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Today In Payments: Shake Shack To Give Back $10M PPP Funds; Uber Expands Delivery Options

Today in Payments

In today’s top news, Shake Shack said it would return the $10 million Paycheck Protection Program (PPP) loan from the government, and Uber expanded its delivery services with two new programs. Plus, Treasury Secretary Steven Mnuchin said a deal is close for additional coronavirus stimulus funding.

Shake Shack Decides To Give Back $10M PPP Funds

Shake Shack Founder Danny Meyer and CEO Randy Garutti said on Monday (April 20), that the company is returning the $10 million Paycheck Protection Program (PPP) loan from the federal government, noting “many who need it most haven’t gotten any assistance.” Parent company Union Square Hospitality Group (USHG) said it has access to other capital that will help it stay afloat during the coronavirus pandemic.

Uber Expands Delivery Options

Uber launched two new delivery programs to provide on-demand and scheduled last-mile delivery solutions for consumers and businesses alike. Uber Direct will roll out in select cities, delivering everything from groceries and convenience store items to over-the-counter medications and even packages. Uber Connect enables users to send packages to family and friends.

When, How And Why Consumers Will Change Post-COVID-19

PYMNTS began studying a national sample of consumers six weeks ago to benchmark behavior changes since COVID-19 came to the U.S. The latest one, Karen Webster says, is a real eye-opener for the local, state and federal governments that are managing the response to the crisis, and businesses of all sizes that are trying to figure out how to best serve consumers in the coming years. More than 8,000 consumers later, the message now seems clear: Half of them don’t think they’ll pick up life where they left off the beginning of March. Here’s why.

Securing The Bank’s Digital Front Door

With 48 percent of the money pocketed by fraudsters coming from funds stolen from day-old accounts, secure customer onboarding is more critical than ever. In the new Digital Consumer Onboarding Tracker, Patrick Sells, Chief Innovation Officer of Quontic Bank, discusses why cross-referencing information from large data caches is key to secure onboarding at those banks’ front doors and keeping fraudsters at bay.

Mnuchin: Deal On New PPP Funding Near

Treasury Secretary Steven Mnuchin, along with Democratic leaders, said they are close to finalizing a deal that would lend more money to small businesses struggling to stay afloat amid the coronavirus pandemic. Mnuchin said the proposed new bill will include money for testing, hospitals and small businesses.

Google Close To Launching Smart Debit Card

To reportedly help it compete with Apple Pay and the Apple Card, Google is creating its own tangible and virtual debit cards. The card, along with a related checking, will let users make a purchase through a card, the web or mobile phone and connects with a Google app.

The Next Round Of PPP Funds: Will It Happen In Time For SMBs?

Thirteen days after its launch, the $349 billion Paycheck Protection Program fund ran out of money, and small businesses wonder when more is coming — and whether it will come in time. The latest PYMNTS’ data reveals that relief funds have not done much to make anyone feel completely relieved yet.

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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.

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