For banks, massive SBA loan program offers a needed jolt

Most banks began accepting applications for the second draw of forgivable loans through the Paycheck Protection Program this week......»»

The Paycheck Protection Program has dominated the headlines. But banks are dealing with a more textured response to the Covid-19 crisis......»»

Fewer than 30,000 loan applications in total from both banks have been approved by the SBA.....»»

Smaller lenders on Wednesday evening were getting special access to a key loan program for small businesses hurt by the coronavirus crisis, in a development that big banks quickly criticized......»»

As the government issues a second round of aid for small business owners, some U.S. senators, community banking groups and minority-owned banks said they are worried businesses owned by people of color may miss out on receiving much-needed loans......»»

Associated Press As $310 billion in new funding replenishes the Paycheck Protection Program, small businesses can expect more oversight. Treasury Secretary Steven Mnuchin said Tuesday that loans over $2 million will undergo a "full review" be.....»»

The U.S. government will cap how much each bank can lend under the emergency loan program designed to keep workers on payrolls amid the coronavirus pandemic.....»»

The House voted Thursday to pour an additional $370 billion into the Paycheck Protection Program, setting off a frenzy among small businesses and bankers to secure loans before the money runs out — again......»»

The House voted Thursday to pour an additional $370 billion into the Paycheck Protection Program, setting off a mad dash among thousands of small businesses and bankers to secure loans before the money runs out — again......»»

The SBA's Paycheck Protection Program exhausted its original $349 billion budget last week. The forgivable loan program is slated to receive a $310 billion funding extension......»»

With the Paycheck Protection Program on the verge of receiving another $310 billion in funding, the head of one of Austin's largest banks reflects on the first wave of funding and offers advice for the days ahead......»»

Frustrated small businesses seek their share of government aid in pandemic program. They say banks favored larger small businesses in Roun.....»»

The state offers an alternative to the Paycheck Protection Program and other overstretched federal relief efforts. But it has its own limitations......»»

Just over three weeks ago the CARES Act, a massive piece of legislation designed to combat the economic havoc being wrought by the coronavirus pandemic, was enacted. One significant piece of that legislation is the Paycheck Protection Program (PPP).....»»

Business owners should take time to understand the rules of the program, what is included, what is excluded, what is eligible and what is not, and consult with an advisor if needed......»»

Businesses can apply for PPP loans through banks and other SBA lenders to access the pool of loan funds created through the federal stimulus package, dubbed the Coronavirus Aid, Relief and Economic Security Act......»»

“Shark Tank” investor and Dallas Mavericks owner Mark Cuban has criticized banks for undermining the just launched small business loan program through their practices.  read more.....»»

The Federal Reserve will launch a $600 billion low-interest loan program designed to fill in the cracks in the Small Business Administration's Paycheck Protection Program. The Main Street Lending Program is available to businesses with fewer than 1.....»»

The Federal Reserve will launch a $600 billion low-interest loan program designed to fill in the cracks in the Paycheck Protection Program. The Main Street Lending Program is available to businesses with fewer than 10,000 employees and revenue of .....»»

The good news is one of the biggest questions surrounding the PPP – when borrowers will actually receive funds – appears to have been answered......»»