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Today In Payments: PPP Loan Site Flatlines On Second Opening Day; Apple Cuts Back Production For New iPhones

In today’s top news, the PPP loan website collapsed after launching its second round of funding on Monday (April 27), and Apple is cutting back on its usual summer production ramp-up. Plus, Airbnb has introduced new “cleaning protocol” guidelines for hosts.

Instant Replay: PPP Loan Site Flatlines on Opening Day of Second Round

The second round of Paycheck Protection Program (PPP) funding was an instant replay of the first, as the loan network collapsed from the tsunami of applications from small businesses desperate for relief. The program has faced mounting criticism due to system failures and misrouted funds that benefited big businesses and banks’ preferred clients.

SBA Site Slammed as SMB Loan Program Relaunches

Less than five minutes after the much-hyped launch of PPP II scheduled for 10:30 a.m. on Monday (April 27), the SBA site was inaccessible. The site was working at 2:30 p.m. on Monday when PYMNTS checked.

Apple Delays Production Ramp-Up for New iPhones

Apple is still planning to launch new iPhone versions in mid-September, but is curtailing its summer ramp-up in production by 20 percent. Usually, the company steps up production in the summer to build inventory in anticipation of brisk fall sales. Four new iPhone versions are being released, some equipped with 5G.

Airbnb to Launch COVID-19 Safety Program for Rentals

Airbnb has introduced new rules and recommendations for its rentals, spurred by the coronavirus. Set to launch in May, these “cleaning protocol” guidelines include suggested cleaning standards, a requirement that rentals stay vacant for 24 hours between customers and a certification program.

Visa’s Jack Forestell on Helping SMBs Fast-Track Into the Digital Age

Consumers, businesses and government officials are all speculating on what the COVID-19 recovery will look like, but Visa Chief Product Officer Jack Forestell tells Karen Webster that in some sense, we’ve already seen it. The world has gone wildly digital overnight, and it’s not going back to what it was before. The challenge now is getting SMBs wired for the digital economy’s evolution.

Why It’s So Hard to Kill the Check in the Booze Business

Businesses shipping age-restricted goods like alcohol to other vendors often bump into quirky state regulations, like rules that make buyers pay immediately upon delivery, which makes digital payments challenging. In our latest Digitizing B2B Payments Tracker, Ernie Olsen, vice president of growth and engagement for liquor retailer Macadoodles, discusses why paper checks and invoices still meet liquor stores’ supply-chain needs — and what it would take to digitize them.

After COVID-19, ‘Un-Pausing’ Mortgage Payments a Daunting Challenge

For at least some stakeholders in the roughly $11 trillion mortgage market, trying to chase down payments post-COVID-19 will be time-consuming and costly.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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