The White House today announced several measures to ensure the smallest firms have access to Paycheck Protection Program loans, including an exclusive application window for firms with fewer than 20 employees, a revised loan calculation and funding set-aside for sole proprietors and self-employed individuals and new eligibility for businesses owned by those with certain felony convictions.
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Out of nearly 1.7 million round 3 PPP loans, more than 1.3 million first and second draw loans have gone to small businesses with 10 or fewer employees:
The nation’s banks “remain resilient” amid ongoing pressures brought on by the pandemic, the Federal Reserve said today in its semiannual monetary policy report. The Fed noted that bank profitability and capital positions improved in the second half of 2020, citing lower-than-expected losses and an improved economic outlook, among other things.
In response to shifting market dynamics and increasing competition in the financial services industry, the Federal Reserve is contemplating changes to its framework for antitrust analysis, Fed Governor Michelle Bowman told attendees at the American Bankers Association’s virtual Conference for Community Bankers today.
In response to recent reports of lenders receiving hold codes and compliance check error messages when submitting first- and second-draw Paycheck Protection Program loan applications, the Small Business Administration today issued a procedural notice with instructions for addressing these codes.
Since the start of the year to Feb. 7, the Small Business Administration has approved 1.3 million loans totaling $100.9 billion through its Paycheck Protection Program, according to new figures released today.
The Small Business Administration tonight issued an updated procedural notice regarding the reporting process through while lenders report on Paycheck Protection Program loans and collect processing fees.
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.