It’s the end of the work week, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have deep dives into the The Paycheck Protection Program (PPP) as well as cross-border accounts payable (AP) in addition to coronavirus stimulus funds.
IRS Has Rocky Start With Stimulus Funds As Money Misrouted
The Internal Revenue Service (IRS) is having a difficult time getting coronavirus stimulus money to those who need it the most, with misrouted funds and error messages on the Get My Payment tool.
IRS Launches ‘Get My Payment’ Site To Track COVID-19 Stimulus Payments
The “Get My Payment” tool was rolled out by the IRS Wednesday (April 15) to track COVID-19 relief payments that were a part of a federal economic stimulus bill. The IRS, however, said the service was not available for residents expecting paper checks.
JPMC To Require 700 Credit Score, 20 Pct Down For New Mortgages
JPMorgan Chase is trying to stave off the continuing economic downturn by increasing the standards on who can borrow from the bank for the moment. The new standards wil require customers seeking a new mortgage to have a credit score of 700 or more and make a down payment of 20 percent of the value of the home.
SBA On PPP Numbers: One Million Loans, $247B (So Far)
The Paycheck Promotion Program (PPP) has given the go-ahead to over one million loans for a $247.5 billion total gross dollar value as of April 13. The loans were sourced throughout 4,664 lenders per a “Paycheck Protection Program Report.”
Can Main Street SMBs Cross The PPP Cash Chasm?
The SBA PPP rescue relief effort started taking applications from banks on behalf of small business customers on April 3. It unfortunately didn’t do much to change how SMBs felt about their odds of making it through the pandemic’s economic impact.
Trackers And Reports
Main Street USA: 58 Percent Of Main Street SMB Retailers Say They May Not Survive The Pandemic
Business leaders and legislators alike have had high hopes for the PPP, thinking it would help provide the funds that and small to medium-sized businesses (SMBs) require to maintain their operations and keep their workers employed for the length of the coronavirus pandemic. It might not be sufficient, however.
NEW DATA: Five Ways Social Distancing Is Transforming Retail
COVID-19 has driven shoppers indoors — and onto the web. Consumers are 30.6 percent more likely to make their purchases online in 2020 than they were in 2019.
Now that consumers are following stay-at-home orders, how has social isolation changed the way they search, shop and pay?
The Spice House On A Recipe For Secure, Cross-Border AP
Consumers under quarantine are rediscovering home cooking and the power of spices. These ingredients, however, only reach them after moving through complex supply chains.
Spice purveyors that bring these products to consumers need to have robust accounts payable (AP) strategies to securely transact with what could be over 100 different global vendors. In a feature story, The Spice House CEO Charlie Mayer discusses AP automation tools that can help companies manage various payment flows while preventing manual errors.
Schlotzsky’s: When You Can’t Dine-In Then Drive-Thru
The coronavirus pandemic is making most quick-service restaurants (QSRs) move their operations to delivery and takeout as dine-in areas close. However, Schlotzsky’s had been focusing on drive-thru service since prior to the beginning of the outbreak.
In a feature story, Tory Bartlett, Schlotzsky’s chief customer experience officer, explains how the restaurant chain is streamlining drive-thru ordering with cloud-based performance metric technology as well as digital menu boards.
Fun, Cool and Otherwise Interesting
Looking Back — And Ahead At What’s Next — As PPP Runs Dry
Small business owners have tapped into and exhausted the $349 billion offered via the PPP. But there were reportedly negotiations in place regarding $250 billion more in loans that would be extended to SMBs.
Tailwinds Gather For Digital Dollars, Digital Bank Accounts (At The Fed)
Stimulus checks are coming through direct deposits to tens of millions of Americans, but the trillions intended to shield people, families and companies from the economic impacts of the coronavirus still depend (in some ways) on decades-old conduits. The digital dollar, however, may still be on the drawing board, at least for now.
Does The Fitness Biz’s Digital Shift Have Post-COVID-19 Endurance?
Consumers are investing in making home fitness regimens — and spending quite a bit of money in some cases. Will that convenience win out even when gyms are reopened?
Who Will Decide When Consumers Get Back To ‘Normal’
When is the COVID-19 pandemic going to be over? It’s a question asked by a a nation of people that have spent the last six weeks in crash response mode, unable to go out or interact with anyone they are not immediately related to.