PayPal, Intuit QuickBooks Capital and Square Capital have been named direct lenders in the Paycheck Protection Program, and more await the go-ahead. They could be crucial to reaching the smallest firms trying to survive the economic toll of the coronavirus pandemic.
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.
Many banks were hitting their limits for lending to small businesses devastated by the coronavirus outbreak. They say the Fed's decisions to help fund additional loans and relax capital requirements will resolve many of their problems.
The agency overhauled its system for the Paycheck Protection Program on Wednesday. Lenders hope it addresses the access issues and a crash that bedeviled the effort’s first week.
The government should encourage community lenders to offer six-month loan repayment forbearances to struggling businesses before it’s too late.
The central bank is creating a facility to provide financing to banks participating in the Small Business Administration’s Paycheck Protection Program.
Yes, the Small Business Administration's emergency funding program for the coronavirus crisis is off to a rocky start, but that shouldn't stop banks from helping customers in need.
Lenders can offer deferred payments and capitalize on digital banking to help small businesses and consumers get back on their feet.
Lenders and government guarantors can use loan technology to bring immediate relief to business owners, former OCC official Jo Ann Barefoot says.