August 2024

One Less Headache for Small Businesses

This year, the SBA implemented significant changes to further benefit and support American small businesses and help them to keep doors open, the lights on and customers coming.

(via Scotsman Guide)

Unemployment Rate Now 4.3%

The unemployment rate edged higher to 4.3%, its highest since October 2021, triggering an economic rule on recessions.

(via deBanked)

OIG Report Shows SBA Forgot to Report Many Charged Off PPP Loans

According to the Office of the Inspector General, the SBA was required to report charged-off PPP loans to three major commercial credit reporting agencies but for the sample the OIG reviewed, the SBA failed to report 37% of charge-offs to any credit agency.

(via deBanked)

‘Extend and Pretend’ Remains the Playbook for Troubled Lenders

The Klaros Group, an investment and advisory company, analyzed about 4,000 banks and found 282 with both high levels of commercial real estate exposure and large unrealized losses from the rate surge.

(via Scotsman Guide)