Tagged: cares act

More Fintech Please: Lendio CEO Brock Blake Comments on Paycheck Protection Program Process

  The Paycheck Protection Program (PPP), part of the CARES Act, has emerged as an exceptionally popular policy program by the US government in its efforts to support a faltering economy. In brief, the PPP provides a loan for 2.5X times monthly payroll for struggling… Read More

Better Hurry: After Connecting 70K SMEs to PPP Money, Lendio Says New Money will be Gone Quickly

Earlier today, President Donald Trump signed into law the H.R. 266 or the “Paycheck Protection Program and Health Care Enhancement Act.” The law adds about $500 million in funding to the Paycheck Protection Program (PPP) under the previously approved CARES Act. The PPP provides payroll… Read More

Fintech Lendio Partners with Jack Henry & Associates to Speed Up PPP Process

Fintech Lendio has formed a partnership with Jack Henry & Associates (NASDAQ: JKHY) to speed up the Paycheck Protection Program (PPP) process to get money to impacted SMEs faster. Lendio has already processed over 70,000 PPP loan applications for around $5.8 billion in total funding…. Read More

Industry Chatter Indicates Many Online Lenders are Laying Off Employees, Some Fintechs May Never Recover

Yesterday, Crowdfund Insider covered the news that LendingClub (NYSE:LC), the largest Fintech consumer lender in the US, was furloughing and eliminating jobs due to the COVID-19 pandemic. The crisis has apparently driven the elimination of 471 individual jobs. Shockingly, LendingClub’s President saw his position eliminated…. Read More

US Senate Unanimously Passes Bill to Provide More Funding for Small Business

The US Senate has unanimously approved more funding for the Paycheck Protection Program (PPP) created under the original CARES Act that was tapped dry several days ago. The approval by the Senate now queues up a vote in the US House of Representatives later this… Read More

As PPP Money Runs Out, Lendio CEO Launches Petition to Add Money. Over 35,000 Have Now Signed the Request While Congress Remains Frozen on Any Additional Funding

As has been widely reported, the Paycheck Protection Program – part of the CARES Act that provided SMEs with 2 months of payroll loans that may be forgiven – has run out of money. The widely lauded plan has struggled to distribute the funds as… Read More

As Confusion Swirls Regarding PPP, FinCEN Provides FAQ Regarding BSA Requirements

The Paycheck Protection Program (PPP), one of the elements of the CARES Act designed to help the US SME sector that has been demolished by the COVID-19 pandemic, has been lauded in its intent but criticized in its execution. Confusion continues as banks struggle to… Read More

IRS: Coronavirus Payments Said to Start this Week

A report today indicates that checks to individuals as part of the Coronavirus relief program will start being deposited in bank accounts later this week. Economic Impact Payments According to Fox Business, a Senior Treasury Official says that between $50 million and $60 million will… Read More

Biz2Credit’s SBA Platform Biz2X Now Offering Free Access to Community Banks & Credit Unions

Small business funding platform Biz2Credit announced on Friday its Biz2X platform is now being offered free of charge to banks and credit unions with assets under $10 billion that are offering CARES Act Paycheck Protection Program (PPP) loans. As previously reported, the Biz2X platform enables… Read More

Fundera CEO: Payroll Protection Program is Absolute Chaos

Chatter continues to trickle in that the Payroll Protection Program is floundering a bit during the first few days of the initiative. The Payroll Protection Program (PPP) is part of the $2 trillion CARES Act – the bailout package addressing the COVID-19 onslaught. The PPP… Read More

US Federal Reserve to Establish Facility to Back Paycheck Protection Program

The US Federal Reserve, the central bank of the US, will establish a facility to facilitate lending to small businesses via the Small Business Administration’s Paycheck Protection Program (PPP) by providing term financing backed by PPP loans. The news was distributed in a very brief… Read More

Lendio CEO Calls CARES Act Process to Provide Support for SMEs a “Mess”

Last week in advance of the opening up of federal subsidized programs to backstop small businesses in the US crushed by the COVID-19 pandemic, Lendio CEO Brock Blake took to Twitter to criticize the lack of coordination between the US Department of Treasury and the… Read More

It’s Going to be Really Bad: SEC Small Business Committee Discusses COVID-19 Impact

The Securities and Exchange Commission (SEC) Small Business Capital Formation Advisory Committee met today in a teleconference to discuss the impact of COVID-19 and small business. In brief, several Committee members expressed the opinion that it is going to be really bad. Martha Legg Miller,… Read More

NYMBUS to Help US-based Financial Institutions with Effectively Responding to Economic Instability Following Coronavirus Outbreak

NYMBUS is planning to help US-based financial institutions with effectively responding to the economic instability resulting from the Coronavirus (COVID-19) outbreak. NYMBUS is a core banking modernization firm. It helps financial service providers with their digital transformation strategies. The company is offering a new program… Read More

Biz2Credit Introduces Biz2X Accelerate SBA Platform For Banks & Credit Unions to Start Lending Under CARES Act

Small business funding platform Biz2Credit announced on Monday the launch of Biz2X Accelerate SBA, a platform that enables banks and other financial institutions to efficiently respond to the influx of loan requests from small businesses seeking to take advantage of the Paycheck Protection Program (PPP)… Read More

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