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.

Long hours by bankers and the streamlined resolution of Paycheck Protection Program loans helped lenders collect more fees than anticipated in the fourth quarter. It was a rare bright spot at a time when revenue is being pinched.

A rule change that allows farms with just one employee tap the Paycheck Protection Program means more pandemic relief funds are flowing into such states as Nebraska, Oklahoma, Wyoming and North Dakota.

The application process was a mess in the first rounds of the Paycheck Protection Program. Fintechs say their efforts will make it go smoothly in the latest iteration.

The application process was a mess in the first rounds of the Paycheck Protection Program. Fintechs say their efforts will make it go smoothly in the latest iteration.

Businesses owned by minorities and women got a head start this week in a new round of $284 billion funding, and early anecdotal evidence suggests stronger demand coming from these businesses.

First Bank in New Jersey, Northeast Bank in Maine and others have warmed to the idea of using software to streamline Paycheck Protection Program lending so that employees can be more hands-on with customers.

The pace of forgiveness for Paycheck Protection Program loans is expected to accelerate when the Small Business Administration issues guidance on additional steps meant to streamline the process.

The Small Business Administration will allow lenders with less than $1 billion of assets to process applications in two days. The portal will open to all lenders on Tuesday.

Several community banks said they didn't have enough time to review the Paycheck Protection Program's application forms, forcing them to sit out Monday's reopening. The SBA is not saying when more lenders will be allowed to access its portal.

Some categories of businesses, such as restaurants, have different needs the program doesn't adequately address, says LendingFront's Jorge Sun.