Banks scramble to make small business loan applications available

The Small Business Administration said it would stop banks from using a system that automatically submits applications into the agency's ETran system. At some banks, the change means having to manually submit the applications, a much slower p.....»»

The emergency small business lending program got off to a rocky start with most big banks saying they weren’t prepared to start processing applications when the program launched last Friday......»»

Bank of America said it had taken 10,000 applications before 10 a.m......»»

Small-business owners and nonprofit executives told MarketWatch their banks aren’t yet accepting applications, while expressing confusion and concern about the terms of the loan and whether it makes sense for their businesses to accept the money at all......»»

U.S. Treasury Secretary Steven Mnuchin said on Friday he expects all large U.S. banks to be participating in a newly launched, $350 billion small business coronavirus rescue loan program by next week, with community banks issuing most of the loans so far......»»

Some banking officials have warned that the abbreviated review process ― which allows borrowers to attest to their own eligibility without the government’s approval ― will make the program a magnet for fraud......»»

Bank of American said it had taken 10,000 applications before 10 a.m......»»

The money is meant to stanch layoffs, but a crush of applications may overwhelm the system......»»

Fallout from the Small Business Administration’s Paycheck Protection Program loan could last for years as the agency works through billions of dollars in forgiveness applications and inevitable appeals. That is partly because of the addition of a s.....»»

Backers of the program have said it's one of the largest state-involved loan efforts in America to come out of the coronavirus pandemic......»»

Through March 10 of this year loans, the Hawaii Bankers Association had received over 15,500 Paycheck Protection Program applications, with over 10,500 of them successfully submitted to the Small Business Administration.....»»

As part of the recently passed federal stimulus package, the Small Business Administration will make borrowers' first six payments for new SBA 504 real estate loans and its popular SBA 7(a) loan programs......»»

Citigroup said it has shifted 2,000 employees to help with Paycheck Protection Program loans for small businesses. The bank has submitted more than 27,500 applications to the federal Small Business... To view the full story, click the title link......»»

One of Birmingham’s largest banks approved in excess of $2 billion in the first round of Paycheck Protection Program loans through the Small Business Administration. BBVA USA received nearly 24,000 PPP applications and was approved to provide approxi.....»»

See the rest of the story here. Theflyonthewall.com provides the latest financial news as it breaks. Known as a leader in market intelligence, The Fl.....»»

Banks have a huge backlog of PPP applications, but you can still take advantage of tax relief, and Democrats are pushing for more cash advances......»»

Minutes after a $310 billion aid program for small companies opened for business on Monday, the online portal for submitting applications crashed. And it kept crashing all day, much to the frustratio.....»»

Applications for the Harris County forgivable loan program are now being reviewed by underwriters, though the timetable on when the funds will be disbursed to small business owners remains unclear. The $10 million forgivable loan program is being admin.....»»

Bankers have experienced challenges in getting loan applications uploaded to the Small Business Administration......»»

Win McNamee / Staff/Getty Images.....»»