Lending

New guidance from the IRS explains the tax consequences of PPP loans that are forgiven.

An analysis of 10 early reports shows a spike in expenses and loan loss provisions at many large credit unions.

In a letter, Chairman Hood asks credit unions about forbearances and other COVID-19 programs.

The move comes amid complaints that large lenders have had a much easier time gaining access to the SBA lending portal.

CUNA Mutual forecasts a 25% peak this summer, falling to 15% by the year's end.

A CUNA official calls the system's failures "a disturbing blow to the efforts by credit unions" trying to get loans to Main Street businesses.