Paycheck Protection Program

It would ignore technical glitches plaguing the entire Paycheck Protection Program and could end up delaying loans to larger borrowers who also need relief, bank executives and their trade groups say.

Only businesses with 20 or fewer employees will be eligible to apply for forgivable loans from the Small Business Administration's Paycheck Protection Program.

The Small Business Administration wants to vet Paycheck Protection Program loans of $2 million or more, but lenders have grown tired of waiting for months with no updates.

Noninterest income from Paycheck Protection loans and mortgage refinancings isn't enough to make up for shortfalls elsewhere, and growth prospects are hard to identify.

A full rebound won’t occur until next year at the earliest because of the slow vaccine rollout, most executives at small banks said in a new survey. Last summer, more than half expected a turnaround this year.

Banks have diverted resources from traditional Small Business Administration lending to make Paycheck Protection Program loans, but many are taking steps to rev up 7(a) and 504 lending once the PPP winds down.

The majority of Paycheck Protection Program loans are being approved for borrowers in industries that have yet to regain their footing.

Bankers have claimed that the Small Business Administration's procedures to counter fraud and improper lending have ensnared legitimate Paycheck Protection Program applications.

Only 18% of businesses that received a Paycheck Protection Program or other loan from an online lender were satisfied with customer service, while 42% said they were dissatisfied. Banks, credit unions and CDFIs fared better in the Federal Reserve survey.

The number of Paycheck Protection Program loans to U.S. small businesses more than doubled in the third week of the latest round of pandemic relief aid, as Bank of America and JPMorgan Chase each processed more than $1 billion in funding.