It’s the end of the work week, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have deep dives gaming disbursements and fitness studios in addition to Georgia’s move to reopen.
Top News
Georgia’s Push To Reopen Falls Flat As Consumers Stay Home
Georgia Governor Brian Kemp has pushed the most aggressive and comprehensive slate of mandatory reopenings in the United States to date. Residents of the state can now officially work out at a gym, catch a movie at a cinema or visit an eatery, among the activities.
Most Of SBA PPP Loan Program’s Second Round Funding Already Spoken For
As small firms aim to beat the odds to get a slice of Paycheck Protection Program (PPP) money, $175 million is already out the door. The Trump administration said on Sunday (May 3) per reports that 2.2 million small business loans have been issued with an average size of $79,000.
Two Men Charged In First US Case Of PPP Stimulus Fraud
The U.S. Department of Justice said that two individuals were charged in Rhode Island with fraudulently pursuing loans through the PPP. The men were arrested and charged with conspiring to get forgivable Small Business Administration (SBA)-backed loans.
PayPal Processed More Transactions On May 1 Than On Black Friday
PayPal experienced the largest individual day of transactions in the history of the firm on May 1, which was said to be larger than both Black Friday and Cyber Monday of last year. Additionally, April 2020 was a record-breaking month for the payments firm in terms of use and enrollment.
Why Consumers Aren’t In A Rush To Reopen The Economy
The fifth PYMNTS study of consumer behavior pre- and during the pandemic indicates that almost double as many Americans have little or no interest in departing their homes to get back into the physical world as those who do.
Only 28 percent of the U.S. consumers studied say they are very or extremely interested in doing so, with 51 percent being slightly or not interested.
Trackers and Reports
Online Gambling And The Challenges Of Betting On Instant Disbursements
The stage was already set for the year to be an interesting year for digital gaming, with states creating more access to online casino sports books. The coronavirus pandemic has put a halt on some of that growth, but it has not completely prevented its rise.
Online betters, however, still want the seamless access to their winnings that they are accustomed to getting at brick-and-mortar casinos, yet this can be challenging for digital casinos to match.
Fitness Studios Forced To Stretch Their Business Models
Fitness centers and gyms are struggling to stay on an even keel as on-premise retail sales become history and members get rid of their subscriptions. Ryon Packer, chief product officer at fitness-focused software provider ABC Financial, said these firms are becoming creative with their revenue models by rolling out all sorts of approaches from online classes to equipment rentals to keep money coming in.
NEW DATA: States Push To Reopen — Will Consumer Demand Follow?
Twenty-four states have at least opened again partly to lift the restrictions that have been put in place to slow the spread of contagion with the aim of reviving the battered economy. The challenge is that just three out of 10 consumers are eager to leave their homes more often than they do now.
Fun, Cool and Otherwise Interesting
Uber’s And Lyft’s Divergent Journeys Through The Pandemic
Consider the recent earning reports from Uber and Lyft to get a sense of how the pandemic can impact firms differently. The numbers from their Q1 reports, in addition to management commentary, emphasized two separate strategies.
How Square’s Results Spotlight Main Street SMBs’ Resilience — And (Cash) Challenges
The latest earnings results of Square, which were delivered on Wednesday (May 6) emphasized the resiliency of small- to medium-sized businesses (SMBs) as they contend with the lingering impacts of COVID-19 in addition to a need to tap into more funding resources as they try to move toward a new era of commerce while keeping the doors open.
Homebound Consumers, Connected Fitness Revs Up Peloton Earnings
Peloton smoked its quarterly earnings on Wednesday (May 6), registering results that came out ahead of even the most bullish expectations. Total revenue for the third fiscal quarter, in one case, jumped 66 percent to $524.6 million.
SNAP Users Shut Out Of The Digital Grocery Aisles
Digital grocery shopping is reportedly not an option for the approximately 38 million Supplemental Nutrition Assistance Program (SNAP) recipients. This makes them walk grocery store aisles throughout the country whether they believe they’re endangering their safety or not.
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