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.
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.
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 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 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.
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.
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.
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.