loans

The US Justice Department reportedly has launched a probe of the federal government’s $670 billion Paycheck Protection Program. The investigation has already turned up instances of potential fraud, according to Politico, and arrives as large publicly traded companies have received harsh scrutiny for dipping into the federal pot. Last week, after it surfaced that companies …

Desperate small businesses may finally be getting some good news from the nation’s biggest bank. After coming under heavy criticism for processing coronavirus stimulus loans to large, publicly traded clients like Shake Shack and Ruth’s Chris Steakhouse, JPMorgan Chase on Thursday told 220,000 clients that its Payroll Protection Program loans have been processed, with all …

Bankrupt companies are reportedly suing the feds for cutting them off from loans that could keep them afloat during the coronavirus crisis. Troubled firms have filed at least a dozen lawsuits against the Small Business Administration to get access to the $659 billion Paycheck Protection Program offering forgivable loans to help small businesses keep their …

The feds plan to audit all large coronavirus relief loans amid an outcry over big companies getting help at the expense of struggling small businesses. The US Small Business Administration will review all Paycheck Protection Program loans worth more than $2 million before forgiving the debt, Treasury Secretary Steven Mnuchin said Tuesday. Loans from the …

As I mentioned a few columns back, people are going to have trouble paying their mortgages under “forbearance” plans. They won’t be able to come up with, say, three months’ worth of delayed mortgage payments all at once when this crisis is over. Fannie Mae, which owns most of the mortgages in this country, put …

A tiny fraction of the publicly traded companies that got coronavirus loans have pledged to give them back — despite urging from the feds and a public outcry, records show. Just 13 public firms that received a combined $98.5 million through the federal Paycheck Protection Program — which was meant to help Main Street merchants …

WASHINGTON – The US government will cap how much each bank can lend under the emergency loan program designed to keep workers on payrolls amid the coronavirus pandemic, according to a memo seen by Reuters hours ahead of the reopening of the lending program. The Small Business Administration (SBA) will impose a maximum dollar amount …

The feds granted a a trio of news outlets millions of dollars in small-business rescue loans as the coronavirus crisis battered the media industry. The Seattle Times, the Tampa Bay Times and political news website Axios received multimillion-dollar, government-backed loans through the $349 billion Paycheck Protection Program, which aims to help small businesses retain jobs …

Officials at big companies could be sent to the slammer for taking loans meant to help small businesses amid the coronavirus crisis. Amid growing scrutiny of its $349 billion Paycheck Protection Program, the US Treasury Department on Thursday urged the dozens of publicly traded companies that got millions of dollars in government-backed loans to return …

New money for loans to small businesses battered by the coronavirus crisis could reportedly dry up almost as soon as it arrives. The US Senate approved $310 billion in extra funds this week for the feds’ Paycheck Protection Program, which exhausted its initial $349 billion budget in two weeks. But banking groups say so many …