Roughly 60,000 borrowers were approved for more than $5 billion in forgivable loans during the first week of the reopened Paycheck Protection Program, the Small Business Administration said Tuesday. The small-business coronavirus relief effort relaunched Jan. 11 after closing last August. The first wave of applications was largely handled by community and small lenders after… Continue reading PPP COVID-19 Small-Business Aid Reopens with 60,000 Loans
Tag: SBA loan
Hundreds of Companies that Got PPP Aid Have Failed
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
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
For Small Business Loan Program, Forgiveness May Be the Hardest Part
The U.S. government’s $660 billion small business rescue program has stumbled on missing paperwork, technology failure, and the misdirection of funds to big corporations. Now, it is lurching toward another hurdle: forgiving those hastily arranged loans. The second round of the Small Business Administration’s Paycheck Protection Program launched on Monday, allowing lenders to issue forgivable,… Continue reading For Small Business Loan Program, Forgiveness May Be the Hardest Part
Fed Preparing to Purchase New Small Business Payroll Loans
The Federal Reserve said Monday it would create a new program to finance loans that banks and other lenders make through the government’s emergency small-business lending program, according to people familiar with the matter. The move will free up financial firms to make more loans guaranteed by the Small Business Administration’s Payroll Protection Program, part… Continue reading Fed Preparing to Purchase New Small Business Payroll Loans