Small banks are a lifeline for many local businesses and should be given first crack at distributing funds from a continuation of the federal stimulus program.
Major changes are required in client services, delivery models, staffing practices and management.
The Small Business Administration stopped approving loans when the Paycheck Protection Program hit its cap.
Almost 1.2 million applications have been made since the launch of the program on April 3.
The SBA’s Paycheck Protection Program is nearly depleted, but there are ways small banks and fintechs, with help from Congress, can remedy the situation.
Online lenders, core providers and software companies have created digital platforms that speed up and simplify Paycheck Protection Program loans for businesses reeling from the coronavirus pandemic.
Small businesses are dealing with frustrating delays and changing guidance in applying for and receiving help from the Small Business Administration in its new Paycheck Protection Program.
PayPie is offering access to its network of Small Business Association-authorized lending partners to businesses seeking funds through the SBA Payroll Protection Program during the COVID-19 pandemic and economic slowdown.
Just days after the Fed lifted Wells Fargo's asset cap so it could make more Paycheck Protection Program loans, it warned customers its queue is long and they may want to go elsewhere before program funds are exhausted.
Midsize businesses and state and local governments are among the beneficiaries of the central bank's latest $2 trillion effort to mitigate the economic damage caused by the coronavirus pandemic.