While most of its loans have already been or likely will be forgiven, the Paycheck Protection Program has transformed community financial institutions, forcing banks to explore new processes and technologies to handle loan volumes while expanding their customer relationships. And its effects are likely to continue for years.
The Paycheck Protection Program came to an end on Monday with small businesses affected by the pandemic receiving another $277.7 billion in forgivable loans this year.
The government’s key COVID-19 relief program for small businesses has run out of money.
Cambridge Trust Co. had first quarter net income of nearly $13.5 million, or diluted earnings per share of $1.92, compared to fourth quarter net income of $13.01 million, or diluted earnings per share of $1.86.
COVID-19 is pushing banks to weed out inefficient, manual business processes. And the effort promises to help their workers, too.
The Senate passed a bill 92-7 on Thursday to extend the deadline for business owners to apply for forgivable loans through the Paycheck Protection Program, giving applicants two more months to apply for federal aid.
A Hull man who had previously been convicted in a securities fraud scheme was arrested last week and charged with submitting fraudulent documents to receive Paycheck Protection Program and Economic Injury Disaster loans.
President Joe Biden is targeting federal pandemic assistance to the nation’s smallest businesses and taking steps to further equity in what is known as the Paycheck Protection Program.
Community banks have seen high demand for loans in the opening weeks of the Paycheck Protection Program’s latest round. Despite encountering a few struggles, lenders report a smoother process compared to the program’s initial launch last year.
Greater Boston Chamber of Commerce head Jim Rooney is asking lawmakers to make quick work of a piece of legislation that would bring state rules in line with CARES Act provisions.
The Paycheck Protection Program loan portal will open to lenders with $1 billion in assets or less at 9 a.m. tomorrow, with the remaining lenders gaining access to the portal on Tuesday.
With another round of the Paycheck Protection Program about to begin, lenders will have to manage the process for new loans while still getting through last year’s forgiveness applications.
The next round of Paycheck Protection Program will begin on Monday, though not all lenders will have access to the program right away.
When the next round of Paycheck Protection funding begins, lenders will have separate rules to follow based on whether a business owner received a PPP loan last year.
The COVID-19 aid bill passed by Congress on Monday will allow small businesses hit hardest by the pandemic to take a second Paycheck Protection Program loan.
For the first time since 1997, the Massachusetts Bankers Association has a new leader, with Kathleen Murphy taking over for Daniel Forte, who retired at the end of October.
After processing more than 1,000 Paycheck Protection Program loans earlier this year, South Shore Bank has decided to use funds earned from participating in the program to help customers still affected by the COVID-19-related recession.
The COVID-19 pandemic didn’t change the way we bank – it just rapidly accelerated the changes that were already underway, moving us all much more quickly into a world of high-tech banking by phone and laptop.
Banks with more than $500 million in assets will receive temporary relief from FDIC audit requirements if they experienced growth by participating in the Paycheck Protection Program and other economic aid activities.
A congressional report released last week provided evidence that the Treasury Department had advised banks to focus on existing customers during the early days of the Paycheck Protection Program, a finding that the Treasury Department denied.
