Banking & Finance

May 14, 2020

Sub-$2 million PPP loan borrowers meet ‘good faith’ certifications

Recipients of a less than $2 million loan via the Paycheck Protection Program automatically meet financial qualifications to receive their loan based on economic need, the Small Business Administration said in a Wednesday guideline update.

May 12, 2020

Giant announces $500,000 in grants

Carlisle-based The Giant Company announced it will award $500,000 in grants to 110 small businesses across the state to support Pennsylvania’s food supply chain during the COVID-19 pandemic.

May 12, 2020

PNC to sell 22% BlackRock stake, ending 25-year relationship

PNC Financial Services said it will divest its ownership of the New York-based asset manager, except for 500,000 BlackRock shares for a donation to the PNC Foundation by the end of the second quarter of 2020.

May 7, 2020

Penn National Gaming bets on digital platforms, omni-channel revenue recovery

After suffering a $608.6 million net loss during the first quarter of 2020, Penn National Gaming assured investors Thursday that its digital platforming and omni-channel growth strategy will help the company rebound from the COVID-19-caused recession.

May 6, 2020

COVID-19 Relief fund distributes $350K to Lehigh Valley businesses

The Greater Lehigh Valley Chamber of Commerce and business leaders in the community raised and granted $353,000 to local small businesses struggling with COVID-19-related expenses.

May 6, 2020

‘Good-faith’ rehiring efforts forgiven in latest PPP guidance update

Employers can expect to be fully forgiven for their Paycheck Protection Program (PPP) loan if they make a “good-faith” effort to bring back laid-off employees onto their payrolls — even if an employee declines their offer.

May 6, 2020

Herbein + Co. survey shows surprising post COVID-19 business confidence

While much of the discussion on the economy’s post-pandemic future has been negative, a recent flash poll conducted by Herbein + Co. of Wyomissing shows surprising optimism among business leaders in the Mid-Atlantic.

May 4, 2020

Small business owners say PPP program needs a tune up

Requirements for small businesses to be forgiven for federal paycheck protection loans are at the center of lobbying efforts to revise the program’s guidelines by industry leaders who say the aid package fails to address sector-specific challenges of the coronavirus recession.

Apr 30, 2020

Owner of Chaar pet supply stores calls Covid shutdown a ‘disaster’

The owner of the family-operated Chaar, a Lehigh Valley-based chain of pet supply stores, said his company was thriving in the opening months of 2020. Then, the COVID-19 crisis hit. Chaar disagrees with the state's handling of the crisis and says that "the way things were done created a disaster for our economy."

Apr 29, 2020

Small banks get exclusive 8-hour window to process PPP applications, and it starts at 4 pm today

Editors note: This story has been updated to correct misinformation. The eight-hour period applies to lenders that have less than $1 billion in assets, not small businesses.

Apr 29, 2020

Allentown unveils $500K grant program for city small businesses

The City of Allentown’s Department of Community & Economic Development is implementing a $500,000 Small Business Stabilization Program using funds it received through the CARES Act.

Apr 29, 2020

Neffs Bank opens new branch in Walnutport

Neffs National Bank opened its first branch office. The new location at 211 S. Best Ave in Walnutport, is the bank’s first expansion since its founding in 1923.