Biden made changes to the Paycheck Protection Program on Monday to ensure equitable access to small business relief. The changes included a 2-week period for only businesses with under 20 employees to apply to the program. The SBA will also work to ensure access to those with student loan debt […]
Biden's changes to the PPP help businesses with less than 20 workers (or none at all) and those with student debt or unrelated felonies, among others.
Almost a year into the pandemic, businesses are still struggling to retain workers and pay rent. The good news is that the available financial help is stacking up. Business owners’ biggest opportunities could come in the form of PPP, rent relief, and tax benefits. Visit the Business section of Insider […]
Businesses at properties owned by the Trump Organisation and Jared Kushner’s family received 25 Paycheck Protection Program loans, which amounted to $US3.65 million, NBC News reported. The Treasury Department rolled out the program to keep small businesses afloat during the pandemic. But the newly released data showed many larger companies […]
Wells Fargo has fired at least 100 workers that it believes lied when trying to get COVID-19 relief funds, Bloomberg reported Wednesday and Business Insider confirmed. Wells Fargo said the employees committed fraud against the US Small Business Administration, which oversees the funds, “by making false representations in applying for […]
The Small Business Administration’s watchdog said widespread instances of possible fraud were discovered in the agency’s Economic Injury Disaster Loan program. The inspector general found about $US300 million that went to ineligible recipients or was double disbursed. The agency says its internal controls caught most of the nefarious applications and […]
States that reopened their economies early from coronavirus pandemic shutdowns saw no economic gain over those that had longer closed periods, according to a recent study from the Centre for American Progress. In states with shorter shutdown periods, troubles with paying a mortgage, rent, and loss of earnings increased for […]
The US government on Monday released the names of many Paycheck Protection Program loan recipients. In total, the Small Business Administration made 4,885,388 loans, totaling $US521.4 billion at an average size of $US106,744. The names of businesses that received more than $US150,000 – a minority of applicants that represents the […]
The Los Angeles Lakers received a $US4.6 million loan through the Paycheck Protection Program meant for small businesses. After a public outcry, the NBA team and a handful of other large companies said they are returning their loans. In an interview on Tuesday, Treasury Secretary Steven Mnuchin said it was […]
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 […]
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 […]
The Small Business Administration has told nearly 8,000 businesses that their personal information was exposed on its website, a representative confirmed to Business Insider. The leak affected businesses that submitted economic injury disaster loan applications through the SBA’s site. A bug was mistakenly showing applicants’ personal information, including Social Security […]
Applications for forgivable loans for small businesses opened on April 3, but last-minute changes have thrown the program into chaos. Banks, fintechs, and other financial institutions were expected to perform a critical function in processing and disbursing funds for the $US349 billion small business relief program. But a combination of […]
The COVID-19 pandemic is hitting small businesses especially hard as customers practice social distancing, states enact forced closures, and events get cancelled. More than 99% of all businesses are small businesses, and natural disasters cause 40% of small businesses to fail. Now that the $US349 billion stimulus aid for small […]
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