As the economic collateral damage induced by the COVID-19 epidemic has spread far and wide throughout the nation, leaving nearly 20 million Americans newly unemployed, economic anxiety has become endemic. PYMNTS’ Navigating the COVID-19 Pandemic: How the Paycheck-to-Paycheck Economy Is Beginning to Buckle reveals that the consumers who...
As Congress was poised on Monday (April 20) to replenish funds for its small business loan program, complaints persist about how previous funds were doled out. The program in question is the $350 billion Paycheck Protection Program, part of the $2 trillion federal stimulus law....
Shake Shack founder Danny Meyer and chief executive officer (CEO) Randy Garutti said on Monday (April 20) that they are returning the $10 million Paycheck Protection Program (PPP) loan from the federal government that was part of the coronavirus stimulus package. “We now know that...
Tom Donohue, CEO of the U.S. Chamber of Commerce, is urging Congress to finish up a plan for the next round of stimulus spending by Monday (April 20), according to CNBC. Speaking on CNBC’s “Closing Bell,” Donohue said lawmakers all “understand it” and everyone would...
The hospitality group behind Ruth’s Chris Steak House — operator or franchiser of 159 restaurants — showed a profit of $42 million on $468 million in revenue in 2019 and a workforce topping 5,000, according to The Wall Street Journal. Yet, the company is one...
JPMorgan Chase & Co. says it has $26 billion in small business relief applications lined up for when Congress approves more funding for the Small Business Association (SBA’s) popular Paycheck Protection Program (PPP). The New York-based global financial services company boasted on Friday (April 17) that it has closed...
The U.S. Small Business Administration (SBA) says that nearly 5,000 lenders have approved 1.6 million loans totaling $342.2 billion under the agency’s Paycheck Protection Program. “Following its launch, the SBA processed more than 14 years’ worth of loans in less than 14 days, which will protect...
As lawmakers battle over how the next round of bailout money for small businesses should be spent, the president and CEO of Atlanta’s Federal Reserve Bank said up to $500 billion a month may be needed, according to a Reuters report. Raphael Bostic said data...
There’s no more money in the Small Business Administration’s (SBA) bailout initiative. CNBC has reported that the $349 billion intended to keep small businesses afloat as the COVID-19 virus continues to wreak havoc on the nation’s economy has run out. The SBA posted the news...
