The Consumer Bankers Association and Bank Policy Institute, in a co-signed letter, have called on Congress to automatically forgive Paycheck Protection Program (PPP) loans under $150,000. Although that would cover around 85 percent of the loans, it would only cover about 26 percent of PPP loan...
One of the few bright spots in the nation’s ailing economy is the housing market. Fueled by the lowest home loan rates in the nation’s history, mortgage applications increased 18 percent for the week ending May 29 compared to the same week one year ago,...
The coronavirus has idled all sorts of lending, as banks and other financial services firms eye consumers with wariness. Unemployment, after all, has skyrocketed, indicating that household cash flow is dicey, and remaining current on debt might not be top of mind. To that end, Wells...
Wells Fargo will no longer be giving loans to independent auto dealers, according to a report from CNBC. Last month, the bank sent letters to hundreds of independent dealers, telling them that they were being dropped as customers, according to sources who know about the...
If their business borrowers close or have trouble recovering following coronavirus lockdowns, nonbank lenders might have to raise capital. Business development companies (BDCs) that lend to small and medium-sized businesses (SMBs) have quickly grown over the last 10 years and Refinitiv data indicates that total...
A minimum of $20 billion in Paycheck Protection Program (PPP) loans have been canceled — many by small businesses afraid they can’t spend the money in ways that will qualify for loan forgiveness, calculations of Small Business Administration (SBA) data by Bloomberg found. SBA reports indicate $510.5...
The U.S. Securities and Exchange Commission (SEC) has launched an investigation into publicly traded companies that received COVID-19 stimulus funds, Bloomberg News reported. Agents are looking into whether the companies’ loan applications for the Small Business Administration (SBA’s) Paycheck Protection Program (PPP) were consistent with...
A measure that would make it easier for small businesses (SMBs) to get their hands on a forgivable federal loan has easily passed the House, The Wall Street Journal reported. The bipartisan bill answers a request from entrepreneurs who asked lawmakers to reduce the amount...
The economic crisis sparked by the COVID-19 pandemic has hit millions of people and small businesses hard. In response, LendingClub Corp. is setting up a “Member Center” that will be “chock full of resources and tools to help Americans regain control in what seems to...
