The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will reopen the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or fewer in assets on Jan. 15. The portal will fully open on Jan. 19 to all participating PPP lenders.
Now that new COVID-19 relief has been signed into law by President Donald Trump, fintech company Biz2Credit has begun taking ‘pre-applications’ for the new round of the Paycheck Protection Program.
U.S. government lending programs restored sufficient capital for businesses to weather the effects of the COVID-19 pandemic for a short period, but many firms are currently operating at a monthly loss, according to Biz2Credit’s new six-month analysis of COVID-19’s impact on small businesses.
Small business loan approval percentages at big banks dropped slightly from 13.6% in August to 13.5% in September, which is indicative of the struggles that small businesses are facing, according to the latest Biz2Credit Small Business Lending Index.
The AICPA, CPA.com, and Biz2Credit are teaming up on a new platform, CPALoanPortal.com, to streamline the process for CPA firms advising small businesses on loan forgiveness under the Paycheck Protection Program (PPP) and additional small business financing options.
Altimetrik introduced a Paycheck Protection Program forgiveness solution for banks and other lenders to ease the burden of the loan forgiveness system.
Banks with $10 billion or more in assets approved 8.9% of small business loans in April, falling from a mark of 15.4% in March and an all-time high of 28.3% in February, according to Biz2Credit. Smaller banks approved 11.8% of small business loans in April, down from 38.9% in March and 50.3% in February.
Crestmark funded more than $215 million for small businesses through the Paycheck Protection Program (PPP), part of the CARES Act stimulus package.
Companies in bankruptcy do not have access to the Paycheck Protection Program, at least according to the letter of the law. However, the issue has become less clear as illustrated by the decisions in In re Hidalgo and In re Cosi Inc. Howard M. Berkower and Franklin Barbosa Jr. of McCarter & English take a closer look at those decisions and how their inconsistencies muddy the waters.
Biz2Credit’s funding affiliate was approved as a lender for the SBA Paycheck Protection Program established under the CARES Act. This makes Biz2Credit a fintech approved by the SBA as a non-bank lender under the PPP.