List of Banks Accepting SBA Paycheck Protection Program Loans – Update 5/13/2020

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The SBA started to accept applications from participating lenders for the Small Business Paycheck Protection Program (PPP) last Friday. The program has a feature for loan forgiveness if the borrower meets certain criteria. READ MORE: The SBA Paycheck Protection Program Round 2 Starts Today, Monday April 27 The loan forgiveness has made this $350 billion […]

Community Banks Moved Ahead of The Line For SBA PPP Funding This Evening

SBA PPP

Small businesses working with small community lenders moved ahead of the line this evening for about 8 hours in the SBA Payroll Protection Program (PPP) sweepstakes. In a tweet, SBA Administrator Jovita Carranza confirmed that the SBA is only accepting loan applications from smaller community banks and their clients until Midnight. To assist small community […]

IRS / SBA / U.S. Secret Service Warnings of Coronavirus Stimulus Scams And Phishing Attacks

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With the coronavirus stimulus packages passed in Washington, scammers and fraudsters see an opportunity to take advantage of people trying to make ends meet or keep their businesses afloat. Both the IRS, SBA, the U.S. Secret Service, and local, state, and federal agencies have issued warnings on coronavirus related scams and phishing attacks. IRS Warning […]

Another $250 Billion For SBA Paycheck Protection Program in The Works

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The SBA Paycheck Protection Program (PPP) that is part of the $2.2 trillion coronavirus relief legislation (CARES Act) may run out of money before many small businesses have an opportunity to apply for it. While the $349 billion PPP application windows opened just last Friday, and despite glitches and problems, banks are reporting an intense […]

SBA Paycheck Protection Program Plagued With Technical Problems

Small Business Administration (SBA)

The rapid rollout of the SBA Paycheck Protection Loan (PPP) program is plagued with technical issues, according to a report from NBC news. The primary problem is that computer systems between banks and the SBA are having problems communicating with each other. Banks have resorted to entering the borrower’s information manually into ETRAN, the SBA’s loan […]

SBA Received Over 17,000 Paycheck Protection Program Applications on Friday

Bank Building

The SBA’s Paycheck Protection Program (PPP) received over 17,000 completed applications on Friday valued at more than $5.4 billion, according to a tweet from Jovita Carranza, Administrator of the SBA. Latest #PaycheckProtectionProgram numbers: 17,503 loans valued at more than $5,400,000,000. @SBAgov + over 1,100 local lenders helping small businesses stay afloat with working capital to […]

SBA Coronavirus Stimulus Paycheck Protection Plan Loans Face Delays – Update 1

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With great urgency and speed, Congress and the Administration passed a $2 trillion coronavirus stimulus bill (CARES Act). It includes about $350 billion in SBA backed loans and among other programs incentivizes businesses to keep employees on their payroll by offering to forgive that portion of the loan. This provision is known as the Paycheck […]