Browsing: Commercial Lending
The vast majority of small firms—95%—said that the coronavirus pandemic affected their business, with 26% reporting temporary closures, 56% reporting reductions in operations and another 48% reporting modifications to their operations, according to the latest Small Business Credit Survey released today by the Federal Reserve Banks.
The Internal Revenue Service this week instructed lenders that had, in accordance with previous Small Business Administration guidance, filed or furnished to borrowers form 1099-MISC for subsidies paid by the SBA to file and furnish corrected forms that exclude these subsidized loan payments.
Since the start of the year to Jan. 31, the Small Business Administration has approved nearly 900,000 loans totaling $72.7 billion through its Paycheck Protection Program, according to a report released yesterday.
Loan demand and standards for lending continued to stabilize in the fourth quarter of 2020 after the economic freefall caused by the COVID-19 pandemic in the second quarter.
The Small Business Administration on Saturday updated its set of frequently asked questions on the Paycheck Protection Program.
A portfolio of benchmarks is emerging to meet bankers’ diverse rate needs as Libor recedes in history’s rearview mirror.
The Small Business Administration last night issued several notices providing updated guidance on various COVID-19 relief programs.
n a Bloomberg op-ed today, Tom Wipf, chairman of the Alternative Reference Rates Committee, emphasized the need for public and private sector participants to work together in preparation for the cessation of the London Interbank Offered Rate.
As the Small Business Administration works to resolve several issues with the Paycheck Protection Program flagged by ABA earlier this week, it issued a procedural notice late Wednesday night outlining how it will move forward with the processing of second-draw PPP loan applications for borrowers who still have an unresolved issue related to their first-draw loan.