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Banks raked in $10 billion in fees for handing out US-backed loans to shore up small businesses battered by the coronavirus — despite taking on little to no risk on the deals, a new report says. The feds paid banks for serving as intermediaries for the $349 billion Paycheck Protection Program, which allowed any federally …
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Dozens of publicly traded companies — including some with checkered pasts — took $300 million in government-backed loans meant to protect small businesses during the coronavirus crisis, a new report says. At least 75 public firms got low-interest loans through the Paycheck Protection Program, the Trump administration’s $349 billion small-business aid package that ran out …
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Burger giant Shake Shack plans to return $10 million it received from a government loan program meant to protect small businesses during the coronavirus crisis. The New York-based fast food chain was one of several large restaurant companies that got a multi-million-dollar loan through the Trump administration’s $349 billion Paycheck Protection Program aimed at helping …
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Large restaurant chains have gobbled up $30 million in federal loans meant to shore up small businesses during the coronavirus crisis. The companies behind Potbelly Sandwich Shop and Ruth’s Chris Steak House each got sizable loans under the feds’ Paycheck Protection Program, the $349 billion small-business aid package that ran out of money Thursday. Florida-based …
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Bank of America said on Friday it has already received about 35,000 applications for federally backed small-business loans within hours of starting to accept them. The second largest US bank by assets became the first major bank to accept applications for the massive small-business rescue program approved by Congress last week. But the bank was …
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Further to my ideas to help stabilize the economy in last week’s column — some of which came to be implemented, and are now in the proposed bill — I have a few more suggestions. I propose that the Treasury and the Federal Reserve use banks — at little-to-no profit — as conduits to expedite …
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Several automakers on Monday said US buyers of new vehicles will have the option to defer their payments and customers with existing car loans could ask for payment rescheduling if affected by shutdowns due to the spread of coronavirus. The move is also aimed at boosting new car sales during a time of uncertainty for …
Banks raked in $10 billion in fees for handing out US-backed loans to shore up small businesses battered by the coronavirus — despite taking on little to no risk on the deals, a new report says. The feds paid banks for serving as intermediaries for the $349 billion Paycheck Protection Program, which allowed any federally …
