Today In Payments: Proposal Would Allow SMBs To Get Another PPP Loan; Alibaba, Net $136B In Annual Shopping Event

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 recorded record sales figures in their annual 618 shopping event. Plus, DoorDash is raising $400 million, valuing the company at $16 billion.

Proposal Would Allow SMBs To Get Another PPP Loan

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, Net $136B In China’s Biggest Annual Shopping Event

Alibaba Group Holding Ltd., the global technology company specializing in retail, and 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 Raising $400M On $16B Valuation

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 Buys Mapping Company Mapillary

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.

Celebrity Event Planner Colin Cowie On How ‘Hospertainment’ Can Save The Events Business

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.

eBay’s Head Of Payments On Localizing Buyer-Seller Experiences

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’s Missing Cash Brings Accounting Saga To New (Perhaps Final) Chapter 

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.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.