U.K. banks are bracing for an avalanche of requests by businesses to extend terms for the Bounce Back Loan Scheme (BBLS), designed to provide quick access to funds amid the coronavirus pandemic. Via the BBLS, banks have loaned in excess of 46 billion pounds to small...
The Paycheck Protection Program (PPP) has a problem with its forgiveness program, according to the Credit Union National Association (CUNA), which wrote to the House Small Business Committee for its hearing on SBA pandemic response programs. A lot of funds have gone out, CUNA affirms,...
The Consumer Financial Protection Bureau (CFPB) is taking a long hard look at mortgage servicers — and whether they’ve really been compliant with pandemic-era programs designed to keep struggling homeowners out of foreclosure. Accusations are surfacing that homeowners are failing to get help they were...
Square plans to launch its lending product, Square Loans, in Australia. The offering assists small companies with expansion by providing them with easy and expedient access to funds, according to a post on Square’s website on Wednesday (April 14). Square says companies will receive a...
Creditors of Revlon Inc. that obtained in excess of $500 million in inadvertent payments by way of Citigroup Inc. want a judge to let them access the funds that he has determined can remain in their hands, Bloomberg reported. Citigroup sued 10 asset managers for...
It tends to be a truism that in managing daily financial life, success comes down to a matter of triaging. We tackle the most pressing, most essential expenses first. Think shelter — rent or mortgage payments, depending on your living situation. Then: transportation. We need a...
President Joe Biden has extended the period that small businesses have to seek loans to offset costs related to the COVID-19 pandemic. According to Bloomberg, Biden signed the legislation in a short ceremony on Tuesday (March 30), calling it a bipartisan effort that gives businesses...
Well-publicized government aid aside, small- to medium-sized businesses (SMBs) — both on the supply and retail sides — still struggle with cash flow. PYMNTS research shows that 30 percent of all of what it calls “Main Street Survivor” business owners report having used their own...
The U.S. Senate has passed a bill extending the Paycheck Protection Program (PPP) until the end of May, which will give pandemic-beleaguered businesses more time to apply, Reuters reported. Additionally, the government will have more time process the requests. The bill was passed 92-7 and...