The U.S. government has unveiled rules for the new $284.5 billion round of its popular Paycheck Protection Program (PPP), which should begin accepting applications soon. The new PPP aid, which Congress approved last month as part of its $900 billion COVID stimulus program, will provide...
Washington D.C. joined seven states in suing a bank regulator over a rule they fear could encourage predatory lending by stopping them from leveling state laws against exploitative interest rates, Reuters said. The complaint, filed in Manhattan federal court against the Office of the Comptroller...
With no credit scores, limited financial transaction histories, and a huge amount of people who don’t even have a bank account, lending money in Vietnam is no simple task. While most financiers would run from an environment like that, CEO Toms Niparts of Jeff, an...
One of the largest components of the now-signed second stimulus bill is $284 billion to support small business through a rebooted and revised Paycheck Protection Program (PPP) lending program that will tighten qualification requirements but loosen taxation and eligible expense rules. The so-called “Second Draw”...
Small firms recently surveyed by Goldman Sachs indicated that small and mid-sized businesses (SMBs) are desperately in need of another round of emergency Paycheck Protection Program (PPP) funding, according to CNBC. David Solomon, CEO of Goldman Sachs, told CNBC on Tuesday (Dec. 15) that the...
Are federal regulations putting a damper on bank lending amid the pandemic-driven downturn, or are bankers simply being too cautious? That’s a key issue that Randal Quarles, the top U.S. banking supervisor, will examine as he looks at why banks have not deployed more of...
Payments giant Stripe is taking Stripe Capital, its push into online business finance and lending, to the next level. Stripe Capital first got off the ground in September 2019, offering customers and businesses financing options through its online platform. On Tuesday (Dec. 1), Stripe went...
The loan payment relief required by the federal CARES Act in response to household income disruption caused by the pandemic has produced mixed results, The Wall Street Journal (WSJ) reported. Borrowers who held the type of debt covered by the law — home mortgages and...
Peer-to-peer car-sharing platform Getaround Inc. has secured a $25 million venture loan facility from Horizon Technology Finance Corp., a specialty finance company that provides secured loans to venture capital-backed companies. “Getaround is changing the way people think about renting and sharing cars through their seamless and...
