Paycheck Protection Program

Laid Off Hotel Workers Protest Company’s $4.4 Million in Paycheck Protection Program Loans, UNITE HERE Local 11 Files Complaint asking SBA to Investigate

Thursday, April 8, 2021 - 7:10pm

Congress intended for PPP loans be used by small businesses to keep workers on payroll, not to subsidize large hospitality conglomerates.

Key Points: 
  • Congress intended for PPP loans be used by small businesses to keep workers on payroll, not to subsidize large hospitality conglomerates.
  • The hotel originally received $2.4 million in April 2020, and the SBA may have already forgiven this loan, converting it into a taxpayer grant.
  • However, large hotel chains won an exemption from SBA rules that allowed them to apply for loans at multiple properties.
  • SBA disclosures reviewed by Local 11 do not indicate whether Rui Gaos loans were forgiven.

LendingClub Bank Supports Extended Paycheck Protection Program (PPP)

Thursday, April 8, 2021 - 2:00pm

With the program extending, LendingClub Bank, National Association ("LendingClub Bank"), will continue to support small and medium-sized businesses (SMBs) with access to more PPP loans through its predecessor in interest Radius Bank ("Radius").

Key Points: 
  • With the program extending, LendingClub Bank, National Association ("LendingClub Bank"), will continue to support small and medium-sized businesses (SMBs) with access to more PPP loans through its predecessor in interest Radius Bank ("Radius").
  • In recognition of this program, Celent announced Radius as the winner of the Celent model bank 2021 award for client innovation during the pandemic for its PPP program.
  • Now that Radius is a part of LendingClub, LendingClub Bank will continue to support PPP loans to those that need it most.
  • LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC.

Aquesta Financial Holdings, Inc Announces Results of Operations for the First Quarter of 2021

Wednesday, April 7, 2021 - 6:04pm

CORNELIUS, N.C., April 07, 2021 (GLOBE NEWSWIRE) -- Aquesta Financial Holdings, Inc and subsidiaries (Aquesta) (OTC Market symbol AQFH) including its subsidiary Aquesta Bank announced today net income for the first quarter of 2021 (three month period ending March 31, 2021).

Key Points: 
  • CORNELIUS, N.C., April 07, 2021 (GLOBE NEWSWIRE) -- Aquesta Financial Holdings, Inc and subsidiaries (Aquesta) (OTC Market symbol AQFH) including its subsidiary Aquesta Bank announced today net income for the first quarter of 2021 (three month period ending March 31, 2021).
  • Thus, earnings grew at 186.5 percent in the first quarter of 2021 compared to the first quarter of 2020.
  • First quarter 2021 loan growth was primarily driven by PPP loans, which totaled $68.5 million as of March 31, 2021.
  • Aquesta had $5.3 million in non-accrual loans as of March 31, 2021 compared to $5.7 million as of December 31, 2020.

Endeavor Bank Announces 2020 Year End Financial Results

Tuesday, April 6, 2021 - 1:06am

For the full detailed financial statements covering the Banks operating results, please refer to the call report filed with the FDIC at https://www7.fdic.gov/idasp/advSearchLanding.asp (Enter Endeavor Bank name and click search).

Key Points: 
  • For the full detailed financial statements covering the Banks operating results, please refer to the call report filed with the FDIC at https://www7.fdic.gov/idasp/advSearchLanding.asp (Enter Endeavor Bank name and click search).
  • Endeavor extended over 850 PPP loans in record time to struggling businesses to help them make payroll, saving countless jobs.
  • Steve Sefton, President, added, The PPP lending program was as beneficial to bank growth and earnings as it was in supporting employment.
  • Unique to the bank is its consultative banking approach that partners business clients with Endeavor Banks senior management.

Bank of Southern California Provides $229 Million in Paycheck Protection Program (PPP) Loans

Friday, April 2, 2021 - 2:00pm

(OTC Pink: BCAL), a commercial bank headquartered in San Diego, reported today that as of March 31, 2021, it has funded a total of $229 million in First Draw and Second Draw Paycheck Protection Program (PPP) loans.

Key Points: 
  • (OTC Pink: BCAL), a commercial bank headquartered in San Diego, reported today that as of March 31, 2021, it has funded a total of $229 million in First Draw and Second Draw Paycheck Protection Program (PPP) loans.
  • As a Preferred Lender with the SBA, Bank of Southern Californias team of experienced bankers worked tirelessly to provide both First Draw and Second Draw PPP loans to eligible small businesses.
  • Additionally, a total of $222 million was funded in the form of Second Draw loans, benefiting more than 1,400 Southern California businesses.
  • Of significance, every Bank of Southern California customer who qualified and applied for a PPP loan, received one.

Arts Organizations and Venues Eligible for $15 Billion Covid-19 Relief

Thursday, April 1, 2021 - 5:00pm

The December 2020 stimulus package included a $16 billion provision for the Shuttered Venue Operators Grant (SVOG), administered by the U.S. Small Business Administration (SBA).

Key Points: 
  • The December 2020 stimulus package included a $16 billion provision for the Shuttered Venue Operators Grant (SVOG), administered by the U.S. Small Business Administration (SBA).
  • Many types of businesses related to the performing arts, visual arts and more may be eligible, including live performance venue operators and promoters, performing arts organizations, theater producers, talent representatives, movie theater operators, and more.
  • Organizations that received funds under the Paycheck Protection Program (PPP) may still be eligible to apply for SVOG.
  • Note to Editors: This story affects arts organizations and venues in every community and is easy to localize with your region's arts community and patrons.

American Lending Center Applauds Extension of Paycheck Protection Program to May 31, 2021

Wednesday, March 31, 2021 - 5:51pm

American Lending Center (ALC) strongly endorses President Bidens signing of the Paycheck Protection Program (PPP) Extension Act of 2021 into law on March 30, extending the current deadline for PPP loans from March 31 to May 31.

Key Points: 
  • American Lending Center (ALC) strongly endorses President Bidens signing of the Paycheck Protection Program (PPP) Extension Act of 2021 into law on March 30, extending the current deadline for PPP loans from March 31 to May 31.
  • We at American Lending Center were thrilled to hear of the extension we have seen our PPP loans have a marked impact on underserved communities from coast to coast, said ALC CEO John Shen.
  • In 2021, 70.35 percent of ALCs PPP borrowers are receiving first-time PPP loans.
  • American Lending Center (ALC) is a licensed non-bank lender that has provided over 500 million dollars to American ventures and created nearly 40,000 full-time jobs throughout the US.

Pathway Lending Receives $5 Million PNC Bank Loan To Help Tennessee's Small Businesses Survive COVID-19 Impact

Wednesday, March 31, 2021 - 3:00pm

NASHVILLE, Tenn., March 31, 2021 /PRNewswire-PRWeb/ --Pathway Lending announced it has received a $5 million loan from PNC Bank to provide Payroll Protection Program (PPP) loans to small businesses.

Key Points: 
  • NASHVILLE, Tenn., March 31, 2021 /PRNewswire-PRWeb/ --Pathway Lending announced it has received a $5 million loan from PNC Bank to provide Payroll Protection Program (PPP) loans to small businesses.
  • The lending relationship with Pathway Lending enables PNC to reach further into Tennessee's communities to assist businesses that are seeking first-time PPP loans.
  • "As a Main Street bank, PNC is committed to serving small businesses across the state," said Mike Johnson, PNC regional president for Tennessee.
  • In 2020, Pathway Lending made more than $46.1 million in loans and delivered 15,790 hours of technical assistance and education.

SBA Administrator Isabella Casillas Guzman’s Statement on President Biden signing the PPP Extension Act of 2021 into law

Tuesday, March 30, 2021 - 9:14pm

By signing the PPP Extension Act of 2021 and the American Rescue Plan Act into law, the President is providing additional critical relief to the smallest of the small businesses the mom-and-pop shops that line our Main Streets and keep our local and regional economies going.

Key Points: 
  • By signing the PPP Extension Act of 2021 and the American Rescue Plan Act into law, the President is providing additional critical relief to the smallest of the small businesses the mom-and-pop shops that line our Main Streets and keep our local and regional economies going.
  • More than 8.2 million PPP loans have provided struggling small businesses with the relief they need to keep workers employed and make ends meets during this pandemic.
  • The U.S. Small Business Administration makes the American dream of business ownership a reality.
  • It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations.

Accenture Delivers Cloud-Based Solution to Help Regions Bank Enhance PPP Loan Application and Forgiveness Processes

Tuesday, March 30, 2021 - 12:59pm

Accenture (NYSE: ACN) has developed a comprehensive, cloud-based Paycheck Protection Program (PPP) loan application and forgiveness solution built on Salesforce technology for Regions Bank.

Key Points: 
  • Accenture (NYSE: ACN) has developed a comprehensive, cloud-based Paycheck Protection Program (PPP) loan application and forgiveness solution built on Salesforce technology for Regions Bank.
  • At the same time, Regions turned to Accenture for a technology solution that would give small businesses a less time-consuming and more intuitive application and forgiveness process.
  • Within eight weeks, Accenture developed and launched a comprehensive, cloud-based Salesforce solution that not only makes the process simpler, it is also designed to help process PPP loan and forgiveness requests more efficiently.
  • To upgrade both processes, Accenture developed and deployed a solution using Salesforce Experience Cloud for application intake, the nCino Bank Operating System for middle office processing, and Salesforce Service Cloud for case management.