Browsing: SBA Paycheck Protection Program
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.
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.
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.
The Federal Reserve is deploying its emergency lending powers to “an unprecedented extent,” Federal Reserve Chairman Jerome Powell said in a speech this morning.
As reported earlier this week, the Federal Reserve is creating a lending facility for banks providing loans under the Paycheck Protection Program.
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.
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.
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.
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.