Creditors of Revlon Inc. that obtained in excess of $500 million in inadvertent payments by way of Citigroup Inc. want a judge to let them access the funds that he has determined can remain in their hands, Bloomberg reported. Citigroup sued 10 asset managers for...
It tends to be a truism that in managing daily financial life, success comes down to a matter of triaging. We tackle the most pressing, most essential expenses first. Think shelter — rent or mortgage payments, depending on your living situation. Then: transportation. We need a...
President Joe Biden has extended the period that small businesses have to seek loans to offset costs related to the COVID-19 pandemic. According to Bloomberg, Biden signed the legislation in a short ceremony on Tuesday (March 30), calling it a bipartisan effort that gives businesses...
Well-publicized government aid aside, small- to medium-sized businesses (SMBs) — both on the supply and retail sides — still struggle with cash flow. PYMNTS research shows that 30 percent of all of what it calls “Main Street Survivor” business owners report having used their own...
The U.S. Senate has passed a bill extending the Paycheck Protection Program (PPP) until the end of May, which will give pandemic-beleaguered businesses more time to apply, Reuters reported. Additionally, the government will have more time process the requests. The bill was passed 92-7 and...
Small businesses will soon be eligible for a lot more COVID relief from the Small Business Association (SBA), CNBC writes. Starting April 6, they’ll be able to apply for up to 24 months of business relief with a max loan amount of $500,000. Before this,...
Regulators in China are considering limits on so-called “loan facilitation,” a potential set-back for internet lenders, The Wall Street Journal reported Tuesday. Loan facilitation refers to a system in which internet lending platforms assess borrowers before putting them together with lenders. In some cases, these...
While bank deposits continue to climb, lending in the U.S. by financial institutions (FIs) is lower than ever, as banks remain cautious about extending loans over fears of defaults, Bloomberg reported Monday (March 22), citing data from the Federal Reserve. Total loans and leases dropped...
According to an analysis by the Small Business Administration (SBA)’s Office of the Inspector General, there were 4,260 borrowers who received duplicate loans sent out under the Paycheck Protection Program (PPP). The 4,260 borrowers encompassed $692 million, involving over 8,731 PPP loans, the report stated....
