In today’s top news, Congress is considering passing another round of PPP loans for certain small and medium-sized businesses (SMBs), and Alibaba and JD.com recorded record sales figures in their annual 618 shopping event. Plus, DoorDash is raising $400 million, valuing the company at $16 billion.
More help for certain small business owners could be on the way if Congress approves the Prioritized Paycheck Protection Program (P4) Act, which would allow businesses with fewer than 100 employees to get a second loan. To qualify, they must have spent or expect to exhaust their first PPP loan and can demonstrate a 50 percent revenue loss due to the COVID-19 pandemic.
Alibaba Group Holding Ltd., the global technology company specializing in retail, and JD.com Inc., the Beijing-based online shopping site, collected record sales during their annual 618 sale, named for the date it ended, June 18 (Thursday). The 18-day event delivered $136.5 billion, better numbers than last year as the companies rebounded from the coronavirus.
DoorDash said it is raising roughly $400 million in Series H financing, putting the delivery company’s worth at nearly $16 billion. The company said the funds will help with new offerings that assist its retailers in handling the evolved operating climate as well as provide diners with secure and accessible ways to transact.
Facebook has purchased Mapillary in the social media giant’s efforts to expand open mapping efforts. The company will be lending its tools to help create visual imagery of every place in the world to Facebook’s satellite imagery, machine learning (ML) and other such tools, in partnership with mapping communities.
TV personality and celebrity event planner Colin Cowie tells Karen Webster that the pandemic is forcing the hospitality and event industries to rethink everything. He thinks talk of raising prices to cover COVID-19 precautions as you take away amenities like hotel spas or minibars for safety reasons is more than ill-advised, it’s just plain dumb. Instead, Cowie says the innovators — and survivors — will pivot to thinking of events as ‘hospertainment’. Here’s his playbook for how they should do that.
Managing relationships with multiple payment service providers and accounting for FX fluctuations can all strain merchants’ resources and stunt their growth, says Keala Gaines, eBay’s head of global payments services. In the new Payments Orchestration Playbook, Gaines discusses how eCommerce marketplaces can ease such frictions and help sellers tailor their payments for a global customer base.
Wirecard CEO Markus Braun resigned in the wake of disclosures by two banks in the Philippines that $2 billion reportedly being held for the firm simply wasn’t there. And, in fact, that $2 billion had never been there in the first place.