It’s the end of the work week, and the PYMNTS Weekender is here to make sure you didn’t miss anything with the latest in payments and commerce news. We have deep dives on Main Street’s digital shift, ATM innovation and PPP loans. Top News The Flaw In Demonizing Big Tech...
SBA Data Shows At Least $20B Of PPP Loans Have Been Canceled
A minimum of $20 billion in Paycheck Protection Program (PPP) loans have been canceled — many by small businesses afraid they can’t spend the money in ways that will qualify for loan forgiveness, calculations of Small Business Administration (SBA) data by Bloomberg found. SBA reports indicate $510.5 billion in the net amount...
Report: SEC Probing Public Firms That Received PPP Funds
The U.S. Securities and Exchange Commission (SEC) has launched an investigation into publicly traded companies that received COVID-19 stimulus funds, Bloomberg News reported. Agents are looking into whether the companies’ loan applications for the Small Business Administration (SBA’s) Paycheck Protection Program (PPP) were consistent with the disclosures made to investors...
House Eases Rules On PPP Loans
A measure that would make it easier for small businesses (SMBs) to get their hands on a forgivable federal loan has easily passed the House, The Wall Street Journal reported. The bi-partisan bill answers a request from entrepreneurs who asked lawmakers to reduce the amount of the Small Business Administration’s...