• 2 men charged with fraud over PPP loan applications

  By Dan Ennis • May 6, 2020

  David Staveley claimed he had dozens of employees at three restaurants. He only owned two, and neither was open when the coronavirus pandemic hit, the Justice Department found. Read the full article ➔

• 75% payroll rule makes PPP loans useless, entrepreneurs say

  By Robert Freedman • May 4, 2020

  Small-business owners need help with operational costs, which the government's program fails to cover without risking loan forgiveness. Read the full article ➔

• Credit union trade group questions PPP's batch processing system

  By Anna Hrushka • April 29, 2020

  The 5,000 minimum required to submit loans in batches is too high to benefit smaller lenders like credit unions, CUNA Chief Advocacy Officer Ryan Donovan told Banking Dive. Read the full article ➔

• Lenders get 2nd chance to correct PPP flaws

  By Anna Hrushka • April 27, 2020

  Despite some negative press, the first rollout of the SBA program has let some banks prove they can help their customers even in the worst of times, said David Zaring, a Wharton professor of legal studies and business ethics. Read the full article ➔

• Lenders report PPP portal access issues minutes after relaunch

  By Dan Ennis • April 27, 2020

  "The difference between this program and unemployment is if you qualify for this program, it’s like getting unemployment authorization and then having a footrace to the office," Bank of America CEO Brian Moynihan said Sunday. Read the full article ➔

• Kabbage finds partner bank for SBA loans, awaits guidance to become direct lender

  By Anna Hrushka • April 8, 2020

  The online lender, which has been lobbying Congress to help with the SBA's loan program since the start of the coronavirus crisis, has had to retool its business model because of the pandemic. Read the full article ➔

• Day 1 of PPP's Round 2 didn't bring the refresh bankers wanted

  By Dan Ennis • April 28, 2020

  Technical glitches and overwhelming demand again took down the SBA's loan processing system, as lenders ponder all-nighters, equality and copious screen-checking. Read the full article ➔

• SBA gives small lenders 8-hour PPP window, drawing big banks' ire

  By Anna Hrushka • April 30, 2020

  "Many small businesses went to banks over $1 billion to help provide for their family," Richard Hunt, president and CEO of the CBA, tweeted Wednesday. "Don't play favorites with small businesses. All need a lifeline right now." Read the full article ➔

• $60B carveout for small lenders doesn't solve PPP's problems, fintech exec says

  By Anna Hrushka • April 23, 2020

  The set-aside should have taken into account the size of loan, not the bank, Funding Circle's Ryan Metcalf told Banking Dive. Read the full article ➔

• 'Hours matter' as fintechs angle for new wave of PPP money

  By Anna Hrushka • April 21, 2020

  Nonbank lenders are better positioned this time, but the new infusion may last only a couple days, a trade group leader says. Read the full article ➔

• JPMorgan, Wells Fargo, Bank of America, U.S. Bank chased larger PPP loans' fees, lawsuit says

  By Dan Ennis • April 21, 2020

  "Had [the bank] been honest, small businesses could have (and would have) submitted their PPP applications to other financial institutions," the lawsuits said. One of the banks, Wells Fargo, emailed customers to that effect. Read the full article ➔

• Fed alters Wells Fargo's asset cap to continue support of SBA loans

  By Anna Hrushka • April 7, 2020

  Lifting the cap, instituted after a 2016 fake-accounts scandal, would help the bank lend to more small businesses affected in the coronavirus pandemic, CEO Charlie Scharf has argued. Read the full article ➔

• House passes $484B relief package, including $320B for PPP loans

  By Dan Ennis • April 23, 2020

  Despite the flaws associated with the first round of funding — from last-minute guidance to a portal outage to alleged borrower favoritism — the new infusion is expected to be available only briefly. Read the full article ➔

• As lawmakers near new PPP deal, banks and fintechs gear up for Round 2

  By Dan Ennis • April 20, 2020

  An abundance of caution from big banks and late entry from fintechs gave small banks an edge, as institutions with $10 billion or less in assets doled out 60% of PPP small-business loans. Read the full article ➔

• PPP portal gets Amazon makeover as nonbanks get seat at table

  By Dan Ennis • April 9, 2020

  The Treasury Department released a hotly anticipated PPP form for nonbanks. Meanwhile, JPMorgan Chase temporarily stopped taking non-PPP small-business loans, and Citi's portal appears to be up and running. Read the full article ➔

• Kabbage asks Congress to retool SBA's lending rules amid coronavirus crisis

  By Anna Hrushka • March 20, 2020

  The online lender wants private-sector partners to help the agency with its disaster loan program as it faces a potential flood of small businesses in need of cash. Read the full article ➔

• Mnuchin seeks extra $250B for SBA loans as AML rules, access issues slow aid

  By Dan Ennis • April 8, 2020

  The application process has been fraught with delays, including a four-hour outage to the agency's loan processing system Monday and the need to comply with anti-money laundering regulations. Read the full article ➔

• Plaid pushes payroll sharing as fintechs wait their turn on SBA loans

  By Dan Ennis and Kate Patrick Macri • April 7, 2020

  The product is meant to speed the verification process for banks submitting applications of behalf of small businesses that may not have time to lose. Read the full article ➔

• Crush of demand, hurried timeline plague SBA program launch

  By Dan Ennis • April 3, 2020

  The $350 billion Paycheck Protection Program rolled out hours after the agency issued more guidance. The setup leaves banks reallocating resources and questioning risk. Read the full article ➔

• Wells Fargo cites asset cap in closing SBA loan portal

  By Anna Hrushka • April 6, 2020

  The bank said it would lend up to $10 billion as part of the U.S. government's coronavirus relief program but estimated it had hit that ceiling two days after the effort launched. Read the full article ➔

• Kabbage cuts credit to small businesses, shifts focus to SBA loans

  By Anna Hrushka • April 2, 2020

  The online lender is dealing with the loss of loan origination revenue, as well as losses on the performance of existing loans as the coronavirus pandemic brings the economy to a near standstill. Read the full article ➔

• Banks, fintechs prepare for flood of SBA loan applications

  By Anna Hrushka • March 31, 2020

  As small businesses across the country shutter amid the pandemic, many fintech lenders are concerned traditional lenders won't be able to process loans quickly enough to get business owners the cash they need. Read the full article ➔