Fed to Extend Paycheck Protection Program Liquidity Facility
The Federal Reserve will extend its Paycheck Protection Program Liquidity Facility until June 30, 2021, the agency announced today.
Browsing: Small business
Financial Trades Call for PPP Flexibility to Resolve Hold Codes, Process Outstanding Applications
As the Small Business Administration prepares to wind down the Paycheck Protection Program at the end of the month, the American Bankers Association and nine other financial services trade called on SBA to clear thousands of loans that are currently on hold before shutting the program down.
SBA Adjusts PPP Payroll Calculation For Form 1040, Schedule C Filers
The Small Business Administration has just issued an interim final rule implementing recent changes to the Paycheck Protection Program.
Fed: Banks Remain Resilient Amid Pandemic Challenges
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.
Bowman: Fed to Revisit Framework for Antitrust Analysis
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.
SBA Issues Procedural Notice on Addressing PPP Loan Error Codes
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.
SBA Report: $101 Billion in PPP Loans Approved in 2021
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.
SBA Issues Updates on PPP Processing Fees, EIDL Advance Reconciliation Payments
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.
J.D. Power: Satisfaction with Small Biz Merchant Services Declines
Small businesses’ satisfaction with merchant services providers took a hit during the COVID-19 pandemic, according to the J.D. Power 2021 Merchant Satisfaction Study released today.
Fed: 9 in 10 Small Businesses Seek Emergency Aid amid COVID-19 Hardships
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.