New Valley Bank President and CEO Jeffrey Sullivan has guided his four-year-old institution through explosive growth, in part thanks to an early marketing boost from PPP lending and in part from embracing the Pioneer Valley’s growing cohort of highly diverse entrepreneurs.
Fraudsters potentially stole more than $280 billion COVID-19 relief funding; another $123 billion was wasted or misspent. Combined, the loss represents 10 percent of the $4.2 trillion the U.S. government has so far disbursed in EDIL loans, PPP loan and other COVID relief aid.
The owner of a Massachusetts food truck business pleaded guilty Tuesday to filing fraudulent loan applications to obtain $1.5 million in federal pandemic relief funds, federal prosecutors said.
An investigation highlights that four prominent fintech companies were nothing more than loan approval factories that lacked the resources and the acumen to detect fraud.
The U.S. Small Business Association is coming under fire from its own inspector general for not collecting on smaller Paycheck Protection Program loans that were in default due to the costs involved.
A Stoughton man who lied on his application for federal coronavirus business stimulus funds and then used some of the $400,000 he received to pay his mortgage has pleaded guilty to wire fraud, federal prosecutors said.
While lenders began 2021 anticipating some interest rate increases this year, the changing rate environment in recent weeks has added another challenge to commercial real estate lending.
A major academic study contends the program cost far too much per job saved, and mostly benefited the affluent.
After another lending round of the Paycheck Protection Program ended in May, Massachusetts banks have continued to see loan forgiveness help drive financial performance.
Eighteen months into the pandemic, the influx of deposits continues. But many lenders are struggling to match this cash with loan growth, creating concern for the coming quarters.
The U.S. Small Business Administration has received more than 340,000 submissions to its Paycheck Protection Program forgiveness portal since launching the tool two weeks ago for borrowers with PPP loans of $150,000 or less.
The Federal Reserve Board has extended its Paycheck Protection Program Liquidity Facility for an additional month, saying in a statement on Friday that this would be the facility’s final extension.
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.
When Michael Welch became CEO of UniBank, he had no banking experience. Two years later, the lender has now crossed the $2 billion threshold in assets and is eyeing continued growth.
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.
Martha Dean’s career has twice involved her in building operations divisions for de novo banks. Now Eastern Bank’s executive vice president of operations, she’s poised to play a central role in the lender’s merger with Century Bank.
The government’s key COVID-19 relief program for small businesses has run out of money.
The owner of a Massachusetts pizza parlor lied about the number of employees he had to fraudulently obtain more than $660,000 in federal coronavirus relief funds, then used some of the money to buy and stock an alpaca farm in Vermont, federal prosecutors said Tuesday.
The new head of the Small Business Administration says she expects to make changes at the agency that she says will enable it to further help small companies devastated by the COVID-19 pandemic.
Thousands of small businesses have received hundreds of millions of dollars in state recovery grants since December, helping them to pay the rent and make payroll, but one top House Democrat said Tuesday he’s worried many of these businesses owners might not know what’s coming – a tax bill.
