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U.S. Small Business Administration Statement on the House Select Subcommittee on the Coronavirus Crisis Report Concerning Fraud in the Paycheck Protection Program
… details serious problems of fraud and self-dealing by lenders and by companies who were paid fees by lenders to help PPP funds reach small business owners. In … additional action. “The SBA has immediately suspended non-lenders Blueacorn and Womply, companies that worked with PPP … -
SBA Re-Opens PPP to Community Financial Institutions First
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SBA Spanish glossary
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SBA Small Business Lending Momentum Continues in FY18
… 3.6 million leads on behalf of small businesses to our lenders and over 160,000 unique borrowers have been contacted by lenders with financing options. Another technological … financing to small businesses with the help of third-party lenders (typically banks). The maximum loan amount is … -
Let the SBA Help You Better Understand Your Finances
… how it works: The SBA coordinates with participating lenders to reduce their risk, increasing the likelihood your … work best for you. The SBA makes it easy for you to access lenders via Lender Match , a free online referral program … businesses with more than 800 participating SBA-approved lenders. Financial literacy is about developing good money … -
Minority-owned businesses
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SBA Administrator Announces New Paycheck Protection Program (PPP) Milestone: In Less Than Two Months, One Million Borrowers Apply for Direct Forgiveness through Agency’s PPP Portal
… the number of Direct Forgiveness participating lenders has more than doubled from 600 when the portal … the need for overwhelming paperwork to be provided to lenders, and serve over 600,000 borrowers to date. With the … -
In Less Than Two Weeks, Paycheck Protection Program Direct Borrower Forgiveness Portal Surpasses Expectations, Accepts More Than 340K Submissions
… extensive outreach and webinar trainings. We encourage all lenders to opt-in to this tested portal." In the two weeks … the number of submissions than the top 10 PPP lenders who are not participating in Direct … by the end of the year. Currently, more than 1,230 PPP lenders, representing over 50% of outstanding loan … -
SBA Announces End-of-Year Capital Benchmarks Showing Historic Support for Small Businesses Under Administrator Guzman
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Management Advisory Memo 16-08
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Management Information Memorandum 15-17: The OIG High-Risk 7(a) Loan Review Program
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SBA’s Handling of Potentially Fraudulent Paycheck Protection Program Loans
… and rapid discovery of different kinds of fraud schemes. Lenders also were not always clear on how to handle PPP fraud … remained in the borrower’s account. SBA did not provide lenders sufficient specific guidance to effectively identify, … roles, responsibilities, and processes and provide lenders formal guidance for managing and handling potentially … -
Rural Small Business Financing & Speed Lending
… to meet with small business assistance organizations and lenders to learn more about the many opportunities available … Registrants will sign-up in advance to meet directly with lenders regarding their financing needs. Similar to speed … -
DFW Small Businesses Receive Record Lending of Over $1 Billion For A Consecutive Third Year!
… outstripped last year’s figures by 4.5%." A total of 154 lenders and 12 Certified Development Companies (CDCs) … with $55 million in lending. Below are the top five 7a lenders in the DFW district. Top 7(a) Lenders Orig $ # Loans Wells Fargo Bank, N.A. $102,174,200 … -
Inspection of SBA's Implementation of the Paycheck Protection Program
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Evaluation Report 16-22: The OIG High Risk 7(a) Loan Review Program Recommends $3.2 Million in Recoveries
… management advisory memorandums that SBA require the lenders to bring the three loans into compliance or seek … agreed with the recommendations and is working with the lenders. In this report, we recommended that SBA evaluate … -
SBA Regional Administrator Rob Scott’s Statement on the Paycheck Protection Program’s Second Round of Funding
… steps we’ve taken are to pace applications so all lenders submit at the same rate per hour and eliminate lenders’ ability to use robotic processing automation, which … nearly $90 billion had been processed via nearly 5,300 lenders in the second round. And, small- and medium-sized … -
Statement from Secretary Steven T. Mnuchin and Administrator Jovita Carranza on the Success of the Paycheck Protection Program
… enjoyed broad-based participation across the country from lenders of all sizes and a wide array of industries and … businesses in all 50 states and territories. Nearly 5,000 lenders participated in this critical program, including … Nearly 20% of the amount approved was processed by lenders with less than $1 billion in assets, and … -
7(a) Working Capital Pilot Fees for Fiscal Years 2024 and 2025