Banking & Finance

At least 44K jobs said to be preserved in Spokane area through PPP

Nearly 6,500 employers land loans totaling 100s of millions of dollars

July 16, 2020

Nearly 6,500 Spokane-area employers received hundreds of millions of dollars tied to preserving at least 44,000 jobs through federal Paycheck Protection Program loans. The U.S. Small Business Administration declines to disclose the total loan volume

A taxing season for Spokane CPAs

Tax preparers here stretched thin as extended deadline nears

July 2, 2020

Virginia Thomas

The federal tax filing deadline extension has created additional stress for Spokane accountants. As the new July 15 deadline approaches, many clients have put off filing until the last minute, and some CPAs here say that has created a bottleneck of work

Lessons from Great Depression are relevant now

Resilience may again drive economic recovery

June 18, 2020

Rick Biel

As a financial adviser, I have obtained a variety of industry licenses and designations. However, before becoming an adviser, I earned a master's degree in history from Eastern Washington University.

Craft3 works to finance unconventional borrowers

Office here has loaned $20M in five years

June 18, 2020

Kevin Blocker

In a time like this, the value of the nonprofit Craft3 can't be underestimated, claim two of the organization's Spokane employees. Craft3 specializes in lending to businesses and people who can't secure funding from conventional sources.

Going mobile: Online banking usage spikes during pandemic

Inland Northwest banks, credit unions report more downloads, transactions

June 18, 2020

Natasha Nellis

With banks limiting contact between employees and their customers, the use of digital and mobile banking tools that the institutions have been investing in for years have seen sudden, dramatic spikes, Spokane-area financial industry representatives say.

Spokane bankers frustrated by sluggish guidance on PPP

Flexibility Act causes more confusion than clarity for some aspects of program

June 18, 2020

Virginia Thomas

Inland Northwest bankers say they're frustrated by a lack of federal guidance regarding particulars of the Paycheck Protection Program. Some say they and their customers are confused about some aspects of the program.

Financial sector better positioned for recovery now than during Great Recession

Capital flows more freely now than in last recession

June 4, 2020

Virginia Thomas

This isn't the Great Recession for Inland Nortwest bankers. And that's a good thing, executives here say. While the pandemic has brought a host of challenges, leaders at some banks and credit unions say financial institutions are in a much better

'Pause' could hamper WSU's research cause

Stoppage might hinder ability to secure funding at WSU Health Sciences

May 21, 2020

Kevin Blocker

Though money for research has risen steadily in recent years at Washington State University Health Sciences Spokane, officials are concerned a prolonged global pandemic could have a compromising effect on future funding.

Pledge 1200 garners commitments in 42 states

Consumers nationwide agree to spend stimulus funds in communities

April 23, 2020

Kevin Blocker

Residents from 42 states have committed to spending more than $1 million at struggling small businesses in their respective communities through an initiative co-founded by a young professional in Spokane.

Clearwater Paper is lone bright spot in first quarter market report

Toilet paper demand fuels manufacturer as others lose value

April 23, 2020

Kevin Blocker

Fueled by nationwide consumer demand in toilet paper, Spokane-based Clearwater Paper Corp. was the lone publicly traded company in the region to experience an increase in market capitalization in the first quarter of 2020, according to an analysis by Hart