Submissions total about $17.8 billion in requested funding for the second round of the Paycheck Protection Program, with an average loan size of $81,000.
A former economist says high-ranking officials engaged in “legally risky” behavior to downplay consumer harm; online payments and contactless transactions jumped in the first quarter, and some think the new habits will stick.
The Federal Reserve chairman pledged to use every tool at the central bank's disposal to limit the economic fallout from the coronavirus and urged lawmakers to take further action.
The Small Business Administration's last-minute plan to temporarily block larger banks from the relief loan program is another example of the agency changing the rules midstream, critics said.
Treasury secretary says big firms that took PPP loans should apologize, not just return the money; German fintech’s shares drop 26% as audit fails to rebut accounting fraud allegations.
The Small Business Administration has processed more than 476,000 applications from struggling small-business owners, but lenders say access to the second round of the Paycheck Protection Program has been spotty.
Some bankers, economists, policy experts and even Mark Cuban say that creative uses of overdraft programs could be lifelines for consumers and businesses whose finances have been upended by the coronavirus crisis.
