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SBA Unveils Guidance For Second Round Of PPP Loans
January 08, 2021

The Small Business Administration (SBA) has released guidance on applying for the second round of loans being offered under the Paycheck Protection Program (PPP), which has been a lifeline for many small businesses during the pandemic recession. This time around, the SBA is prioritizing underserved...

Loans
PPP Round Two: Small Business Administration Unveils Rules For $284.5 Billion Stimulus Program 
January 08, 2021

The U.S. government has unveiled rules for the new $284.5 billion round of its popular Paycheck Protection Program (PPP), which should begin accepting applications soon. The new PPP aid, which Congress approved last month as part of its $900 billion COVID stimulus program, will provide...

Loans
Several US States Sue Banking Regulator Over ‘True Lender’ Rule
January 06, 2021

Washington D.C. joined seven states in suing a bank regulator over a rule they fear could encourage predatory lending by stopping them from leveling state laws against exploitative interest rates, Reuters said. The complaint, filed in Manhattan federal court against the Office of the Comptroller...

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FinTech Jeff Aims To Boost Lending To The Underbanked In South Asia
January 06, 2021

With no credit scores, limited financial transaction histories, and a huge amount of people who don’t even have a bank account, lending money in Vietnam is no simple task. While most financiers would run from an environment like that, CEO Toms Niparts of Jeff, an...

Loans
Stimulus Round Two: Smaller ‘Second Draw’ PPP Loans Come With More Rules And Breaks
December 28, 2020

One of the largest components of the now-signed second stimulus bill is $284 billion to support small business through a rebooted and revised Paycheck Protection Program (PPP) lending program that will tighten qualification requirements but loosen taxation and eligible expense rules. The so-called “Second Draw”...

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Goldman Sachs: Some 90 Pct Of Businesses Have Depleted PPP Monies
December 15, 2020

Small firms recently surveyed by Goldman Sachs indicated that small and mid-sized businesses (SMBs) are desperately in need of another round of emergency Paycheck Protection Program (PPP) funding, according to CNBC. David Solomon, CEO of Goldman Sachs, told CNBC on Tuesday (Dec. 15) that the...

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Fed’s Quarles Says Banks Should Be Encouraged To Increase Lending
December 02, 2020

Are federal regulations putting a damper on bank lending amid the pandemic-driven downturn, or are bankers simply being too cautious? That’s a key issue that Randal Quarles, the top U.S. banking supervisor, will examine as he looks at why banks have not deployed more of...

Loans
Stripe Capital Extends Business Lending To Online Platforms
December 01, 2020

Payments giant Stripe is taking Stripe Capital, its push into online business finance and lending, to the next level. Stripe Capital first got off the ground in September 2019, offering customers and businesses financing options through its online platform. On Tuesday (Dec. 1), Stripe went...

Loans
COVID Programs Allowing Loan Deferrals Have Shown Mixed Outcomes
November 29, 2020

The loan payment relief required by the federal CARES Act in response to household income disruption caused by the pandemic has produced mixed results, The Wall Street Journal (WSJ) reported. Borrowers who held the type of debt covered by the law — home mortgages and...