The Small Business Administration today extended its guidance on how lenders may sell whole Paycheck Protection Program loans. The SBA’s previous guidance on whole loan sales of PPP loans expired on May 1, and the new guidance been back-dated to take effect on April 30, 2021.
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Just over four in 10 small business owners say they expect to grow revenue in 2021, while just 9% expect revenues to decline, according to a new survey released today by TD Bank.
American Bankers Association Past Chair Laurie Stewart today said that her bank—Sound Community Bank in Seattle, of which she is CEO—has seen “great results” from Paycheck Protection Program loans made to small business customers over the last year.
The Small Business Administration last night issued a procedural notice to lenders regarding the extension of the Paycheck Protection Program.
President Biden today signed into law H.R. 1799, a bill extending the Small Business Administration’s Paycheck Protection Program.
Small businesses owned by older entrepreneurs—those over the age of 45—have been particularly affected by the COVID-19 pandemic, compared to those owned by younger entrepreneurs, according to a new survey from the Federal Reserve Bank of New York and AARP published today.
With many banks continuing to receive 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 second procedural notice with new instructions for lenders to clear these codes and move applications forward.
Testifying before the Senate Banking Committee today Treasury Secretary Janet Yellen told the committee that she supports an extension of the Small Business Administration’s Paycheck Protection Program, saying that “the economy is not in a place where small businesses that have been affected are able to thrive.”
Testifying before the House Financial Services Committee today, Treasury Secretary Janet Yellen highlighted recent changes to the Small Business Administration’s Paycheck Protection Program that will allow more small businesses, especially in rural and low income areas, access to the funds.
The Small Business Administration has issued several updated forms for Paycheck Protection Program borrowers and lenders, reflecting changes announced in an interim final rule earlier this week.