The U.K. is under pressure to get coronavirus-related loans out faster, and some banking officials want the government to consider making them 100 percent state-guaranteed, as opposed to relying on the banks to take the risks. U.K. Finance Chief Executive Stephen Jones said the process...
In just over a week, the Paycheck Protection Program (PPP) has approved more than one million loans, for a total gross dollar value, as of April 13, of $247.5 billion. Those loans, the Small Business Association (SBA) stated in the “Paycheck Protection Program Report,” were...
Billionaire entrepreneur Mark Cuban, owner of the Dallas Mavericks and investor on the reality show “Shark Tank,” said the Paycheck Protection Program (PPP) is moving too slow to help businesses struggling amid the coronavirus crisis, according to CNBC. “Banks are playing themselves,” Cuban said on...
JPMorgan Chase is attempting to stave off the oncoming economic downturn by raising the standards on who can borrow from them for the time being, according to a Reuters report. The new standards will make it so customers applying for a new mortgage will need...
Two days after JetBlue said it would temporarily consolidate service in five U.S. cities, the New York airline has joined Goldman Sachs to offer an installment loan product. CNBC reported that the global financial services company launched MarcusPay this week, allowing users to spread out...
A quick recovery may be in the cards. But so might a “false start.” Thursday morning, the U.S. Federal Reserve said that it had launched a multi-trillion dollar lending program that targets smaller businesses, and in a broadened salvo, targets local governments, too. It’s all...
Chime, America’s most valuable digital bank, has begun offering cash advances ahead of the $1,200 stimulus payments Americans will be receiving next week, according to a report by Forbes. For now, to aid those having trouble paying bills during the coronavirus pandemic, Chime will let...
The demand for Small Business Administration (SBA) loans has led the Federal Reserve to consider allowing non-bank lenders to speed distribution of $350 billion in loans through the coronavirus crisis, Reuters reported. The Fed’s move comes three days after Bank of America said requests for...
The Federal Reserve said it would offer as much as $2.3 trillion in loans aimed at shoring up small to mid-sized businesses, U.S. households and local governments through a series of new and expanded programs aimed at battling the continuing effects of the coronavirus. Four-year...
