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PPP Perks ‘Workers’ Over Wall Street Sen MONDAY JANUARY 11, 2021 VOL. 186 No. 6 AMERICANBANKER.COM Follow us on Twitter @AmerBanker Incoming Dem chair says 5 banking panel will put PPP perks ‘workers’ over Wall Street Sen. Sherrod Brown of Ohio signaled See story on page 2 a change in direction for the Banking Committee under Democratic control, on Lenders with less than $1B of assets get exclusive the same day he called for President Trump’s ouster after the U.S. Capitol riot. Page 5 portal access for first two days SoFi to go public via SBA plans to match some borrowers with small 6 SPAC with $8.7B valuation The deal between San Francisco-based lender lenders and Social Capital Hedosophia Holdings Corp. V is latest example of a closely held firm going public by merging with a special SBA portal will have dedicated hours for smallest purpose acquisition company. Page 6 PPP lenders Amex said to face inquiry 7 into business credit Lender fees increased for loans of $50,000 or less card sales tactics American Express is reportedly under investigation by a top federal agency $15B in funds set aside for lenders with $1B or less of exploring allegations of unethical sales assets tactics by the company’s small-business credit card sales representatives. Page 6 Source: SBA PayPal blocks group 8 that helped Trump supporters travel to D.C. dailybriefing Inside Amex’s data-driven PayPal Holdings closed an account held by 3 effort to personalize Joy In Liberty, one of the groups that paid for customer service supporters of President Donald Trump to More incentives for smaller American Express has spent years refining travel to Washington, where mobs stormed 1 lenders in next PPP round a decision-making engine that can tailor the U.S. Capitol on Wednesday. Page 7 Community banks will have access to products and services to cardholders’ needs allocated funds and at least two days of in real time. Page 3 Fed returns money to Treasury for exclusive portal access when the Small 9 terminated emergency programs Business Administration relaunches the Cathy Bessant is itching The Federal Reserve has returned about $42 Paycheck Protection Program. 4 to bring BofA’s tech billion to the U.S. Treasury, and will soon (See chart above.) Page 2 workers back to office transfer another $20 billion in excess funds Bank of America’s chief operations and connected to emergency lending facilities BBVA USA shuts technology officer says even digital experts that stopped offering new loans last month, 2 down neobank Simple benefit from in-person collaboration. She it said Thursday. Page 7 The decision to shutter the digital bank wants her 95,000-person staff to return once comes just weeks after BBVA USA announced it’s safe. Page 4 Canadian banks face it was selling itself to PNC Financial Services 10 conundrum: How to use Group for $11.6 billion. Page 3 a spare $55.5 billion After nine months of stockpiling capital to ensure they could withstand the strains of the pandemic, Canada’s biggest banks are facing a new problem: how to spend all that extra money. Page 8 MONDAY JANUARY 11, 2021 AMERICANBANKER.COM PAGE 2 The program sets aside $15 billion for Customers Bancorp in Wyomissing, Pa., PAYCHECK PROTECTION lenders with less than $1 billion of assets and which booked more than 102,000 loans PROGRAM another $15 billion for those with less than before the program shut down in August, $10 billion of assets. will make new loans and offer second draws The SBA also included an optional to borrowers still struggling with the fallout More demographic reporting section on the from the pandemic. borrower application, noting that it wants The $19 billion-asset company also plans incentives lenders to encourage borrowers to fill it out to introduce a service for banks that feel to improve “efforts to reach underserved, obligated to offer loans but want an arm’s- minority-owned, veteran-owned and length distance from a program many found for smaller women-owned businesses.” tough to navigate. PPP was the most prominent of the relief Management teams and front-line lenders in programs included in the original stimulus employees at some lenders “really didn’t package enacted to counter the coronavirus want to participate in another round because pandemic and the wave of shutdowns, it’s been the bane of their existence the past next PPP imposed by state and local governments, nine months,” said Sam Sidhu, Customers’ that followed. The program offered forgivable chief operating officer. round loans up to $10 million to businesses with “A lot of banks were concerned about the fewer than 300 employees impacted by the reputational risk of not participating in the By John Reosti and Paul Davis pandemic-related recession. new round,” Sidhu said. “We’re offering them January 07, 2021 PPP gave the economy a much-needed an elegant solution.” Lenders now have more clarity in advance boost, as SBA approved 5.2 million loans for Customers began onboarding clients, of the Paycheck Protection Program’s $525 billion from the start of April to Aug. including a $50 billion-asset bank, before the reopening. 8, but the program was dogged by funding SBA’s guidelines came out, said David Patti, The Small Business Administration issues, persistent problems with the agency’s the company’s director of communications released new guidance for PPP late E-Tran loan management system and and marketing. Wednesday, putting considerable emphasis repeated mid-course rule changes. Since the “We’re essentially putting together a white- on helping smaller lenders and borrowers. original program’s debut nine months ago, label program where we will handle end-to- The new version of the program, which the SBA has issued 23 interim final rules to end PPP processing, funding and servicing, received $285 billion in funds from the most provide clarity and address lender concerns. including forgiveness,” Sidhu said. recent stimulus package for new and existing Bankers had been bracing for the new At least one other institution, Fountainhead PPP borrowers, is expected to begin next guidance, which Congress required the SBA Commercial Capital, a nonbank SBA lender week. to produce within 10 days after the stimulus in Lake Mary, Fla., said it planned to offer a The SBA, which is administering the package became law. white-label PPP service. program with the Treasury Department, will While the guidance contains numerous “We’ll be somebody to whom other lenders grant community development financial incentives for smaller lenders, many of the can refer clients,” founder and CEO Chris institutions and minority depository biggest participants in the previous iteration Hurn said. “A lot of institutions, I expect, have institutions exclusive access to the PPP of the PPP are also eager to jump back in. PPP fatigue.” portal for at least the first two days. It said that through its online Lender Match tool it plans to connect borrowers to “small lenders Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 who can aid traditionally underserved Phone 212-803-8200 AmericanBanker.com communities,” and that its portal will have dedicated hours to assist the “smallest PPP Editor in Chief Alan Kline 571.403.3846 Copy Editor Neil Cassidy 212.803.8440 lenders.” Managing Editor Dean Anason 770.621.9935 A big reason for the guidance is to help Reporters/Producers “ensure increased access to PPP for minority, Executive Editor Bonnie McGeer 212.803.8430 Laura Alix 860.836.5431, Kate Berry 562.434.5432 underserved, veteran, and women-owned Washington Bureau Chief Joe Adler 571.403.3832 business concerns,” the agency said. Executive Editor, Technology Miriam Cross 571.403.3834 An interim final rule issued by the SBA Penny Crosman 212.803.8673 Jim Dobbs 605.310.7780 increased the lender fees for loans of less than BankThink Editor Rachel Witkowski 571.403.3857 $50,000 by removing the 5% cap that existed John Heltman 571.403.3847, Allissa Kline 716.243.2679 Community Banking Editor Paul Davis 336.852.9496 previously — a move aimed at incentivizing Hannah Lang 571.403.3855 lenders to work with smaller borrowers. The Contributing Editor Daniel Wolfe 212.803.8397 John Reosti 571.403.3864, Gary Siegel 212.803.1560 window to have loans approved is set to close Digital Managing Editor on March 31. Loans made this time around Christopher Wood 212.803.8437 Jackie Stewart 571.403.3852, Kevin Wack 626.486.2341 have five-year maturities. For up to date and complete coverage go to AmericanBanker.com MONDAY JANUARY 11, 2021 AMERICANBANKER.COM PAGE 3 PPP’s increased complexity is a big in Portland, Ore. He is now moving his family reason some lenders are backing off, said CHALLENGER BANK to Australia. John Asbury, CEO of the $19.8 billion-asset “I’m saddened for the closure but happy Atlantic Union Bankshares in Richmond, Va. for the journey and the lasting oversized While Atlantic Union — which made BBVA USA change that Simple has had on the global more than 11,000 Paycheck loans totaling banking world,” he said Thursday in an email $1.7 billion during the first phase — will shuts down to American Banker. “Customer experience keep participating, involvement in the latest matters. Great teams matter.” iteration of PPP will likely be “harder, not BBVA USA said it will be migrating Simple easier,” Asbury said. neobank customers to the its mobile app. When BBVA The fact loans are available to both new USA’s merger with PNC closes, the Simple and existing borrowers will complicate the Simple users will become PNC customers.
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