Small business lending

The agency has 90 days to review files and reach decisions.

The extension to Aug. 8 was offered by Sen. Ben Cardin, a Maryland Democrat, and cleared the chamber by unanimous consent. The House has yet to take up the bill but could pass it as soon as Tuesday night.

The bill, which passed the House last week on a 471-1 vote, now heads to President Trump’s desk for his signature.

The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans.

Bankers spent Monday cleaning up damaged branches, wondering if their small-business clients will need more emergency aid and contemplating how the racial and economic inequalities highlighted by days of violent protests nationwide can be corrected.

The new Paycheck Protection Program rules, which created a review process and timeline for paying lenders, did not extend the time borrowers have to comply or increase how much money can be spent nonpayroll expenses.

About 5,500 large customers of the commercial banking business applied for funding. Nearly all of them got loans.

The Small Business Administration stopped approving loans when the Paycheck Protection Program hit its cap.

Just days after the Fed lifted Wells Fargo's asset cap so it could make more Paycheck Protection Program loans, it warned customers its queue is long and they may want to go elsewhere before program funds are exhausted.

No online lenders are approved for the agency's traditional programs, but they could make loans under the COVID-19 stimulus package if they get special approval.

Three years ago, the New York-based fintech started organizing a monthly gathering for its female employees. The meetings have helped participants find role models.

The e-commerce giant is muscling its way into a number of services that banks have long dominated.