The Paycheck Protection Program is back. For millions of small business owners still struggling to pay rent and employ workers, the federal government’s forgivable loan program is a lifeline. This round looks a little different than the original that launched in the spring. It’s aimed at even smaller businesses, and […]

Want to know what the Paycheck Protection Program means for you? Sign up for our live event on January 5 at 1 PM for a conversation with Insider journalists. And submit questions to be asked here. The Paycheck Protection Program is back. To find out what that $US325 billion in […]

Since the onset of the pandemic, 17% of US restaurants have permanently shut down – about 110,000 establishments. That’s according to a new survey from the National Restaurant Association, which was shared on Monday with the majority and minority leaders of both the Senate and House of Representatives. Last week, […]

A major spending bill and compromise COVID-19 relief legislation is finally within sight, but will probably take at least another week to iron out, two sources familiar with the matter told CNN. Stalled negotiations on Capitol Hill have delayed the legislation for months. Two notable barriers between Democrats and the […]

The US Bureau of Labour Statistics on Friday said the country added 638,000 jobs in October, more than the 580,000 additions expected by economists surveyed by Bloomberg. The figure signalled a decline from the revised 672,000 job additions seen in September. The unemployment rate fell to 6.9% last month from […]

The US Bureau of Labour Statistics on Friday said the US added 661,000 jobs in September. That came in far below the 859,000 payroll additions expected by economists surveyed by Bloomberg. The unemployment rate fell to 7.9% last month, from 8.4%. Economists expected the rate to slide to 8.2%. The […]

Congress is gearing up for a major Supreme Court nomination battle, absorbing most of the attention away from another coronavirus relief bill. The GOP’s swift action on the court appointment is a stark contrast with its reluctance to approve additional stimulus spending earlier this year. “It’s like coasting up a […]

Just as the coronavirus hit communities of colour disproportionately hard in the spring, those same communities face a tougher path to full economic recovery. According to a survey conducted by Goldman Sachs, Babson College, and David Binder Research, 39% of Black business owners receiving PPP loans have already been forced […]

JPMorgan Chase is looking into instances of customers abusing loans they received earlier this year through the federal government’s Paycheck Protection Program, Bloomberg first reported on Tuesday. In a memo to staff seen by Business Insider, JPMorgan’s Operating Committee wrote that some customers had misused their PPP loans in activities […]

The US Bureau of Labour Statistics on Friday said the US added 1.37 million jobs in August. That slightly exceeded the 1.35 million payroll additions expected by economists surveyed by Bloomberg. It marks the fourth straight month of job additions as the economy tries to claw back from a coronavirus-induced […]

House Democrats said in a Tuesday memo that early analysis of Paycheck Protection Program loans shows funds at risk for fraud and abuse. More than $US1 billion in relief funds were made to firms receiving multiple loans, the group said. The program set a one-loan limit for participating businesses. More […]

Small businesses are recovering well from the coronavirus pandemic and resulting lockdowns, Goldman Sachs economists led by Jan Hatzius said Sunday. Active small businesses shrank by 25% in April but now stand just 6% below their pre-COVID level, according to Goldman. Job losses linked to small business closures stand at […]

Kenneth Gaughan of Washington, D.C., is accused of fraudulently obtaining more than $US2.1 million in coronavirus relief loan funding. Additionally, he is being accused of using the money to buy himself a yacht, a row house, and a Kia Stinger. Gaughan is also facing a separate charge of defrauding the […]

JPMorgan CEO Jamie Dimon said in a Tuesday interview with MSNBC that “we’re in a recession, but you’re going to have a delayed effect of seeing the normal effect of recession.” The normal recession effects might not come until “late this year or early next year.” He also said that […]

The US Department of Justice said on Tuesday that Houston resident Lee Price III is in custody on allegations of using fraudulently obtained COVID-19 relief funding for personal purchases. Prosecutors said that Price netted more than $US1.6 million via two fraudulent loan applications. The DOJ said one application listed a […]

Between February and April, 41% of Black-owned small businesses closed, according to a New York Federal Reserve study released Tuesday. That’s nearly twice the 22% of all businesses that shuttered in the same timeframe, the study showed. “These firms had weaker financial cushions, weaker bank relationships, and preexisting funding gaps […]

Small businesses need more aid from Congress to avoid permanent closures and severe labour market pain, a group of more than 100 CEOs wrote in a Monday letter to lawmakers. Though the Paycheck Protection Program provided nearly $US520 billion in emergency loans, the program faces an August 8 expiration and […]