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Lenders set to flood SBA with new PPP applications

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Lenders set to flood SBA with new PPP applications
A backlog has formed since the first round of Paycheck Protection Program funding dried up, threatening to further strain a platform that struggled to handle the initial workload.

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LendingClub laying off 460 staffers, including president

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The online lender, reeling from the economic fallout of the coronavirus pandemic, also said it is cutting senior executives' salaries by 25%.

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'Leave room for the little guys': Square's advice for PPP 2.0

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Square Capital and other online lenders joined the Paycheck Protection Program just before it ran out of money. Now they're ready and waiting for Congress to reload funds that could be better aimed at the smallest companies.

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The new bankers' hours: Long nights and weekends

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Stress and exhaustion are catching up to lenders and call center employees helping customers grapple with the coronavirus pandemic.

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Senate directs PPP aid to small banks in new funding measure

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The House is expected to vote later this week on the bill expanding emergency relief for small businesses reeling from the effects of the coronavirus.

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Small banks could get big break in emergency loan program's next round

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Lawmakers are considering a plan to reserve at least $50 billion in Paycheck Protection Program funds for customers of community banks and small regionals.

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Ally girds for surge in auto loan defaults

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After more than tripling its loan-loss provision, the $182 billion-asset company became the first large U.S. bank to report a quarterly loss as a result of the coronavirus pandemic.

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Banks' digital upgrade plans unshaken by coronavirus

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Citizens, Regions and others say business investments initiated before the COVID-19 pandemic, including technology improvements and new consumer offerings, are on track.

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Fifth Third rethinks new-branch designs in light of coronavirus

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The pandemic won't halt the Cincinnati bank's plan to open about 100 branches in the Southeast, but features could be added to accommodate social distancing.

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Can government do anything to stop mortgage market contraction?

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Efforts to calm lenders' fears about coronavirus-related forbearance may not offset tightening standards, and the FHA is less likely to boost volume than it was during the financial crisis.

(Full story here.)
Paycheck Protection Program SBA Layoffs Lending Club Coronavirus Square Ally Financial Fifth Third Fifth Third Bancorp
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