FinTechs failed the American government during the pandemic, while traditional banks wisely sat things out. That’s the short version of a new congressional report that is blaming FinTech companies for causing tens of billions of dollars in losses incurred by the U.S. government due to...
A U.S. House subcommittee said FinTech companies facilitated fraud in the Paycheck Protection Program (PPP). A staff report of the Select Subcommittee on the Coronavirus Crisis said the companies were tasked with processing PPP applications and screening out those with signs of fraud, but failed...
In this month’s “Money Mobility Tracker®,” PYMNTS analyzes why the record surge in stimulus checks made clear why governments need the ability to make digital payments to meet modern consumers’ and businesses’ disbursement needs.
While Cross River Bank had been doing massive amounts of work helping small businesses get Paycheck Protection Program (PPP) loans at the beginning of the pandemic, there are concerns about borrowers who aren’t applying for forgiveness. The bank has made around $1 billion in fees...
January 25, 2021
After a long wait and months of debate, the Paycheck Protection Program (PPP) is setting forth on its second round. Congress has allotted $284.5 billion for PPP loans, with $137 billion set aside for “second-draw” loans for firms that need help beyond their initial loan to seek additional aid. The rules have been tweaked this […]
August 26, 2020
The United States is home to more than 30 million microbusinesses, and these firms play a critical role in shaping the nation’s economy. These businesses have been hit especially hard by...
August 03, 2020
For a significant number of small- to medium-sized businesses (SMBs), navigating through the economic headwinds wrought by the pandemic, in plastic they trust. And by plastic, we mean credit cards....
July 30, 2020
The United States added 4.8 million jobs in June, but economic concerns surrounding the impact of the COVID-19 pandemic are still surfacing. Many workers hired in June were also hired...
March 02, 2023
The Biden administration wants congressional approval for a $1.6 billion plan tackling COVID-related fraud. The proposal, announced Thursday (March 2), would prosecute people who committed fraud related to the government’s pandemic relief funds, while also creating protections for victims of identity theft. A White House fact sheet argues while the economic stimulus legislation in 2020 […]
December 01, 2022
A U.S. House subcommittee said FinTech companies facilitated fraud in the Paycheck Protection Program (PPP). A staff report of the Select Subcommittee on the Coronavirus Crisis said the companies were...
August 21, 2022
While Cross River Bank had been doing massive amounts of work helping small businesses get Paycheck Protection Program (PPP) loans at the beginning of the pandemic, there are concerns about...
October 08, 2021
A Massachusetts man was remanded to federal prison after being charged with fraudulently obtaining Pandemic Paycheck Protection (PPP) loans in the amount of $543,000 and then faking his suicide to...
