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SBA

Loan forgiveness not coming easily for some PPP borrowers

by Kristin Schwab
Aug 31, 2021
So far, more than $27 billion worth of Paycheck Protection Program loans must be paid back.
President Joe Biden speaks about the American Rescue Plan and the Paycheck Protection Program for small businesses in February.
Saul Loeb/AFP via Getty Images
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COVID-19

PPP loan deadline extension would help banks process more applications

by Justin Ho
Mar 29, 2021
The latest loans have moved more slowly than the previous round, due in part to additional compliance checks to prevent fraud.
Larger companies initially took advantage of the Paycheck Protection Program, which was intended to offer forgivable loans to smaller businesses.
Kameleon007 via Getty Images
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COVID-19

Eight weeks in, businesses face hard choices over PPP loans

by Justin Ho
May 22, 2020
The federal relief loans can be forgiven if businesses spend 75% on payroll within eight weeks. For some businesses, that's a problem.
A bar in New York sells cocktails to go in March. Small businesses are still struggling eight weeks after the CARES Act became law.
Victor J. Blue/Getty Images
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COVID-19

Small banks worry they're at a disadvantage in new round of SBA loans

by Justin Ho
Apr 27, 2020
Banks submitting 5,000 or more applications can upload one document. Banks submitting fewer have to enter information manually.
Small banks across the country reported technical problems submitting loans to the Small Business Administration.
Angela Weiss/AFP via Getty Images
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