About 300 companies that received as much as half a billion dollars in pandemic-related government loans have filed for bankruptcy, according to a Wall Street Journal analysis of government data and court filings. Many of the companies, which employ a total of about 23,400 workers, say the funds from the Paycheck Protection Program weren’t enough… Continue reading Hundreds of Companies that Got PPP Aid Have Failed
Tag: PPP loans
U.S. Banks Sweat Regulatory Exposure from PPP Loans
Banks that facilitated the U.S. government’s Paycheck Protection Program at first saw the effort as a small revenue booster with a patriotic bonus, shepherding $525 billion in loans to businesses slammed by the fallout of the COVID-19 pandemic. But as taxpayers begin to take on the cost of forgiving those loans, lenders like JPMorgan Chase… Continue reading U.S. Banks Sweat Regulatory Exposure from PPP Loans
PPP Forgiveness Applications Are Opening Up
It’s not often you get a chance to turn a loan into an outright grant, but that’s potentially one of the most attractive features of the Paycheck Protection Program (PPP). Right now, banks are in the early stages of accepting PPP Loan Forgiveness applications. Fifth Third Bank started the process a couple of weeks ago.… Continue reading PPP Forgiveness Applications Are Opening Up