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More small-business relief funds on the way
President Donald Trump on Friday signed a bill that allocates an additional $320 billion to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) — and Virginia banks are poised to resume making loans and taking applications Monday. The SBA approved 1.7 million loans before the initial $349 billion small-business relief fund ran out after […]
SBA Paycheck Protection Program loaned nearly $9B to Va. businesses
Before the Small Business Administration’s (SBA) $349 billion Paycheck Protection Program (PPP) relief fund ran out Thursday morning, Virginia banks processed more than 40,000 applications totaling nearly $9 billion, the Virginia Bankers Association announced Friday evening. Small businesses that received the forgivable loans are allowed to use the funds to meet payroll costs and pay […][...]
Va. Beach real estate investment company names new managing principal, CIO
Virginia Beach-based real estate investment company Croatan Investments announced Monday that Eric Smith will serve as its new managing principal and chief investment officer. Smith was most recently the chief operating officer and CIO at Armada Hoffler Properties, also in Virginia Beach. During his career, he’s worked w[...]
SBA Paycheck Protection Program runs dry, as expected
The Small Business Administration’s (SBA) $349 billion Paycheck Protection Program (PPP) relief fund officially ran dry Thursday morning, as expected. “The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding,” according to the SBA’s PPP page. Small businesses that receive the forgivable loans are allowed to […][...]
SBA Paycheck Protection Program funds could run out by Thursday
The Small Business Administration’s (SBA) $349 billion Paycheck Protection Program (PPP) relief fund is expected to be exhausted by early Thursday. Since the application process for the fully forgivable loans opened on April 3, Virginia banks have been flooded with nearly 30,000 applications totaling $6.6 billion worth of requests from small businesses hurt by the […]
Banks see online banking outages as stimulus checks drop
Some of the top banks in Virginia in terms of 2019 deposits reported issues with customers being unable to access their online banking accounts Wednesday — the same day that millions of Americans expected to receive federal stimulus checks of at least $1,200 deposited into their accounts. “Downtime for banking systems is[...]
TowneBank moving closer to Norfolk Southern Tower purchase
Suffolk-based TowneBank is moving closer to purchasing the 22-story Norfolk Southern Tower, reaching an agreement to purchase a nearby downtown Norfolk parking garage for $8.5 million. TowneBank hopes to close on the parking garage and the Norfolk Southern building this summer, TowneBank spokesperson Joel Rubin said Thursday. T[...]
‘Talk to your banker today,’ Va. Bankers Assoc. president says
Virginia Business virtually sat down with Virginia Bankers Association President and CEO Bruce Whitehurst and Chairman Jeff Haley, who is also president and CEO of Danville-based American National Bank & Trust Co. This is part of an ongoing series of conversations with Virginians about how their work lives and businesses ha[...]
They say they want an evolution
Forget the CPA number nerds of the past with pencil marks on their starched white shirts. Tomorrow’s CPAs will be better versed in information technology, analysis and problem-solving techniques. An evolution is taking place in the accounting industry to enhance analytical and critical thinking skills among future certifie[...]
Truist commits $2M to small businesses hurt by pandemic
Truist Financial Corp. is donating $2 million to community development financial institutions to support grants to small businesses impacted by the COVID-19 pandemic in states served by the bank. “Small businesses are significantly affected by the steps the nation is taking to combat COVID-19, and it’s important we s[...]
‘We’re going to be here to help you’
Virginia Business virtually sat down with Gary Thomson, managing partner of Richmond-based Thomson Consulting LLC and chairman of the board of the Virginia Society of Certified Public Accountants, to get a feel for how the accounting industry has adapted to doing business during the coronavirus crisis. This is the first of a ser[...]
Va. banks stay open for business, but close lobbies
Virginia banks are open for business during the coronavirus crisis, but many are practicing social distancing by closing their lobbies to the public and only allowing in-person visits by appointment. “Providing safe and reliable service is a key priority for every one of our banks, especially in challenging times,” Virginia [...]
