have been made, smaller loans have been prioritized, and other changes favored by lenders have been implemented.

Bankers are concerned that the Paycheck Protection Program could run out of money before it officially ends on May 31.

Legislation the president signed this week will extend the deadline for the Paycheck Protection Program to May 31 from March 31, giving businesses two additional months to apply for loans.

Lawmakers approved a bill that will allow the Paycheck Protection Program to remain open until May 31. It was originally set to expire on March 31.

The Dunedin, Fla.-based institution reported an 18.8% surge in assets last year, along with substantial growth in commercial lending, thanks in part to the Paycheck Protection Program.

Fees from forgiven Paycheck Protection Program loans are providing a short-term lift, but balance sheets are shrinking and it isn't clear what will drive future growth.

By an overwhelming majority, the House approved a two-month extension of the Paycheck Protection Program, which still has almost $93 billion left to distribute.

Government relief programs and lenders’ forbearance have kept U.S. small businesses from defaulting on their debt en masse as revenue slumped during the pandemic crisis, according to a new analysis.

The legislation would extend the Paycheck Protection Program for two months and give the Small Business Administration more time to remedy persistent system glitches that have delayed the processing of thousands of loan applications.

Legislators expressed concerns that thousands of pending applications are stuck in limbo just weeks before the Small Business Administration is legally required to stop accepting them.

Lenders are preparing scores of Paycheck Protection Program applications to secure approval from the Small Business Administration by March 31, but unresolved error codes continue to hinder their efforts.

Nonbanks had worried the end of the Paycheck Protection Program Liquidity Facility would hurt their ability to lend to small businesses. On Monday, the Federal Reserve announced the facility would be extended for three months.

A big funding source for the Paycheck Protection Program is set to expire on March 31. Its demise would pinch nonbanks that are originating and buying loans, especially if Congress continues the PPP beyond this month.

Regulations that merely reflect the beliefs of whoever’s in power undoubtedly get unwound by the next round of leaders. Policies will stand the test of time if they are focused on addressing inequalities in the financial system.