More than a million government-approved loans ended up being canceled, including some that would have gone to people who needed the loans and applied just as they were told.
/PRNewswire/ Crossroads Systems, Inc. (OTCQX: CRSS) ("Crossroads" or the "Company"), a holding company focused on investing in businesses that promote.
A California federal judge dismissed with prejudice a putative class action Wednesday against nonbank lender Fountainhead Commercial Capital LLC, which had been accused of prioritizing high-dollar applicants for federal Paycheck Protection Program loans.
Why the SBA withdrew threat to audit PPP lenders americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
by Tyler Durden
Sunday, May 09, 2021 - 03:20 PM
The Paycheck Protection Program has officially run out of money , hopefully putting an end to what was likely one of the most abused and poorly watched over government cash troughs ever created.
The program has run out of money before its planned May 31 end date, the Small Business Administration said, according to CNBC.
The program will only accept new applications from community financial institutions, which which typically serve minority borrowers , the report said. The SBA will fund outstanding approved applications (like Ross Gerber s?) but won t accept new applicants.
The announcement comes weeks after the PPP was extended through the end of May.