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Up to 12% of loans under the $660 billion small-business rescue program could be tied to misleading or completely phony applications, fueling concerns about lenders' potential liability.
May 7 -
Stuart Levey, HSBC’s chief counsel and a former U.S. Treasury undersecretary, will head the cryptocurrency project; lender groups say the demands of those small business loans are not so easy to meet.
May 7 -
Regulators need to give more detailed guidance on the coronavirus relief program for small businesses so lenders don’t get trapped in underwriting mistakes down the road.
May 6Oliver Wyman -
Prosecutors charge two Rhode Island men with trying to rip off the program; the bank says it has received “inquiries” from state and federal officials on its offering of small business loans.
May 6 -
Bankers are bracing for accusations of discrimination in the way Paycheck Protection Program loans were allocated.
May 5 -
It's time for agencies like the Small Business Administration to stop playing catch-up and invest in state-of-the art technology.
May 5Alliance for Innovative Regulation -
The largest U.S. banks stepped up lending to dominate the government's small-business rescue program after playing an undersized role in its early days.
May 5 -
U.S. banks under $10 billion in assets made 60% of the loans in the first round of the Paycheck Protection Program; things go relatively smoothly in the U.K. as 110,000 small businesses apply for low-cost loans.
May 5 -
Small businesses that received loans from the Paycheck Protection Program pandemic still don’t know how much they may have to repay after the government missed a deadline to give specific guidance.
May 3 -
Locally sourced campaigns are providing more capital as traditional loans fall short of covering operating expenses.
May 1