About 300 companies that received as much as half a billion dollars in pandemic-related government loans have filed for bankruptcy, according to a Wall Street Journal analysis of government data and court filings. Many of the companies, which employ a total of about 23,400 workers, say the funds from the Paycheck Protection Program weren’t enough… Continue reading Hundreds of Companies that Got PPP Aid Have Failed
Tag: Paycheck Protection Program
PPP Forgiveness Applications Are Opening Up
It’s not often you get a chance to turn a loan into an outright grant, but that’s potentially one of the most attractive features of the Paycheck Protection Program (PPP). Right now, banks are in the early stages of accepting PPP Loan Forgiveness applications. Fifth Third Bank started the process a couple of weeks ago.… Continue reading PPP Forgiveness Applications Are Opening Up
U.S. Expected to Revise Small-Business Aid Program
Lawmakers and government officials are preparing to make significant changes to the Paycheck Protection Program, amid cooling demand for government-backed loans and criticism from business owners who say they can’t tap the funds. The changes are likely to include giving businesses more flexibility to spend the money, according to lawmakers and others following the deliberations.… Continue reading U.S. Expected to Revise Small-Business Aid Program
Politicians Push Insurers to Resolve Mounting Disputes Over Covid-19 Losses
Insurers are starting to take heat in Washington, D.C., over denials of claims for business income losses tied to government-ordered shutdowns. In a letter Monday viewed by The Wall Street Journal, U.S. Rep. Pramila Jayapal (D., Wash.) asked insurance chief executives to justify refusals to pay out on “business interruption” and related coverages in policies… Continue reading Politicians Push Insurers to Resolve Mounting Disputes Over Covid-19 Losses
Restaurant Industry Calls for Changes to Paycheck Protection Program
The restaurant industry is calling on Congress to make changes to the Paycheck Protection Program (PPP), as well as provide further funding to help struggling businesses during the coronavirus pandemic. National Restaurant Association wrote to congressional leaders on Thursday to ask for revised loan restrictions so that restaurants can spend 50 percent or more of… Continue reading Restaurant Industry Calls for Changes to Paycheck Protection Program
Large Restaurant and Hotel Chains Can Participate in SBA Paycheck Protection Program
Shake Shack Inc. hardly seems like a small enterprise, with 7,600 employees, about $500 million in annual revenue and net income last year of $24 million. Even so, it plans to apply for a new government-guaranteed small-business loan. The New York-based fast-food chain says it needs the help to get through the new coronavirus pandemic.… Continue reading Large Restaurant and Hotel Chains Can Participate in SBA Paycheck Protection Program