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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 …

It’s been almost four years since Fannie Mae and Freddie Mac announced they are changing the standard mortgage application form for the first time in 20 years, but it will be another 11 months before the mortgage industry is required to use the new uniform residential loan application. Fannie and Freddie announced last week that …

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 …

(Re-loading for a wider audience.) NEW YORK, April 16 (LPC) – Investment firm Jefferies backed an otherwise sterile U.S. leveraged loan market in April, bringing in a new offering worth $ 1.275 billion on attractive terms to attract a base of investors hungry for yields still weighing the impacts of the coronavirus. Volatility caused by …

The record $1.3 trillion car loan debt that Americans are collectively carrying is starting to show serious cracks. At the end of last year, auto loan delinquencies were at their highest level in eight years, and strangely, that was around the same time that the number of auto loan applications rejected jumped. And this despite …

Opinions expressed by Contractor the contributors are theirs. Many small business owners complete their Paycheck Protection Program (P3) loan applications and face common questions and obstacles. The immediate question revolves around two issues: First, how can I work with my bank or find a bank to submit it to? And second, how to correctly calculate …

Across the U.S. banking industry, officials rushed overnight to set up a massive new government-backed lending program to help small businesses ravaged by the coronavirus pandemic and many were unable to get there before Friday’s deadline given that the Treasury Department released its guidelines for lending late Thursday night. The $ 350 billion federal program …

Similarities and distinctions are already made between the impact on our economy of the 2008 subprime mortgage-induced financial crisis and the current global COVID-19 pandemic. With the shutdown of non-essential businesses, social distancing and a resulting volatile market, it’s unclear how COVID-19 is going to scare our economy. Participants in the secondary loan market are …