) can directly join the program without having to partner with a traditional bank, increasing options for small and minority-owned businesses, many of which have struggled to find lenders to accept their applications.
Less than half of small businesses had turned to a bank for a loan in the past five years, according to Fed data released on Tuesday. Smaller businesses and those with black or Hispanic owners were more likely to have used online lenders, the Fed said. “This is a pivotal moment. Fintech lenders, like Square, PayPal, BlueVine - many of these have massive install bases of U.S. customers,” said Jared Hecht, CEO of Fundera, a small business loan marketplace that is helping to funnel applications to the scheme’s participating lenders.Launched as part of a $2.
As of Wednesday evening, more than $100 billion in funds had been authorized, according to a senior administration official, although it remains unclear how much of that cash has so far made its way into the hands of small businesses. The U.S. Federal Reserve also on Thursday announced the terms of a liquidity facility for the program, saying it would dish out cash at a rate of 35 basis points, taking program loans as collateral. While that will help smaller lenders with limited balance sheets to front more loans, fintechs are not yet able to participate - although the Fed said it is looking to expand eligibility.Our Standards:
JCPENNEY deserves support too. Refinance their debt to extend payments to a bearable level.
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La source: MarketWatch - 🏆 3. / 97 Lire la suite »
'A stampede': Marco Rubio says non-stop demand for small business rescue program is straining capacity'What's happened in the first few days is you have a stampede going on at banks and other lenders with small businesses afraid to get shut out before the program runs out of money, so we want to take away some of that anxiety.' Little Marco can thank his Party for this havoc Stampede for what? Hydro-chloroquine?
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Coronavirus small-business aid program could ultimately need $1.8 trillion in funding, analyst saysSmall businesses across America have flocked to their local banks to apply for forgivable loans backed by the Small Business Administration since the program launched last Friday, with some expressing concern that if they didn’t get their applications in quickly funding would run out.
La source: MarketWatch - 🏆 3. / 97 Lire la suite »
Pelosi: more small business spending alone would not pass U.S. HouseU.S. House Speaker Nancy Pelosi said on Wednesday that $250 billion in coronavirus relief for small businesses desired by Republicans could not pass the House of Representatives on its own under current procedures, which require a unanimous vote of those present while most of Congress is out of town. ...”without election fraud being allowed into the bill” It needs to come with measures to keep Trump's family fingers out of the cookie jar. You know they're licking their chops at all the money flying around in chaos. Tailor made for them. Keep a special eye on Jared. I trust him as far as I could spit a rat.
La source: Reuters - 🏆 2. / 97 Lire la suite »
How the $349 billion PPP relief program for small businesses unraveled - Business InsiderAmerica's small-business owners hoped a $349 billion lifeline from Washington would pull them through the pandemic. Here's the inside story of how its launch spectacularly unraveled in 24 hours. I need this money! AnthonyMasonCBS Thank you for not sharing!
La source: BusinessInsider - 🏆 729. / 51 Lire la suite »