Financial First Responders
Connecticut’s lenders processed as many loans during the PPP’s first few weeks as they would typically do in a year or more. But who made the most loans?
From Facilities Manager to PPP Leader
As facilities and vendor manager for Guilford Savings Bank, Victoria Magin would typically spend her time paying bills, working on budgets and taking care of the bank’s buildings, not managing the flow of Paycheck Protection Program loans.
Senate Extends Paycheck Protection Program Again; $130B Left
Democrats drove a temporary extension of a popular subsidy program for small businesses through the GOP-controlled Senate late Tuesday, an unexpected development that came as spikes in coronavirus cases in many states are causing renewed shutdowns of bars and other businesses.
Billions of Dollars in PPP Funds Go Unclaimed
Billions of dollars offered by Congress as a lifeline to small businesses struggling to survive the pandemic are about to be left on the table when a key government program stops accepting applications for loans.
Trump Administration to Give Congress Full PPP Loan Data
After prodding from Democratic lawmakers, the Trump administration has agreed to give Congress – but not the public – complete data on the millions of small businesses that received loans from a $600 billion-plus coronavirus aid program.
SBA to Disclose PPP Loan Details
The Trump administration announced Friday it will publicly disclose the names of recipients of the taxpayer-funded loans, the amounts they received in ranges, as well as demographic data on the businesses.
Safe Harbor Opens Up Opportunities for PPP Forgiveness
Small business owners who had to cut back on business activity during the coronavirus pandemic can still have Payroll Protection Program loans forgiven, even if they reduced payroll.
House Demands PPP Loan Info from Treasury, Banks
A House subcommittee investigating billions of dollars in coronavirus aid is demanding that the Trump administration and some of the nation’s largest banks turn over detailed information about companies that applied for and received federal loans intended for small businesses.
Business Owners with Felony Convictions Can Now Apply for PPP Loans
More small business owners with past felony convictions can now apply for Paycheck Protection Program loans.
Taking Care of New Haven’s Small Businesses
As CEO of New Haven Bank, the state’s only FDIC-insured CDFI, Diane Burke is leading the a crucial part of the state’s financial system as the coronavirus’ economic shocks buffet Connecticut.
New PPP Regulations Give More Time, Flexibility on Loan Uses
Following last week’s passage of legislation to give businesses more flexibility in how they use their Paycheck Protection Program loans, the Treasury Department this morning said the government would updates to the regulations governing the program.
House OKs Extension of PPP Loan Deadline
The House gave sweeping bipartisan approval Thursday to legislation modify the terms of Paycheck Protection Program loans made to businesses that have suffered COVID-related losses, giving them more flexibility to use federal subsidies for other costs and extending the lifespan of the program as the economy continues to struggle.
SBA Inspector General, CT AG Urge Changes to PPP
While the second round of the Paycheck Protection Program has given small businesses another opportunity to seek funding, it has also met with more scrutiny at both the state and federal level.
Banks Complain of Snags as Second Say of PPP Reboot Continues
The government says it has approved an additional $50 billion in loans to small businesses, although banks are complaining that a bottleneck at the Small Business Administration is severely slowing the process.
PPP Program Restarts, Hits Snags Immediately
The second round of loan applications for the government’s small business relief program has been slowed by computer issues at the Small Business Administration.
PPP Loan Program Resumes Today
More than a week after the first round of Paycheck Protection Program funding ran out, the small business loan program resumed at 10:30 a.m. this morning.
Trump Set to Sign Bill with Nearly $500B More in Virus Aid
President Donald Trump will hold a signing ceremony Friday for a bill providing a nearly $500 billion infusion of coronavirus spending, rushing new relief to employers and hospitals buckling under the strain of a pandemic that has claimed almost 50,000 American lives and 1 in 6 U.S. jobs.
New $310B for Small Biz May Already Be Used Up
The more than $300 billion set aside to replenish the emergency loan program for small businesses impacted by the coronavirus pandemic is likely already all spoken for, banking industry groups said Wednesday.
Congress Set to Pass $483B Virus Aid
Congress is sprinting to approve the next coronavirus aid package, a $483 billion deal backed by the White House to replenish a small-business payroll fund and pump more money into hospitals and testing programs.
More Than 18,000 PPP Loans Approved in Conn.
The first round of the Paycheck Protection Program saw more than 18,000 loans approved for Connecticut small businesses before funds ran out on April 16.
