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The Small Business Administration said lenders approved $71 billion in loans from the Paycheck Protection Program in less than five days.
April 7 -
The Small Business Administration’s loan processing platform went down Monday for as long as four hours, temporarily halting the ability of lenders to process loans for small business owners seeking relief from the impact of the coronavirus.
April 7 -
Lenders must balance the financial risk of extending credit without explicit backing from the Small Business Administration against the reputational risk of delaying aid for needy borrowers.
April 6 -
The central bank is creating a facility to provide financing to banks participating in the Small Business Administration’s Paycheck Protection Program.
April 6 -
Sen. Marco Rubio, R-Fla., said that $349 billion will likely not be enough meet loan demand from small businesses seeking a lifeline to help them weather the economic downturn brought on by the coronavirus outbreak.
April 5 -
Many bankers find crucial parts of the SBA effort to help businesses hurt by the coronavirus outbreak to be unclear and onerous. If those issues go unresolved, participation could suffer.
April 2 -
Lenders are rallying around a bill from Sen. Rubio that would give them access to another $50 billion under the 7(a) program. It could face obstacles in the House, where a bill favors direct lending by the Small Business Administration.
March 16 -
Lawmakers have also criticized the agency's decision to create qualifying standards for farmers and other small businesses.
February 20 -
Lenders are glad the agency worked swiftly through a backlog of paperwork, but they're worried funds will get cut off if the government closes again.
February 1 -
Many federal agencies have been closed for more than three weeks, making it the longest shutdown in U.S. history. With no end in sight, here's how it's affecting banks, credit unions and mortgage lenders.
January 13