The Small Business Administration has issued a final rule outlining procedures for appealing final SBA Paycheck Protection Program loan review decisions to its Office of Hearings and Appeals
Browsing: SBA Paycheck Protection Program
Community banks that invested more in technology before COVID-19 made more loans and took in more deposits during the pandemic than did community banks that invested less in technology, according to a new FDIC report.
The Small Business Administration today clarified that its Paycheck Protection Program direct forgiveness portal remains optional for lenders and borrowers, although SBA encouraged lenders to opt-in to the program, which it said has accepted more than 600,000 applications in under a month.
Non-employer firms—those without full-time or part-time employees on payroll—that sought Paycheck Protection Program funding most frequently did so from large or small banks over online lenders, credit unions, or nonbank finance companies, according to findings from the Federal Reserve’s Small Business Credit Survey’s non-employer report released earlier this week.
The Small Business Administration today released guidance on how it will accept Paycheck Protection Program loan forgiveness applications directly from borrowers—bypassing the lending institutions—for loans of $150,000 or below.
The Small Business Administration will tomorrow launch an initiative to accept Paycheck Protection Program loan forgiveness applications directly—bypassing the lending institutions—for loans of $150,000 or less, officials said today on a webinar reported by Politico.
The more that banks can be proactive in preparing for inquiries, the better they will be able to defend themselves.
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With the right blend of people, empowerment, customized solutions and technology, banks are well-positioned to be heroes by growing with small businesses and supporting their efforts.
The Small Business Administration has issued a procedural notice on how lenders can apply for SBA to purchase and charge off Paycheck Protection Program loans for which the borrower has not applied for forgiveness or made payment on the loan.