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US PROCESSES OVER $500 BILLION IN SMALL BUSINESS LOANS TO STEM CORONAVIRUS FALLOUT

May 04, 2020

The US Small Business Administration has processed over 3.8 million loans for more than half a trillion dollars since the launch of the ‘Paycheck Protection Program’ on April 3 to deal with the economic fallout of the coronavirus outbreak, according to a joint statement by the SBA and th...

BUSINESSLINE
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11 LI PUBLIC COMPANIES SNAGGED $36 MILLION IN PPP LOANS: SEC RECORDS

May 04, 2020

Eleven public companies on Long Island have secured Paycheck Protection Program loans totaling more than $36 million and sustaining the salaries of about 2,200 workers, according to a Newsday review of securities filings.Some of the companies are still operating because they make essential products ...

NEWSDAY
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SMALL BUSINESSES GET COVID-19 RELIEF IN PRIVATE GRANTS, AS VERIZON BOOSTS SUPPORT TO $7.5M

Apr 30, 2020

Rafael Larios didn't expect Verizon to be a vital ingredient to the survival of his family's Los Angeles area restaurants.But since the two restaurants have been relying on deliveries due to the coronavirus pandemic, the family is striving to keep the business cooking.The most important thin...

USA TODAY
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DC EXPANDS SMALL BUSINESS MICROGRANT PROGRAM WITH ADDITIONAL $8M

Apr 30, 2020

D.C. Mayor Muriel Bowser announced more than $8 million in additional funds for D.C. Small Business Recovery Microgrants Program.The city has already invested $25 million in the fund to provide relief to local small businesses for expenses including employee wages and benefits, rent, and other opera...

WUSA9
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NEWTEK SMALL BUSINESS FINANCE HAS FUNDED OVER $500M FOR PPP

Apr 29, 2020

Newtek announced on Monday (April 27) that its lender program, Newtek Small Business Finance (NSBF), has funded $518.2 million in loans for the federal Paycheck Protection Program (PPP), according to a press release.The company estimated that this has been able to help 66,000 employees of borrowers ...

PYMNTS
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MNUCHIN SAYS U.S. TO AUDIT VIRUS RELIEF LOANS AFTER OUTCRY

Apr 29, 2020

The United States will audit government-backed loans intended to relieve small businesses hit by the coronavirus to ensure they weren't taken out by large companies, Treasury Secretary Steven Mnuchin said on Tuesday, April 28.The Paycheck Protection Program (PPP) was part of a $2.2-trillion stim...

RAPPLER
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MANY U.S. BUSINESSES UNLIKELY TO SEEK GOVERNMENT AID: NABE SURVEY

Apr 27, 2020

A majority of U.S. companies expect to stay afloat for more than six months without government assistance, according to a survey on Monday, even though the novel coronavirus outbreak has severely disrupted economic activity and hit cash flow.The National Association for Business Economics (NABE) bus...

REUTERS
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SECOND ROUND OF PPP FUNDS NOW AVAILABLE

Apr 27, 2020

The race is on.The Small Business Administration (SBA) is set to take applications for the second round of the Paycheck Protection Program (PPP) as of 10:30 a.m. on Monday (April 27).President Donald Trump signed the $484 billion COVID-19 rescue bill on Friday (April 24). It includes $310 billion in...

PYMNTS
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DALLAS HOTELIER GETS $58.7 MILLION IN SMALL BUSINESS BAILOUT FUNDS

Apr 24, 2020

Three publicly traded companies overseen by Dallas hotelier Monty Bennett have borrowed $58.7 million under a program aimed at helping small businesses through the coronavirus pandemic, and that may be just a start."The Company anticipates receiving additional PPP Loans," asset and hotel m...

THE NEW YORK TIMES?
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RUTH’S CHRIS TO RETURN $20 MILLION IN SMALL BUSINESS LOANS

Apr 24, 2020

The parent company of Ruth’s Chris Steak House, which has been at the center of a national firestorm after it claimed $20 million from a fund meant to help small business survive the coronavirus pandemic, is returning the money.The news, first reported by the Wall Street Journal, broke hours a...

ORLANDO SENTINEL
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US SENATE PASSES $500BN SMALL-BUSINESS AID PACKAGE

Apr 23, 2020

The US Senate passed a near $500bn coronavirus aid package on Tuesday for small businesses, including additional help for hospitals and virus testing.“I welcome this bipartisan agreement,” Senate majority leader Mitch McConnell said Tuesday as the bill was passed.What can US small busine...

THE GUARDIAN
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U.S. FIRMS MAY FACE PROBES OVER PAYROLL LOANS, TREASURY, DOJ OFFICIALS WARN

Apr 22, 2020

U.S. Treasury Secretary Steven Mnuchin warned on Wednesday that companies that received coronavirus rescue money intended for small businesses could be investigated if it appears they did not really need the money. Mnuchin said on Fox Business Network it was “questionable” whether some l...

REUTERS
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TRENDING NEWS

LENDINGTREE SURVEY OF SMALL BUSINESS OWNERS FINDS 46% ARE CONCERNED THEY WON'T HAVE ENOUGH MONEY TO REOPEN

May 29, 2020

Even as states and cities slowly allow more businesses to reopen, many entrepreneurs are anxious about doing so. Nearly half of small business owners worry they cannot afford to resume normal operations following mandated closures to slow the spread of COVID-19, according to LendingTree's latest...

PRNEWSWIRE
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SHOPIFY LAUNCHES BALANCE FOR SMALL BUSINESS MONEY MANAGEMENT

May 28, 2020

Shopify (NYSE: SHOP) has launched a new money management solution with a deliberate seller-centric approach. Known as Balance, the money management solution includes a raft to tools to help merchants run their business more effectively. The tools include a business account, business card, rewards, a...

SMALL BUSINESS TRENDS
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BBVA USA RECOUNTS PAYCHECK PROTECTION PROGRAM RESULTS TO DATE, LENDS $3.3 BILLION

May 27, 2020

BBVA USA has funded approximately $3.3 billion small business loans in less than 60 days, processing more than 22,000 applications and impacting approximately 360,000 jobs through its efforts in the Small Business Administration's (SBA) Paycheck Protection Program (PPP), the bank announced today...

PRNEWSWIRE
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U.S. SMALL FIRMS LEAVE $150 BILLION IN CORONAVIRUS STIMULUS UNTAPPED

May 26, 2020

When the U.S. government first rolled out forgivable loans to small businesses in early April under the Paycheck Protection Program, loan officers at Bank of the West in Grapevine, Texas worked nights and weekends to process a tsunami of applications. But since those first few frantic weeks, demand ...

REUTERS
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DC SMALL BUSINESS OWNER STRUGGLING TO GET PPP FUNDS DURING COVID CRISIS

May 25, 2020

The last two months have been some of the most difficult of Rahama Wright’s career. For 15 years, Wright has run Shea Yeleen, a beauty brand located in Washington, D.C. Birthed out of a passion to empower women in sub-Saharan Africa, her staff of five helps distribute shea butter products. In ...

CONNECT FM
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MISSISSIPPI OFFERS VIRUS RELIEF GRANT WORTH $300M TO SMALL BUSINESSES

May 22, 2020

Mississippi Gov. Tate Reeves expects to sign a bill to create grants for small businesses by using part the state’s coronavirus relief money.The price tag for the grants would be $300 million.The programs would be for businesses that existed before March 1 and have 50 or fewer employees.Missis...

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US LAWMAKERS TO VOTE ON EXTENDING PPP AID TO SMALL BUSINESSES

May 21, 2020

Lawmakers in the U.S. House of Representatives plan to vote again next week on giving small businesses more time to utilize their coronavirus aid.With many businesses moving toward the end of their eight-week period, there are widespread calls to extend it.The House has already voted to extend the e...

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BLUE CROSS BLUE SHIELD OF ARIZONA COMMITS $5 MILLION TO SMALL BUSINESS OWNERS IMPACTED BY THE COVID-19

May 19, 2020

BCBSAZ is committing $5 million to Chicanos Por La Causa to provide loans through their lending division Prestamos CDFI to assist Arizona small business owners.This collaboration will help CPLC distribute loans to small business owners through the federal government's Paycheck Protection Program...

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SPOTLIGHT

On the road to corporatestartup collaboration

Startups are wary of innovation teams, and some even avoid them altogether; if only the enthusiasm of the innovation team could match the follow-up by the organization. The founders want to get a foot in the door with a company that could really benefit from their solutions, and want to reach their

RESOURCES

6 Business Lessons Learned from Working with World-Leading Brands

article

It’s rather shocking to know that fully 96% of businesses fail within 10 years of existence, but what’s even more distressing is that many of these failures are entirely avoidable. Even on...
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Covid-19: Help for your Small Business

article

The federal government's stimulus PPP for small businesses, the $349 billion Paycheck Protection Program, which offers forgivable loans to small businesses, ran out of money on last week. Ov...
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Events

FIRST SMALL BUSINESS TRUTH-IN-LENDING ACT

October 29-29, 2018

That new law came from a bill known as CA SB 1235 which received overwhelming bipartisan support. Aimed at adding transparency in the small business loan market, the new law will doubtless be followed...

COVID-19 HAS CHANGED CONSUMER AND SME BEHAVIOR FOREVER. HOW BANKS CAN MAINTAIN RELEVANCE BY DEEPENING DIGITAL

June 11-11, 2020

It takes an average of 66 Days, to develop new behavior patterns. With Covid-19 driven lockdown nearing that figure, Consumers and SME, have been heavily relying on using their bank's current digital capabilities for all lending and financial needs. We can safely assume that consumers will be lo...

GLOBAL SME FINANCE CONFERENCE

June 01-06, 2020

The GLOBAL SME FINANCE CONFERENCE 2020 is aimed at expanding access to finance for small and medium businesses, and also to share knowledge and ideas with other business owners of like minds. This will enhance our goal to operates a global membership network that brings together financial institutio...

SMALL BUSINESS FINANCE FORUM.

June 09-10, 2020

Small Business Finance Forum features hundreds of your peers—including practitioners and leaders from community development financial institutions (CDFIs), other mission-driven lenders, and their partners—in Chicago for the ninth annual Small Business Finance Forum (SBFF). This two-day c...