In an effort to deliver more relief to the nation’s struggling small businesses and boost the economy amid the global coronavirus pandemic, the Federal Reserve announced it has taken actions to facilitate $2.3 trillion in loans. “Our country’s highest priority must be to address this...
Those looking for a loan outside of the government’s Paycheck Protection Program (PPP) won’t find it from JPMorgan Chase, which has decided to focus solely on that program due to a huge amount of requests over the past few days, according to the Financial Times....
U.S. Treasury Secretary Steven Mnuchin reassured the nation’s small businesses that they shouldn’t worry about getting a government bailout as they struggle to stay afloat during the free fall due to COVID-19. “I want to assure all small businesses out there: We will not run out...
An old computer system and too few employees are making it hard for the Small Business Administration (SBA) to meet the high demand for coronavirus relief loans, according to a report in the New York Times on Tuesday (April 7). The $349 billion Paycheck Protection...
President Donald Trump said he is working with congressional leaders to come up with another $250 billion in loan guarantees to help small- and medium-sized businesses get back on their feet in the wake of the COVID-19 pandemic. “Our entire society is mobilizing to meet...
Amid high demand for federal help, Senate Majority Leader Mitch McConnell (R-KY) announced he would try to approve additional funding for a small business loan program intended to assist companies that have faced coronavirus impacts. The legislator said the $350 billion effort would require more...
The Paycheck Protection Program (PPP) introduced April 3 is experiencing more setbacks as the Small Business Administration (SBA) works to solve computer system problems, according to a report in Politico on Monday (April 6). The PPP is a $350 billion small business loan program that...
The Federal Reserve is collaborating with the Treasury Department to develop a new facility to help small and medium-sized businesses (SMBs) stay afloat as the coronavirus pandemic continues, according to a report in the Wall Street Journal (WSJ). Lenders had said that they could extend...
You could say that Friday’s (April 3) rollout of the $350 billion small business relief Paycheck Protection Program (PPP), part of the $2 trillion CARES Act stimulus package, went less than smoothly when it started. But that description doesn’t quite do justice to what a...
