loans

Strip clubs across the US closed earlier this year in the face of COVID-19 social-distancing measures that precluded the up-close nature of the exotic dancing industry. Like many businesses, these cabarets, lounges and gentlemen’s clubs hoped a $660 billion Small Business Administration (SBA) loan program would help them weather the lockdown. But nearly four months …

The Catholic Church raked in at least $1.4 billion in taxpayer-backed loans meant to help small businesses survive the coronavirus pandemic, a new report says. Catholic dioceses, parishes, schools and other entities made extensive use of a loophole in the feds’ Paycheck Protection Program to snag at least 3,500 forgivable loans as the pandemic scuttled …

US bank profits fell by 69.6 percent, to $18.5 billion, in the first quarter of 2020 from the year prior as banks felt the economic impact of the novel coronavirus pandemic, according to data from a banking regulator. The Federal Deposit Insurance Corp. reported that “deteriorating economic activity” caused lenders to write off delinquent debt …

Hundreds of publicly traded companies appear to be keeping government-backed loans meant to help small businesses weather the coronavirus crisis. Only 68 of the 424 public firms that disclosed receiving $1.3 billion in loans from the federal Paycheck Protection Program had pledged to return them as of early Monday morning, according to regulatory filings compiled …

Some big banks have received grand jury subpoenas as part of a federal investigation into possible fraud involving the $660 billion coronavirus emergency loan program for small businesses, according to a new report Saturday. Two sources told Reuters that the Justice Department had sent subpoenas to major banks, but did not name the institutions. JPMorgan …

Democratic presidential hopeful Joe Biden pledged to probe the Trump administration’s coronavirus loan programs if he’s elected this year. The former vice president said he would tap an inspector general on his first day in office to review “every stimulus loan given to any big company or political insider.” He was apparently referring to efforts …

A Scandanavian tech firm with a tiny office in New York City snagged more than $200,000 in aid meant to help American small businesses survive the coronavirus crisis. Zedge, a digital publishing outfit founded in Trondheim, Norway, got a $217,900 loan last month through the feds’ $659 billion Paycheck Protection Program, according to a regulatory …

Small businesses in Brooklyn have a new chance to score a coronavirus loan — and they won’t have to negotiate the US government’s Paycheck Protection Program to get it. Starting Tuesday, the Brooklyn Chamber of Commerce will give out loans of up to $30,000 to any shop owner who has been hurt by the pandemic …

A Texas-based hotel empire begrudgingly pledged to return coronavirus aid for small businesses after the feds threatened to go after big companies that kept the money. The Ashford Group of Companies slammed the Trump administration for shifting the rules of its $659 billion Paycheck Protection Program — as it announced plans to repay the loans …

JPMorgan Chase said Friday it has secured roughly $15 billion in the second round of Paycheck Protection Program funding, with about $8.4 billion of that going to small businesses in the Tri-State Area. The nation’s biggest lender started notifying clients in the wee hours of the morning that their emergency funding from the Small Business …