Long after nearly $800 billion in Paycheck Protection Program (PPP) life-line loans were rapidly dispersed to ailing businesses during the height of the pandemic, a much more methodical accounting of the process has revealed its strengths and weaknesses — at least for the many upstart...
eBay is launching a new financial services tool — Capital for eBay Business Sellers (CEBS) — that will extend loans to the small businesses selling on its platform in the U.K., Financial Times reported. “We think this is a field ripe for innovation and there’s...
Dozens of companies sought and received federal assistance through the Payroll Protection Program (PPP) that Congress created to help small businesses survive COVID-19 shutdowns, and then went on to reap large payouts by going public, The Wall Street Journal reported. More than 30 tech companies...
The U.S. Department of Justice is conducting a civil probe into whether some FinTechs distributing federal Payroll Protection Program relief botched loan sizes, Reuters reported, citing numerous unnamed sources. One of the companies the government is looking into is Atlanta-based Kabbage, according to the wire...
Banks have softened standards for household and commercial loans in the first quarter of 2021, following a year-long trend of tightening due to the economic effects of the coronavirus pandemic. The Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) report released by the Federal...
U.K. banks are bracing for an avalanche of requests by businesses to extend terms for the Bounce Back Loan Scheme (BBLS), designed to provide quick access to funds amid the coronavirus pandemic. Via the BBLS, banks have loaned in excess of 46 billion pounds to small...
The Paycheck Protection Program (PPP) has a problem with its forgiveness program, according to the Credit Union National Association (CUNA), which wrote to the House Small Business Committee for its hearing on SBA pandemic response programs. A lot of funds have gone out, CUNA affirms,...
The Consumer Financial Protection Bureau (CFPB) is taking a long hard look at mortgage servicers — and whether they’ve really been compliant with pandemic-era programs designed to keep struggling homeowners out of foreclosure. Accusations are surfacing that homeowners are failing to get help they were...
Square plans to launch its lending product, Square Loans, in Australia. The offering assists small companies with expansion by providing them with easy and expedient access to funds, according to a post on Square’s website on Wednesday (April 14). Square says companies will receive a...
