It’s no secret that the federal Paycheck Protection Program (PPP) has had a rocky few weeks since initially launching in early April. There were the initial questions of just who was eligible, lenders had trouble handling loan requests and then the first tranche of $349...
Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell will testify remotely before the Senate on Tuesday (May 19) regarding the disbursement of coronavirus relief money. The 10 a.m. ET hearing before the Senate Banking, Housing and Urban Affairs Committee is the first oversight...
At a roundtable event with restaurant executives on Monday (May 18), several executives put forward a request to President Donald Trump and cabinet officials to extend the deadline they have to use their Paycheck Protection Program (PPP) loan funds with full forgiveness, from the eight...
Kabbage Inc., the financial technology company that funds small businesses, has issued 110,000 Paycheck Protection Program (PPP) applications totaling more than $3.5 billion, the Atlanta-based company announced on Monday (May 18). With more than $100 billion still available in the program, Kabbage said it intends...
The rules surrounding small business loans from the Paycheck Protection Program (PPP) are being overhauled as demand cools and small and medium-sized business (SMBs) owners voice complaints that the money is hard to get. “When we conceived the program, we thought businesses would be able...
Thanks…but, on second thought, no thanks. In the roughly month-and-a-half since its debut, the Paycheck Protection Program (PPP) has had its share of controversies. The old analogy of building a rocket ship while flying it certainly applies. The Small Business Administration (SBA) and U.S. Treasury...
Cutera, a California-based beauty device maker, was among the recipients of the Paycheck Protection Program (PPP) despite being worth $26.7 million in stock sales just in April of this year while the pandemic was ongoing. That didn’t stop the company, partially run by hedge fund...
The Paycheck Protection Program (PPP) has been nothing if not fluid. The initiative to extend hundreds of billions of dollars in loans to SMBs, which debuted in early April, has offered up lifelines to smaller firms – and plenty of confusion, too. Some of the...
The small business Paycheck Protection Program (PPP) still has $120 billion available as the appetite for the forgivable loans slows down, according to recent Small Business Administration (SBA) data. The second round of the program was launched with an additional $310 billion on April 27....
