Some 2.2 million small business loans totaling $175 billion were extended on Sunday (May 3) in the second round of the Paycheck Protection Program (PPP). Larry Kudlow, director of the U.S. National Economic Council, said that the White House has made no decision regarding additional...
Texas hospitality group Ashford Inc. is buckling under pressure and will return $70 million in Paycheck Protection Program (PPP) loan money it received due to the coronavirus pandemic, according to The New York Times. The network of hotels run by Texan Monty Bennett had dozens...
Small businesses fortunate enough to get their Paycheck Protection Program (PPP) loans forgiven will forfeit some tax breaks, according to new rules from the Internal Revenue Service (IRS). Bloomberg reports that if SMBs qualify for loan forgiveness by using 75 percent of the funds to...
One of the nation’s biggest names in mortgage lending has put the brakes on home equity lines of credit (HELOC) as the economic turmoil caused by COVID-19 is making the U.S. mortgage market look shaky. Wells Fargo & Co. announced the global financial services company headquartered...
JPMorgan Chase and Bank of America said they processed almost 500,000 applications totaling roughly $46 billion as part of the Paycheck Protection Program intended to help small businesses struggling to due to the pandemic, according to a report in Fox Business on Thursday (April 30)....
The Federal Reserve is extending its $600 billion Main Street lending program to reach small and medium-sized businesses (SMBs) hit by the coronavirus pandemic, the central bank said Thursday (April 30). As a way to get money into the hands of more businesses, the Main...
JPMorgan Chase was the biggest saver of funds in an effort by banks around the world to get ahead of a spate of bad loans they believe is coming. The banks, combined, have set aside $66 billion for the prospect, which is likely due to...
The coronavirus pandemic is disrupting businesses large and small. While the Paycheck Protection Program (PPP) was intended to help small- to medium-sized businesses (SMBs) weather the economic storm, some larger companies received loans from the program. The Treasury Department, for its part, is feverishly seeking...
An industry trade group said it’s highly likely that many restaurants will return loans from the U.S. Small Business Association’s (SBA) bailout program, the Financial Times reported. The National Restaurant Association (NRA) said regulations for the federal Paycheck Protection Program’s (PPP) forgivable loans don’t meet...
