Millions of PPP Loan-Forgiveness Requests Are About to Rain on Banks [Yahoo! Finance News]
Valley National Bancorp (VLY)
Last valley national bancorp earnings: 4/30 08:00 am
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Source: Yahoo! Finance News
) --Banks are preparing for a flood of applications for loan forgiveness under the U.S. Paycheck Protection Program, marshaling staff to help borrowers navigate a complicated process that recalls the fraught early days of the Covid-19 small-business relief effort.Companies that received PPP funding in early April can start to submit forgiveness applications at the end of May. Lenders will have to help them sort through a detailed application document, complete the paperwork and get it to the Small Business Administration for approval. Banks made about 4.3 million PPP loans for a total of more than $500 billion, and the program allows every borrower to request forgiveness.At Valley National Bancorp, 500 employees out of its 3,200-person workforce were designated to help customers process the loans, and a similar number will probably be needed to deal with forgiveness requests, said Chief Executive Officer Ira Robbins. The Wayne, New Jersey-based firm has issued more than $2.2 billion i
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VLY
Earnings
- 4/25/24 - Miss
VLY
Sec Filings
- 4/25/24 - Form 8-K
- 4/5/24 - Form S-3ASR
- 4/5/24 - Form ARS
- VLY's page on the SEC website