The House Select Subcommittee on the Coronavirus Crisis found the U.S. Treasury Department encouraged banks to prioritize existing customers applying for PPP loans — allegedly at the expense of underserved communities and SMBs. But it could be the case that “going with who you know” was...
Bank of America (BoA) is muscling into the payday loan business, minus the sky-high fees, as the pandemic continues to upend the financial landscape, according to a post on the company website. BoA on Thursday (Oct. 8) unveiled a new short-term loan program called Balance...
Small and medium-sized businesses (SMBs) in the U.K. say their very survival is at stake because lenders have refused to provide inexpensive, state-backed loans amid a crush of demand. The Financial Times reported that many financial institutions (FIs) have shut off access to so-called bounceback...
Small business owners who have been waiting to have their Paycheck Protection Program (PPP) loan forgiven can breathe a sigh of relief. The U.S. Department of Treasury said Tuesday (Sept. 29) it would soon begin forgiving loans granted under the PPP after borrowers and lenders complained...
A team of police and investigators raided the headquarters of KfW, a German state-owned development bank, over a 100 million euro ($117 million) loan it made to Wirecard, the Financial Times (FT) reported. Frankfurt prosecutors are investigating the loan, according to FT. A spokesperson for...
Finicity, a financial data provider, is rolling out a new program that will aid financial institutions (FIs) in their decision-making on credit issues. The “open banking” company allows third-party providers access to customers’ personal and financial data, when authorized. The new “Finicity Lend will make...
More than 5 million small- to medium-sized businesses (SMBs) received $525 billion from the Paycheck Protection Program (PPP), the popular federal rescue initiative passed by Congress in March. But the Small Business Administration (SBA) program that promised loan forgiveness as long as SMBs used 60 percent...
Small- to medium-sized businesses (SMBs) are reporting difficulty with the forgiveness aspect of the Paycheck Protection Program (PPP) as that feature opens up, according to CNBC. The rules behind forgiveness for the PPP loans dictate that if an SMB used the money correctly, with 60...
Approximately one million homeowners are at risk of losing their homes through foreclosure despite the safety net established by Congress at the start of the COVID-19 pandemic, according to industry data. The Wall Street Journal reported that while homeowners with federally guaranteed mortgages were granted...
