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Today In Payments: Uber Eats Moves Into On-Demand Grocery Delivery; Banks Will Benefit From SMB $350B COVID-19 Bailout

In today’s top payments news, Uber is moving into grocery delivery as restaurant orders decline due to the coronavirus pandemic, and banks stand to make billions from participating in the $350 billion coronavirus bailout package. Also, small business portfolio companies ask to be included in the bailout.

Uber Eats Moves Into On-Demand Grocery Delivery

Uber is in talks with French supermarket Carrefour as it seeks partnerships with grocery retailers from Brazil to France to roll out a boutique delivery service that will bring necessities to people in 30 minutes.

Banks Will See Windfall From SMB $350B COVID-19 Bailout

Financial institutions stand to make billions from the $350 billion coronavirus bailout package for small and medium-sized businesses (SMBs). Lenders will reap the benefits of processing fees — 5 percent for loans under $350,000, 3 percent for loans under $2 million, and 1 percent for loans greater than $2 million. The fees will be covered by the federal government.

Portfolio Firms Want Cut Of Coronavirus SMB Rescue Funds

Industry lobbyists and executives from major private equity firms are asking the federal government for a piece of the coronavirus small business stimulus funds. Small businesses owned by venture capital or private equity are currently excluded from the rescue program.

Goldman Says Recovery Could Be The Fastest In History

New Goldman Sachs projections say U.S. unemployment will hit 15 percent due to the coronavirus pandemic, but there will be a strong and swift recovery near the end of the year, predicting a 19 percent jump in the third quarter.

Restaurant Operators On Life Before, During And After COVID-19

Under the best circumstances, restaurants are a low margin, high challenge world to operate in — and the last few weeks have not been the best of times. Karen Webster sat down with Paytronix CEO Andrew Robbins; Bamboo Asia CEO Sebastiaan Van De Rijt; Malibu Poke CEO Jon Alexis; and Zoku Sushi CEO Andrew Yi to talk about the reset happening today — and what it will mean for them — and restaurants in a post-COVID-19 world.

How Neiman Marcus Got Into The Medical Mask-Making Business

With their shops shuttered and a plethora of fabrics and tailors between them, Neiman Marcus and Jo-Ann Stores have teamed up to make CDC-approved masks and gowns. Willis Weirich, Neiman Marcus’ senior vice president of supply chain and group operations, tells Karen Webster how it literally came together in just a matter of a few days.

Feeding The Food Supply Chain: How COVID-19 Is Changing Farming Nationwide

As the COVID-19 pandemic changes how people shop for groceries, the nation’s farms and farm employees are facing a time of great uncertainty and inconsistency.

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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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