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American Airlines is planning to drop flights to up to 30 smaller US cities if a federal requirement to continue those flights expires at the end of next month, an airline official familiar with the matter said Thursday. American agreed to keep serving those smaller cities as a condition of receiving $5.8 billion in federal …
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JPMorgan Chase’s closest local rival in the race to lend out US coronavirus loans wasn’t Citigroup or BNY Mellon — it was a tiny, tech-savvy lender based in New Jersey. Jamie Dimon’s megabank handed out nearly $29 billion of government money to small businesses during the throes of the pandemic shutdown — the most of …
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A major US pilots union said on Wednesday it has begun discussing with key lawmakers a plan for the government to purchase seats on each flight to prevent passengers from having to sit next to strangers. The idea, launched by the Allied Pilots Association, representing American Airlines’ 15,000 pilots, is aimed at easing a return …
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US Treasury Secretary Steven Mnuchin said on Wednesday he would seriously consider more direct payments to individuals in the next phase of coronavirus rescue legislation, adding that funds should also be targeted to help sectors struggling to reopen, including hospitality and tourism. Testifying before the Senate Small Business Committee, Mnuchin said the Treasury also planned …
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A technical snafu in a US government system caused many small businesses to receive loans twice or more under a federal aid program to help businesses hurt by the COVID-19 pandemic, nearly a dozen people with knowledge of the matter said. The money mistakenly handed out could amount to hundreds of millions of dollars that …
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Federal Reserve Chair Jerome Powell acknowledged Friday that the Fed faces a major challenge with the launch in the coming days of a program that will lend to companies other than banks for the first time since the Great Depression. The Fed’s Main Street Lending is geared toward medium-sized companies that are too large for …
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Last month Zagg Inc, a Utah-based company that makes mobile device accessories, received more than $9.4 million in cash from a US government program that has provided emergency loans to millions of businesses hit by the coronavirus. The money was part of the $660 billion Paycheck Protection Program (PPP) — a linchpin of President Trump’s …
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The US Justice Department on Tuesday brought its first criminal charges against people it accused of defrauding the $660 billion Paycheck Protection Program aimed at dulling the coronavirus pandemic’s heavy hit on the economy. The small-business loan program is part of an unprecedented $2.2 trillion coronavirus economic package meant to reimburse businesses and households for …
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The US Federal Reserve on Thursday widened a key program to nurse the “Main Street” economy through the coronavirus pandemic, agreeing to lend to even larger firms, taking on more risk in participation with banks, and hinting at some form of dedicated help for nonprofits. The central bank said it would expand its “Main Street …
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Banks trying to submit applications for thousands of small businesses seeking coronavirus relief loans have hit a bottleneck for a second day at the Small Business Administration. Banking industry groups said Tuesday the SBA’s loan processing system is still unable to handle the volume of loan applications from business owners trying to get aid under …
American Airlines is planning to drop flights to up to 30 smaller US cities if a federal requirement to continue those flights expires at the end of next month, an airline official familiar with the matter said Thursday. American agreed to keep serving those smaller cities as a condition of receiving $5.8 billion in federal …
