In this engaging episode of "SBA Today," hosts Paul Long and Tonya Mazurek navigate through the latest updates in small business administration. Titled "The New Era of SBA Administration and Banking Profits," the episode kicks off with discussions on Kelly Lor's appointment by the Trump administration, revealing anticipated directions such as a crackdown on PPP and EIDL fraud. The dialogue shifts as they explore changes in the Senate's Small Business Committee, highlighting Joni Ernst's influence, particularly her focus on veteran programs and extending COVID-19 loan recovery periods.

The hosts then pivot to the financial industry's impressive gains, with a particular emphasis on the striking profit surges across major banks. Chase, Goldman Sachs, and Wells Fargo, among others, have revealed substantial quarterly profits. Paul and Tanya dissect potential reasons behind these financial successes, considering market optimism, lowered inflation projections, and unexpectedly robust investment banking activity. Throughout the episode, the duo scrutinizes the implications of these fiscal trends for both the broader economy and individual institutions.

Key Takeaways:

• Kelly Lor, appointed as the new SBA administrator, is expected to focus on addressing fraud within the PPP and EIDL programs.
• Joni Ernst, as the new Senate Small Business chair, aims to reintroduce veteran programs and extend the jurisdiction over COVID loan recovery until 2030.
• Major banks, including Chase and Goldman Sachs, have reported significant profit increases, attributed to factors like economic optimism and active investment banking.
• Some skepticism remains regarding the true factors behind financial sector gains, questioning whether these are driven by fundamentals or short-term market sentiments. 

Disclaimer: The views expressed on this show are our own and not necessarily the views of our employer.

Are you a business owner or prospective business owner? Let’s see how we can help you.

If your business or perspective business is in: 

Washington, Oregon, or Idaho contact: Paul Long at Gesa Credit Union [email protected]

Colorado, Texas, Missouri, Florida, Arizona, and Tennessee contact: Tonya Mazurek at Midwest Regional Bank [email protected]