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Payment-based business lending needs adjustment during shutdowns

Payments Source

Historical data doesn’t paint a sufficient picture in a business climate characterized by rapid, unexpected change and lingering uncertainty, says MSTS' Brandon Spear.

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NY Fed President: Gov’t Shutdown Could Hinder Economic Growth

PYMNTS

While the Fed has hinted that it has been adjusting its U.S. 18) that the shutdown has become a hindrance for the economy, Financial Times reported. The news comes as Federal Reserve Chairman Jay Powell said earlier this month that an extended government shutdown could be damaging to the U.S.

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Study: New COVID Restrictions Could Permanently Close A Third Of US Restaurants

PYMNTS

Census Bureau data indicating a seasonally adjusted decline in restaurant sales in October — the first slippage since the industry began to claw its way back from the damage inflicted by the first wave of shutdowns. are too commonly labeled as 'super-spreaders,' and have become a convenient scapegoat for reflexive shutdowns.".

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Gov’t Shutdown Costs Creep To $11B

PYMNTS

A new report says that the government shutdown has cost the country about $11 billion in gross domestic product, and will impact the United States’ economic growth for the rest of the year. Earlier this month, Federal Reserve Chairman Jay Powell warned that an extended government shutdown could be damaging to the U.S.

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Munchery Sued By Ex-Employees Over Shutdown

PYMNTS

The lawsuit , filed by former Munchery facilities worker Joshua Philips, cites the Worker Adjustment and Retraining Notification Act, a U.S. A new class-action lawsuit wants failed meal delivery company Munchery to pay its former employees 60 days’ worth of back wages.

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Zest AI CEO: Artificial Intelligence Is Reshaping Lending and Credit

PYMNTS

And while de Vere said that the pandemic’s first few weeks were terrifying for his company after shutdowns began in March, “something crazy” quickly started to happen. De Vere added that one thing about using ML in banking decisions is that it can adjust to changing conditions. The COVID-19 Catalyst.

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Cash App Drives Square Strong Q2 Results

PYMNTS

Adjusted earnings per share were 18 cents. As COVID-19 has forced shutdowns and social distancing, web sales have been on the rise, and many entrepreneurs are moving their business models online. Square saw its shares skyrocket Tuesday (Aug. CNBC reported the company had $1.92