Small business lending

Similar to a law passed two years ago in California, legislation headed to the New York governor’s desk would require fintech and other nonbank lenders to uniformly disclose total cost of capital, APR and other metrics to potential borrowers.

A new Small Business Administration notice explains what steps lenders must take to seek approval of their forgiveness decisions under the Paycheck Protection Program. But lenders say lawmakers and regulators must do more to cut red tape.

Many bankers want to focus more on the forgiveness process, assessing the status of deferrals and pursuing traditional lending opportunities.

The report from the commission created to monitor the government's response to the pandemic comes as Congress begins negotiations over another round of stimulus.

On Mar. 31, 2020. Dollars in thousands.

Treasury Secretary Steven Mnuchin did not define "small," but advocates have been urging Congress to convert all Paycheck Protection Program loans of less than $150,000 into grants.

Pedro Bryant will oversee a $3 million effort to fund small businesses in disadvantaged communities.

A Bloomberg News analysis shows that the data for Paycheck Protection Program loans totaling more than $521 billion released on July 6 are riddled with anomalies.

For all banks' claims that credit unions pose a threat to their commercial lending market share, they've accounted for just 2% of volume in the Paycheck Protection Program.

For all banks' claims that credit unions pose a threat to their commercial lending market share, they've accounted for just 2% of volume in the Paycheck Protection Program.