000 as part of the application process for an EIDL loan. The loan advance did not have to be repaid and you didn’t actually have to be approved for an EIDL loan to receive the advance; however, the amount
It is well known that the quality of a loan portfolio is dependent on the quality of the loan files. That is certainly true of loan portfolios created under the Paycheck Protection Program (PPP). Documentation will be the key to ensuring positive outcomes for both borrowers and lende...
The AICPAsent a letterFeb. 3 urging the SBA toaddress the problems, which were causing the SBA’s E-Tran and PPP Loan Processing system to either reject or require more documentation for around 30% of PPP applications. Often the system didn’t allow lenders to submit the documentation or d...
PPP loans are Small Business Administration (SBA) Section 7(a) loans. Consequently, they are subject to the same regulatory guidelines.. These guidelines include provisions directing lenders to obtain the consent of the SBA before allowing a borrower to perform certain activities. Notably, ...
As of Monday, the SBA has approved nearly 4.7 million loans for a total of $515 billion. That leaves more than $130 billion available a week before the June 30 final deadline for getting a PPP loan. AICPA experts discuss the latest on the PPP and other small business aid progra...
How an SBA 7(a) Loan Works The stated purpose of SBA 7(a) loans is to encourage lenders to provide fair loans to businesses "that might not otherwise obtain funding on reasonable terms and conditions."In the fiscal year 2020, the SBA facilitated nearly 42,000 7(a) loans. Combined, the...
The federal government has now approved the Paycheck Protection Program (PPP) - SBA 7(a) CARES ACT which provides for unprecedented support to the small business community in the wake of the COVID-19 Pandemic. $349 billion will be available through the
“Funneling the loans through existing SBA-approved lenders, banks and credit unions disadvantaged businesses of color, which have historically lacked access to credit.” PPP loan data through Aug. 8 can be downloaded, here.ADVERTISEMENTSLinkedIn Facebook X Tagged categories: Business management; ...
1. Hosting a national call to brief lenders on the Platform’s additional detailed information that will assist in the resolution of First Draw PPP loan review and potential holds that impact Second Draw PPP loan application approvals 2. Equipping the Agency’s field team of lender relations spe...
To promote access to capital, only community financial institutions will be able to make the initial PPP loans starting today, and a second draw — or second loans to existing SBA borrowers — on Jan. 13, the federal agencies noted. The PPP will open to all participating lenders shortly ther...