Loan application

SBA disaster loan application problem exposed 8,000 businesses

In another blow to small businesses trying to save their businesses, the Small Business Administration (SBA) admitted on Tuesday that its website suffered from a glitch that allowed “personally identifiable information” about thousands of businesses to flee online. The SBA sent notices to nearly 8,000 businesses on Tuesday, saying information they shared in their Economic […]

Loan application

Fresno First Bank Launches Automated Online SBA Loan Application in Days

It is difficult for most banks to offer online account opening or corporate account application processing. With that in mind, the outlook looks bleak for the biggest stimulus package in history. $350 billion through banks, with a week’s notice, to small businesses across the country. Banks must identify their applicants, grant the loan according to […]

Loan application

NJEDA Small Business Loan Application Goes Live April 13 | Business

By Bill Sansertino A New Jersey Economic Development Authority grant program to help small businesses affected by COVID-19 received 26,000 grant applications and was almost immediately oversubscribed. The response shocked NJEDA on April 3, as the companies claimed the available $5 million almost as soon as it became available. The application, however, remains open until […]

Loan application

How to Submit Your PPP SBA Loan Application and Calculate the Loan Amount

Opinions expressed by Contractor the contributors are theirs. Many small business owners complete their Paycheck Protection Program (PPP) loan applications and run into common questions and hurdles. The immediate question currently revolves around two issues: First, how do I work with my bank or find a bank to submit it to? And secondly, how to […]

Loan application

On day one, the small business loan application process is plagued with problems

Officials across the U.S. banking industry rushed overnight to roll out a massive new government-backed lending program to help small businesses ravaged by the coronavirus pandemic and many have not been able to make it happen before Friday’s deadline given that the Treasury Department released its lending guidelines late Thursday evening. The $350 billion federal […]

Loan terms

Treasury makes coronavirus loan terms less favorable for small businesses

Steven Mnuchin, U.S. Treasury Secretary, speaks during a coronavirus task force press conference at the White House in Washington, DC, U.S., Thursday, April 2, 2020. Kevin Dietsch | Bloomberg | Getty Images The Treasury Department has changed the terms of some loans it offers to small businesses during the coronavirus pandemic, making them less favorable […]