The Paycheck Protection Program was the largest economic rescue program in American history. Go behind the scenes with the bankers who delivered the relief.
Browsing: Commercial Lending
The Small Business Administration tonight issued an update to lenders clarifying that the maturity of all Paycheck Protection Program loans approved on or after June 5, 2020 will be for five years in accordance with the recently enacted PPP flexibility law.
As of June 6, more than 4.5 million Paycheck Protection Program loans had been made, totaling $511 billion over two rounds of funding, according to new data released by the Small Business Administration.
The Federal Reserve today announced several adjustments to the Main Street Lending Program intended to facilitate participation by more small and midsize businesses.
The Small Business Administration and the Treasury Department signaled today that they will promptly issue rules and guidance implementing the new Paycheck Protection Program flexibility law that was signed by President Trump on Friday.
Proactive risk management can protect banks participating in the SBA lending program.
In an follow-up interview with NPR’s Marketplace radio program today, ABA Chair Laurie Stewart discussed her bank’s experience with round two of the SBA’s Paycheck Protection Program.
The Senate tonight unanimously passed a bipartisan bill that would provide greater flexibility for Paycheck Protection Program borrowers.
While the Federal Reserve continues to support the Secured Overnight Financing Rate as the Alternative Reference Rates Committee’s preferred alternative to the London Interbank Offered Rate, Fed Chairman Jerome Powell said that Ameribor is a “fully appropriate” alternative for banks when it reflects their cost of funds.