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
Tag: SBA loans
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
With Demand Soaring, Congress Weighs Adding $250 Billion in Small-Business Aid
Rushing to shore up a $2 trillion economic stimulus effort that is already under strain, Congress could move as early as this week to approve another $250 billion in aid for small businesses, after the Trump administration asked for additional funds to support an overwhelming demand for help. The request for a quick infusion of… Continue reading With Demand Soaring, Congress Weighs Adding $250 Billion in Small-Business Aid
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
Thousands of U.S. Banks May Sit Out Small-Business Rescue Plan on Liability Worries: Sources
Thousands of U.S. banks, including some of the country’s largest lenders, have said they may not participate in the federal government’s small-business rescue program due to concerns about taking on too much legal and financial risk, five people with direct knowledge of industry discussions told Reuters. Seeking to help millions of small businesses that have… Continue reading Thousands of U.S. Banks May Sit Out Small-Business Rescue Plan on Liability Worries: Sources
Small-Business Loans Expected to Start Friday, Mnuchin Says
Treasury Secretary Steven Mnuchin said he expects details will be released later Monday on how small businesses disrupted by the coronavirus pandemic can tap a new loan program Congress passed last week. The roughly $2 trillion economic relief package President Trump signed into law Friday includes nearly $350 billion in loans for companies with fewer… Continue reading Small-Business Loans Expected to Start Friday, Mnuchin Says