Lawyers expect a surge in small-business failures in the coming months. A new law, they say, will make many business owners realize that filing for bankruptcy might be a better option than struggling for years.
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Treasury Secretary Steven Mnuchin said the Trump administration is working with the Senate to pass a new bill for coronavirus-related economic aid by the end of July, as enhanced unemployment benefits near expiration.
The U.S. budget deficit totaled $863 billion in June, nearly as much as the entire gap for fiscal year 2019, as federal spending tripled to combat the coronavirus pandemic and tax revenues plunged.
Thousands of venture-backed startups took money from the government’s Paycheck Protection Program meant to help small businesses weather the economic hit from the coronavirus pandemic, according to Treasury Department data.
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The $670 billion Paycheck Protection Program reached a wide swath of small businesses, benefiting hard-hit industries such as hotels and restaurants as well as professional firms better able to weather the crisis, new data shows.
JPMorgan and Bank of America are in line to split between $1.5 billion and $2.6 billion for being the conduits of the government’s aid program for small businesses.
The former U.S. operations of a sanctioned Russian bank, a hedge fund partly owned by one of the biggest private-equity firms in the world and a real-estate developer behind two of Manhattan’s most expensive condominium towers were among the firms that benefited from PPP.
A number of private-equity firms received millions of dollars in loans from a taxpayer-backed program despite being told they weren’t allowed to access the money, an analysis of U.S. Small Business Administration data shows.
Congress designed the Paycheck Protection Program to help small businesses hit by the pandemic, but its $521 billion in loans also went to major law firms, wealth managers and politically connected companies.
The government is now accepting applications until Aug. 8 for forgivable loans under the Paycheck Protection Program. We have answers to some frequently asked questions about the program.
The employment report, based on survey data largely collected in mid-June, doesn’t reflect recent government-mandated business closures and related layoffs in response to the coronavirus.
The House of Representatives passed a bill Wednesday extending the timeline into next month for small businesses to apply for forgivable loans, building on a surprise vote in the Senate a day earlier.
A $2.5 billion investment firm owned by Richard Parsons and Ronald Lauder received a forgivable loan from the federal government’s small business loan program.
Treasury Secretary Steven Mnuchin says he intends to work with Congress to help pass additional legislation to steer remaining funds from the PPP to the small businesses hit hardest by the pandemic.
Recent changes in the government’s small business rescue program make it easier for companies battling the Covid-19 pandemic to qualify for loan forgiveness. But the increased flexibility has come late for scores of small businesses.
The $670 billion Paycheck Protection Program faces a significant risk of fraud because of confusing rules and lack of safeguards, a Government Accountability Office report has found.
The majority of businesses that closed during the pandemic remained shut this month, according to data from Yelp, which also showed increased interest in supporting black-owned businesses.
An appeals court overturned an injunction making an ambulance company eligible for coronavirus relief loans despite its bankruptcy, ruling against the employer in a dispute over access to the Paycheck Protection Program.