Lawmakers want to fix a mix-up in the economic relief CARES Act laws from March that could cost small businesses $120 billion in taxes, The Wall Street Journal (WSJ) reports. Congressional members from both parties said businesses taking loans from the Paycheck Protection Program (PPP)...
It’s looking increasingly likely that Congress will vote on a new round of COVID-19 stimulus funding, with the Paycheck Protection Program (PPP) an increasing area of focus. The latest plan put forward by Senate Republicans calls for a fresh round of funding for PPP loans,...
The central bank of Kenya is putting forward new legislation to govern interest rates charged for digital lenders’ loans. Online lenders will need the green light from the central bank to roll out new offerings or hike lending rates if the legislation is put into...
It will now be a lot easier for schools, hospitals and social service organizations to access funds using the Main Street Lending Program. The initiative, crafted by the Federal Reserve Board, is designed to provide loans to businesses to help them cope with the financial...
Another phase of the Paycheck Protection Program (PPP) should be more focused and should provide loans on a “more targeted” basis to help the companies that need it most, U.S. Treasury Secretary Steven Mnuchin said during a Committee on Small Business hearing on Friday (July 17)....
The troubles afflicting Wirecard AG are not limited to the German payment processing company. Some European lenders say they expect to recover as little as 20 percent of the nearly $2 billion they are owed, sources told The Wall Street Journal. As the one-time darling of...
A $20 billion federal initiative to provide emergency funding to small businesses is out of cash. The U.S. Small Business Administration (SBA) announced in a press release the end of the Economic Injury Disaster Loan (EIDL) Advance program. The EIDL was crafted to provide economic...
More than three months ago, the U.S. Department of the Treasury and the Federal Reserve gave hope to small- to medium-sized businesses (SMBs) with the announcement of the Main Street Lending Program. The joint $600 billion initiative would provide loans to companies with 15,000 employees...
The Federal Reserve Bank of Boston issued a state-by-state listing of lenders accepting applications from new business customers for the Main Street Lending Program on Wednesday (July 8). Launched in April, the Fed initiative pledged to purchase 95 percent of each loan banks provide to small...
