On Friday, the House passed—and President Trump signed into law—the CARES Act, a $2 trillion stimulus package to provide relief to American consumers and businesses struggling as a result of the coronavirus pandemic.
As the Senate moved closer to passage of a coronavirus relief package today, ABA joined a coalition of financial services trades in a letter to U.S. Small Business Administrator Jovita Carranza seeking “clear and consistent guidance” on how SBA intends to enact forthcoming changes to its 7(a) loan program.
The American Bankers Association today supported legislation to ensure that small business can continue to access much-needed capital as they weather the economic effects of the coronavirus pandemic.
The Small Business Administration this week issued an interim final rule amending various regulations governing its business loan programs, including changes to the popular 7(a) program.
Minority-owned businesses were more likely to report financial challenges compared to white-owned businesses, according to a study released today by the Federal Reserve Bank of Atlanta.
The federal banking agencies today released 2018 Community Reinvestment Act data on small business, small farm and community development lending. The CRA requires banks with more than $1.25 billion in assets to report data in these areas.
While small business credit card customers report significantly higher satisfaction with their credit cards than consumer credit card customers, they are twice as likely to switch to another brand, according to a J.D. Power survey released this week.
The Senate today approved a $99 million subsidy to fund the Small Business Association’s 7(a) loan program for the 2020 fiscal year, successfully avoiding a shutdown of the program that would have otherwise taken place on Oct. 1.
The Small Business Administration today issued a proposed rule to implement recent ABA-supported legislation to strengthen the agency’s oversight of its loan programs and increase maximum lending authority.
April is Community Banking Month, and as it comes to a close, it’s a good time to reflect on some of the ways that community banks remain vital to Main Street.