News

Biden could wipe out $50,000 of student debt per borrower without Congress. Here are 3 other areas where he can help the struggling US economy even with a GOP-controlled Senate.

President-elect Joe Biden will inherit a struggling economy when he takes office in January. Republicans may maintain control of the Senate, depending on the outcome of two Senate runoff races in Georgia. Biden could provide student-debt relief, repurpose unspent federal relief funds, and raise the minimum wage for federal contractors […]
Biden could wipe out $50,000 of student debt per borrower without Congress. Here are 3 other areas where he can help the struggling US economy even with a GOP-controlled Senate.
Markets

‘We’re done providing free money from the sky’: Shark Tank investor Kevin O’Leary says next stimulus should not include any aid to businesses

Shark Tank star Kevin O’Leary says any further fiscal stimulus should not include PPP aid to businesses. The stimulus should include unemployment insurance for workers who will be displaced if their businesses shut down, the investor added. O’Leary said Monday’s massive stock rally on news of a 90% effective coronavirus […]
‘We’re done providing free money from the sky’: Shark Tank investor Kevin O’Leary says next stimulus should not include any aid to businesses
News

Political gridlock is delaying another coronavirus relief bill — and it has potentially devastating consequences for the US economy

Congress hasn’t passed another federal relief bill ahead of Election Day because of political gridlock. It may have devastating consequences for millions of workers and small businesses. Lawmakers could act during a lame-duck session after the election, but it’s unclear whether President Donald Trump would support a bill. Millions of […]
Political gridlock is delaying another coronavirus relief bill — and it has potentially devastating consequences for the US economy
News

House Democrats pass their $2.2 trillion stimulus plan, which includes $600 federal unemployment benefits and direct payments

House Democrats on Thursday passed a $US2.2 trillion coronavirus bill that contained another round of direct payments, federal unemployment benefits, and small-business aid. Senate Republicans, however, are likely to reject the relief package. The Trump administration put forward a $US1.6 trillion plan in negotiations with Democrats, but they rebuffed it […]
House Democrats pass their $2.2 trillion stimulus plan, which includes $600 federal unemployment benefits and direct payments
News

Banks filed a record number of reports flagging suspected business-loan fraud at the same time they disbursed PPP funds that Republicans called a ‘resounding success’

Banks in July filed a record-high number of claims of suspected business-loan fraud, according to a new report. At the time, banks were distributing billions of dollars in loans to small businesses through the Paycheck Protection Program. The federal program has been under scrutiny over the possibility of fraud. The […]
Banks filed a record number of reports flagging suspected business-loan fraud at the same time they disbursed PPP funds that Republicans called a ‘resounding success’
News

Fast-food giants like Dunkin’ and Chipotle are using the restaurant apocalypse as a chance to ‘swallow up’ independent restaurants that are struggling to survive the pandemic

Fast-food giants such as Domino’s, Chipotle, and Dunkin’ are eyeing real estate opportunities presented by independent restaurants struggling to stay open during the coronavirus pandemic. The Independent Restaurant Coalition estimates that up to 85% of independent restaurants may close permanently by the end of the pandemic. “So much of your […]
Fast-food giants like Dunkin’ and Chipotle are using the restaurant apocalypse as a chance to ‘swallow up’ independent restaurants that are struggling to survive the pandemic
News

The fashion influencer who fled NYC for the Hamptons while infected with COVID-19 received up to $350,000 in government PPP loans, report says

Fashion influencer Arielle Charnas’ company had up to $US350,000 in Paycheck Protection Program (PPP) loans approved by the Small Business Administration in April, according to Page Six. Charnas has been slammed for her actions during the pandemic, including using her connections to get a COVID-19 test in mid-March amid a […]
The fashion influencer who fled NYC for the Hamptons while infected with COVID-19 received up to $350,000 in government PPP loans, report says
News

Elon Musk says he doesn’t support another government stimulus because of ‘special interests.’ Most of his 44,000 employees likely benefited from it.

Elon Musk on Friday decried “special interests earmarks” in economic relief measures designed to help pad an economic decline sparked by the coronavirus pandemic. In a tweetstorm, the billionaire said only direct payments should be included in follow-up bills in the works on Capitol Hill. Thousands of Tesla workers likely […]
Elon Musk says he doesn’t support another government stimulus because of ‘special interests.’ Most of his 44,000 employees likely benefited from it.
News

A California man got nearly $9 million in coronavirus relief loans through fraud and spent ‘hundreds of thousands’ on gambling, prosecutors say

Prosecutors are going after people scamming the Payment Protection Program, which is designed to give coronavirus relief loans to small businesses. According to a new indictment from federal prosecutors in California, a man fraudulently obtained nearly $US9 million in loans and spent hundreds of thousands of dollars on gambling. And […]
A California man got nearly $9 million in coronavirus relief loans through fraud and spent ‘hundreds of thousands’ on gambling, prosecutors say
News

Private jet CEO reveals why his company acquired a competitor after taking $20 million PPP funds and furloughing employees at the start of the pandemic

Private jet management firm Jet Linx decided to expand during the pandemic even though its business hasn’t returned to normal and the future of travel remains uncertain. The firm has received scrutiny for receiving federal Paycheck Protection Program relief funds despite having a wealthy clientele and is expecting more with […]
Private jet CEO reveals why his company acquired a competitor after taking $20 million PPP funds and furloughing employees at the start of the pandemic
Strategy

15 of the most surprising companies that the Small Business Administration listed as paycheck protection loan recipients

The US Small Business Administration released 4.8 million loan records detailing who received money from the $US530 billion Paycheck Protection Program on Monday. The program, meant to protect small businesses, also doled out money to billionaire-backed corporations like TGI Fridays and the chic members-only club Soho House. Other names that […]
15 of the most surprising companies that the Small Business Administration listed as paycheck protection loan recipients
News

Stop trying to shame companies that took PPP loans

Hello, everyone! Welcome to the new edition of Insider Today. Please sign up here . QUOTE OF THE DAY “It was positive for me.” –Brazil’s President Jair Bolsonaro announcing he has tested positive for coronavirus, after months of flouting public health recommendations, rejecting masks, and doubting the seriousness of the […]
Stop trying to shame companies that took PPP loans
News

The federal government extended the Paycheck Protection Program after $130 billion out of $660 billion went uncollected. Here’s what new applicants need to know.

The application deadline for the Paycheck Protection Program was extended on Saturday after President Donald Trump signed the extension bill that Congress passed into law. Potential applicants now have until August 8 to request federal relief funds under the program intended to help businesses affected by the coronavirus pandemic. Around […]
The federal government extended the Paycheck Protection Program after $130 billion out of $660 billion went uncollected. Here’s what new applicants need to know.
News

Emergency coronavirus loans for small businesses are ending with $134 billion leftover — and there’s little economic relief in sight as the pandemic drags on

The Paycheck Protection Program will wind down Tuesday with $US134 billion in unspent business relief. Congress is debating how to further aid the economy as it reels from record unemployment and a surge in new coronavirus cases. Members of the Trump administration, including Treasury Secretary Steven Mnuchin, have said they […]
Emergency coronavirus loans for small businesses are ending with $134 billion leftover — and there’s little economic relief in sight as the pandemic drags on
News

The US Government is refusing to say which businesses received over $500 billion in coronavirus bailout loans

The US government declined to share which small businesses have received loans under the Payroll Protection Program. Treasury Secretary Mnuchin told lawmakers that the information was considered proprietary and confidential. Usually, the Small Business Administration discloses loans it provides to companies. Visit Business Insider’s homepage for more stories. US taxpayers […]
The US Government is refusing to say which businesses received over $500 billion in coronavirus bailout loans
Strategy

The senate just approved changes to PPP that would give businesses more flexibility when using loans and qualifying for forgiveness

The senate passed a bill Wednesday night that would give small businesses more flexibility in how they can qualify for forgivable funds from the federal government’s $US670 billion Paycheck Protection Program. After an initially chaotic launch that included technological glitches as well as confusion among banks and borrowers alike, the […]
The senate just approved changes to PPP that would give businesses more flexibility when using loans and qualifying for forgiveness
Markets

Nobel Prize-winning economist Joseph Stiglitz says US stimulus programmes have ‘failed’ — and that policymakers should now focus on preventing a ‘lost generation’ of workers

Nobel Prize-winning economist Joseph Stiglitz said in an interview with CNBC that US stimulus programmes have “failed, and we have to admit that.” The US has launched $US2 trillion worth of stimulus, and another $US3 trillion package is set to be voted on by the Senate. Stiglitz, who won a […]
Nobel Prize-winning economist Joseph Stiglitz says US stimulus programmes have ‘failed’ — and that policymakers should now focus on preventing a ‘lost generation’ of workers
News

Monty Bennett, Trump donor and largest recipient of PPP funds, will return money

The largest recipient of COVID-19 bailout loans, Trump campaign donor Monty Bennett, announced Saturday he would return all money received through the Paycheck Protection Program. Bennett’s conglomerate of 128 hotels received, collectively, more than $US58 million through the PPP. The Ashford Group of Companies said in a statement to investors […]
Monty Bennett, Trump donor and largest recipient of PPP funds, will return money
News

The US government will do a ‘full review’ of any company taking a small business loan over $2 million after massive corporations took advantage of the program

As $US310 billion in new funding replenishes the Paycheck Protection Program, small businesses can expect more oversight. Treasury Secretary Steven Mnuchin said Tuesday that loans over $US2 million will undergo a “full review” before they’re forgiven. At least 220 publicly traded companies took loans from the program. 15 have said […]
The US government will do a ‘full review’ of any company taking a small business loan over $2 million after massive corporations took advantage of the program
Strategy

PRESENTING: How big banks decided the futures of America’s small businesses: The inside story of how $349 billion in government cash was doled out in just 12 days, leaving thousands of entrepreneurs without relief

As the second round of Payroll Protection Program funding gets underway, Main Street’s outlook is grim: JPMorgan is already telling customers to look elsewhere if they want to join the queue for the fresh round. And Bank of America told staff that it is “widely recognised that it will likely […]
PRESENTING: How big banks decided the futures of America’s small businesses: The inside story of how $349 billion in government cash was doled out in just 12 days, leaving thousands of entrepreneurs without relief
Lifestyle

A luxury hotel company that owns multiple Ritz-Carltons received millions in small-business aid thanks to a loophole in the coronavirus bailout program

Three public companies chaired by hotel executive Monty Bennett have received $US59 million in Paycheck Protection Program (PPP) coronavirus relief funds intended for small businesses, effectively making Bennett the biggest winner in the small-business bailout, the Wall Street Journal reported. On April 16, the PPP’s $US349 billion fund dried up […]
A luxury hotel company that owns multiple Ritz-Carltons received millions in small-business aid thanks to a loophole in the coronavirus bailout program
News

Treasury Secretary warns there will be ‘severe consequences’ for large companies that took bailout loans intended for small businesses

US lawmakers are close to passing a second wave of funding for the Paycheck Protection Program. However, Trump administration officials lambasted large corporations which took advantage of the program meant for small businesses. The big businesses technically qualified because of the language in the law which defines small businesses on […]
Treasury Secretary warns there will be ‘severe consequences’ for large companies that took bailout loans intended for small businesses
News

More than 150,000 people have signed a petition calling for Ruth’s Chris Steak House to return $20 million in loans meant to help small businesses

More than 157,000 people have signed a petition calling for Ruth’s Chris to return $US20 million in Paycheck Protection Program loans intended to support small businesses. The steakhouse was granted two $US10 million PPP loans, which it qualified for because of the program’s exception for the restaurant and hotel industries. […]
More than 150,000 people have signed a petition calling for Ruth’s Chris Steak House to return $20 million in loans meant to help small businesses
News

America’s richest fast-food giants qualify for $10 million coronavirus stimulus loans, revealing a disturbing loophole in a program designed to help struggling small businesses

The paycheck protection program, intended to save struggling small business, included a loophole that allowed restaurant companies as large as McDonald’s to receive millions of dollars in loans. Chains including Ruth’s Chris, Potbelly Sandwiches, and Taco Cabana received backlash after getting PPP loans, with Shake Shack returning a $US10 million […]
America’s richest fast-food giants qualify for $10 million coronavirus stimulus loans, revealing a disturbing loophole in a program designed to help struggling small businesses
Strategy

‘We don’t get the lifeboats’: Entrepreneurs are raging on Twitter after banks turn away desperate business owners who were promised government relief today

The federal government promised relief funding would be up and running today. But small business owners are met with bank delays and broken webpages, and some have been turned away completely. Customers turned to Twitter to express their frustration – one compared the chaos to being the poor on the […]
‘We don’t get the lifeboats’: Entrepreneurs are raging on Twitter after banks turn away desperate business owners who were promised government relief today