PPP Small Business Loans [7/16 UPDATE]

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In the PPP Small Business Loans report, Insider Intelligence looks at how different lenders fared at implementing the PPP. Purchase the report before 8/1 and we’ll take $100 off!

report. You can purchase both reports now for the price of one.

The PPP represents an extraordinary step to solve an unprecedented challenge faced by small businesses, and banks that act decisively in deploying PPP loans stand to earn new clients and goodwill from regulators, as well as a slice of billions in loan fees. Though the PPFA was enacted to alleviate concerns around the program and revitalize demand, the continuous revision of guidelines likely had the opposite effect in making it harder for businesses to understand requirements. Still, banks made significant headway toward approving smaller loans in the program's second round.

New Jersey-based Cross River was by far the smallest bank among top lenders, managing to lend an astounding 215% of its total assets. The community bank's impressive performance was supported by its partnerships with fintechs such as Kabbage and QuickBooks.

 

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U.S. lawmakers, Bank of America press small business agency to fix PPP lending dataBank of America Inc , the second-largest U.S. lender, has asked the Trump administration to correct data meant to offer public accountability on the recipients of $520 billion in pandemic aid designed to preserve jobs, and a group of U.S. Democratic lawmakers has written to demand action before more funds are distributed. The 30 lawmakers outlined a series of 'grave concerns' about errors in the data for the Paycheck Protection Program (PPP) in a letter on Monday to the Small Business Administration, asking that the agency 'rectify these issues promptly,' according to a copy of the letter viewed by Reuters. Locking for Creative Eye-Catching Business card design at a very affordable price? Check Out: 此 The SBA is crooked and inept.
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GOP ‘HEALS Act’ Proposal Allows Small-Business Loans to Cover Protective GearPlus, Chrissy Teigen has another food show coming to Quibi, and more news to start your day
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