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On March 30, 2021, President Biden signed a bill to extend the deadline to apply for a PPP loan to May 31, 2021. [121] The bill also stated that the Small Business Administration would have 30 days from the application deadline to process PPP loan applications. [121] As of March 30, 2021, $82 billion of unallocated funds remained. [121]
Those employees, along with an army of contractors, are responsible for overseeing a loan portfolio that currently includes 48,000 PPP loans with an outstanding balance of $1.3 billion and dealing ...
A Miami lender that was one of the biggest approvers of Paycheck Protection Program loans now finds itself in the crosshairs of a Federal Reserve bank in connection with its lending in the program.
The PPP program bailed out the Georgia-based online lender, which went from furloughing employees in March 2020 to being an appealing takeover target in a matter of months thanks in part to the $7 ...
The CARES Act created the $349-billion Paycheck Protection Program, which provided low-interest loans to small businesses that were forgivable if they maintained their employees and payroll. The $349 billion was fully allocated within 13 days. During those 13 days, 1.6 million loans were approved by nearly 5,000 banks and other lenders. [3]
The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package or American Rescue Plan, is a US$1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the country's recovery from the economic and health effects of the COVID-19 pandemic and recession. [1]
Small businesses that received PPP loans of $50,000 or less can now apply for forgiveness using a simplified application form.
Kabbage was an online financial technology company based in Atlanta, Georgia. [ 1 ] The company provided unsecured loans and funding directly to small businesses and consumers through an automated lending platform. [ 2 ] In 2020, the company was acquired by American Express and its mobile app was rebranded to American Express Business Blueprint.
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