Browsing: SBA Paycheck Protection Program
Nichols to Small Businesses: Reach Out to Your Lender for Coronavirus Assistance
Despite a choppy start to the Small Business Administration’s Paycheck Protection Program over the past week, ABA President and CEO Rob Nichols said he expects to see funds begin to be distributed “at scale” in the coming days.
SBA, Treasury Provide Guidance on Final Authorization of PPP Loans
The Small Business Administration and the Treasury Department last night updated their Paycheck Protection Program FAQ document to address a question many lenders faced related to closing PPP loans.
Nichols Discusses Industry Progress on PPP Loans in Bloomberg Radio Interview
The nation’s banks are playing a vital role in delivering coronavirus relief funds to struggling businesses, American Bankers Association President and CEO Rob Nichols said in an interview on Bloomberg Radio today.
Fed Unveils $2.3 Trillion More in Lending Capacity, Details ‘Main Street’ Program
The Federal Reserve is deploying its emergency lending powers to “an unprecedented extent,” Federal Reserve Chairman Jerome Powell said in a speech this morning.
Fed to Create Lending Facility for PPP; Agencies Provide Regulatory Capital Relief
As reported earlier this week, the Federal Reserve is creating a lending facility for banks providing loans under the Paycheck Protection Program.
Podcast: Long-Term Fintech Investments Strengthen Bank During Pandemic
Ed Francis talks about how InBank’s technology investments have positioned the company to serve its customers and thrive long-term, even in the midst of the coronavirus pandemic.
Latest SBA Guidance Clarifies PPP Funding Period, Use of Promissory Notes
Newly added FAQs from the Small Business Administration and the Treasury Department address two challenges with the Paycheck Protection Program that the American Bankers Association and the state bankers associations have been urgently raising with officials: the promissory note to use with PPP loans and the expectation for a five-day period between loan approval and funding.
SBA Unveils New Lender Gateway to Facilitate PPP Loans
In response to the significant operational challenges banks have experienced this week accessing the SBA’s systems to make PPP loans, SBA yesterday launched a new Lender Gateway in partnership with Amazon Web Services to facilitate connection to the E-Tran system.
Congress Moving to Allocate More Funds for PPP Loans
In response to surging demand from small businesses, congressional leaders hope to allocate up to $250 billion more for the Small Business Administration’s Paycheck Protection Program this week.