On the same day AutoNation, the Florida car retailer, reported a net loss of $232 million from operations in the first quarter, its CEO said it has returned $79 million in Paycheck Protection Program (PPP) loans. Mike Jackson told CNBC’s “Squawk on the Street” the...
Five publicly traded companies have until midnight on Monday (May 11) to return their Payroll Protection Program (PPP) loans or explain why they should be allowed to keep the money by Friday (May 15). In a letter from the newly created House Select Subcommittee on the Coronavirus Crisis,...
The Trump administration has piled vague and confusing guidance onto the unclear regulations of the Paycheck Protection Program (PPP), increasing tensions across the business world as deadlines for the program loom. According to a Bloomberg report, confusion has grown over such seemingly clear-cut issues as...
The conventional wisdom may be that larger firms — especially public ones — are able to weather the economic storm more adroitly than smaller brethren. To a certain extent, that’s true. The situation facing the smallest firms on Main Street is dire, even with funding from...
Democrats, evoking the country’s past with the financial turmoil of the Great Depression and the recovery with the New Deal, argue that much more financial aid could be needed for the long run of the pandemic. House Virginia Democrat Don Beyer said the threat of...
A new report says the Small Business Administration (SBA) failed to follow several congressional mandates in implementing a loan program designed to aid businesses during the COVID-19 crisis, The Wall Street Journal reported. Businesses raced to apply for the initial $340 billion of the Payroll...
President Donald Trump and Congress wasted no time refilling the Paycheck Protection Program’s (PPP) coffers after the popular loan initiative ran out of cash in 13 days. But at the close of business on Thursday (May 7), the Small Business Administration (SBA) reported that more...
The Paycheck Protection Program (PPP) is going back to court, this time over the new guidance handed out by the federal government on April 29 that was intended to inject clarity into the program but seems more likely to be on the verge of injecting a...
Allbirds, the New Zealand-American footwear company, will return its Paycheck Protection Program (PPP) loan. In an interview on CNBC’s “Squawk Box” on Friday (May 8), Co-Founder and Co-CEO Joey Zwillinger said while his San Francisco-based company fit the criteria of a small business that was hurting,...
