PYMNTS

APRIL 9, 2020

The demand for Small Business Administration (SBA) loans has led the Federal Reserve to consider allowing non-bank lenders to speed distribution of $350 billion in loans through the coronavirus crisis, Reuters reported. The daily demand for loans has been more than the SBA typically processes in a year.

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Federal Reserve Fed FinTech Small Business 70

PYMNTS

JULY 15, 2020

Philadelphia Federal Reserve President Patrick Harker says the mass spikes in coronavirus cases across the U.S. will likely dampen the economy as well, Reuters reported. There’s both the direct economic impact of businesses having to close down,” Harker said during a webinar organized by the Fed, as reported by Reuters.

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Federal Reserve Shutdown Economy Fed 73

PYMNTS

JULY 10, 2017

How many of those jobs were added at small businesses? New statistics released by CBIZ and Paychex paint very different pictures about June small business hiring practices. In its Small Business Employment Index , CBIZ concluded that small business hiring soared last month.

Small Business 41

Small Business Federal Reserve Economy Payroll 41

FICO

APRIL 5, 2017

Some 500,000 - 600,000 new small businesses emerge each year, according to recent U.S. While we’ve expected that number to grow and fuel the economy, it is starting to decrease according to recent reports by TIME and CNN Money. Is small business growth slowing due to lack of innovation and initiative?

Small Business 60

Small Business Credit Union Origination Federal Reserve 60

PYMNTS

NOVEMBER 10, 2020

Patrick Harker, president of the Federal Reserve Bank of Philadelphia, told Bloomberg on Tuesday (Nov. The economy will not grow unless we bring people up from the lower-skilled jobs into the middle class,” Harker said during an interview that will be part of Bloomberg’s Friday (Nov. The upended U.S. percent for September.

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Fed Federal Reserve NOV Small Business 87

PYMNTS

AUGUST 3, 2020

It’s closing time for many small businesses in New York City. As the pandemic drags on and federal aid runs low, many owners are calling it quits. The New York Times said a new report from the Partnership for New York City estimated that one-third of the city’s 240,000 small businesses could close down and vanish.

Small Business 63

Small Business Federal Reserve Central Bank Economy 63

PYMNTS

NOVEMBER 1, 2019

We’re still in an expanding economy, but one that is expanding at a slower clip,” Gregory Daco, chief U.S. The Federal Reserve said on Wednesday (Oct. 30) that it was planning to lower the federal funds rate between 1.5 small business owners last year, confidence started slipping in January. Overall U.S.

Economy 40

Economy Federal Reserve Small Business Payroll 40

PYMNTS

APRIL 8, 2020

Plus, the Small Business Administration (SBA) is facing challenges with relief loans as it contends with an old computer system and too few staffers. The $349 billion Paycheck Protection Program for small businesses launched on Friday (April 3). economy bounces back from the impact of the COVID-19 pandemic.

Point-of-Sale (POS) 80

Point-of-Sale (POS) Fed Federal Reserve Small Business 80

PYMNTS

APRIL 2, 2020

The Federal Reserve Bank of Minneapolis President Neel Kashkari said on Thursday (April 2) that policymakers should be generous with the help that is extended to small businesses. Kashkari said the government typically offers assistance to larger companies.

Fed 52

Fed Federal Reserve Small Business Shutdown 52

PYMNTS

APRIL 1, 2019

Small businesses (SMBs) make up more than 98 percent of the U.S. So when small business confidence takes a turn for the worse, the manufacturing sector is particularly impacted. As talk of a possible recession in the near future rises, small businesses are expected to maintain a more pessimistic outlook as well.

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Federal Reserve Small Business Economy Fed 51

PYMNTS

FEBRUARY 15, 2018

For community banks serving small- to mid-sized businesses (SMBs), training an eye on credit cards can translate into additional revenue streams and tap into an unmet need for those SMBs. Kearney found 26 percent of small business cardholders have community banking relationships in place. There’s a lot of runway here.

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Community Banks Small Business Credit Cards Due Diligence 47

PYMNTS

JUNE 16, 2020

Federal Reserve Chair Jerome Powell said Tuesday (June 16) that the economy under the pandemic has continued to cause pain to American citizens despite the appearance of stabilization. And the risks exist for small businesses, too, which could run out of money due to a lack of consumer spending as the fear of the virus persists.

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Federal Reserve Economy Fed Mitigation 52

PYMNTS

JUNE 11, 2020

In an interview on “ Squawk on the Street ” on Thursday (June 11), Mnuchin said the business owners who were looted, whether they were minority-owned or not, should get the help they need to rebuild. When asked whether there’s a possibility the nation’s economy will be shuttered a second time, Mnuchin said no. “We Last week, t he U.S.

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Federal Reserve Economy Small Business Treasury 52

PYMNTS

MARCH 23, 2020

The Federal Reserve launched a massive aid package on Monday (March 23) to prop up the coronavirus-devastated U.S. economy, unveiling up to $300 billion in financing for consumers and businesses large and small, and an unlimited amount of so-called “quantitative easing.” New Loans for Consumers and Businesses.

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Fed Federal Reserve Consumer Central Bank 52

Lending Front

JUNE 9, 2021

But one of the most unsettling is this: For the first time in the five years since the Federal Reserve began conducting its national small business credit survey , more businesses experienced decreases in revenues and employment than increases. economic activity , small businesses are the backbone of our economy.

Small Business 52

Small Business Federal Reserve On-Demand Community Banks 52

PYMNTS

AUGUST 20, 2020

Millions of smaller businesses are grappling with the impacts of the pandemic. And despite what might be seen as the best of intentions, various government initiatives and credit spigots may not be enough to keep small business (end especially small business formations) afloat.

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Federal Reserve Small Business Fed SWIFT 87

PYMNTS

JULY 7, 2020

coronavirus cases could dampen the recovery of the nation’s economy, according to a Federal Reserve official. Raphael Bostic , the president of the Federal Reserve Bank of Atlanta, whose reach extends into the south caught up in the resurgence of COVID-19 cases, said business reopening has leveled off.

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Fed Federal Reserve Economy Small Business 52

PYMNTS

JULY 8, 2020

Mastercard has introduced new tools designed to help small businesses drive online commerce, the company announced Wednesday (June 8). At some point, the federal government has got to take it away from the states, and you’ve got to have clarity,” he said. This is so hard on businesses, it’s so hard on our employees.”.

Visa 59

Visa Online and Mobile Banking Small Business Federal Reserve 59

PYMNTS

AUGUST 6, 2019

Introduced on Monday by Federal Reserve Board Governor Lael Brainard, the Fed’s instant payment scheme FedNow is designed to offer an option for consumers and business to transfer money instantly or nearly instantly in a “ubiquitous, safe and efficient” manner from one bank account to another. “At It’s now official.

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FedNow Fed Federal Reserve Instant Payments 85

PYMNTS

SEPTEMBER 21, 2020

Federal Reserve chairman Jerome Powell is set to tell lawmakers that U.S. small businesses may need “direct fiscal support,” rather than more loans, the Financial Times (FT) reported. percent have had to apply for loans from the Small Business Administration (SBA). The numbers show that 41.9

Fed 70

Fed Federal Reserve Small Business Payroll 70

Lending Front

JUNE 9, 2021

With the need for small business funding greater than ever, it poses the question: is it time to turn traditional parameters and criteria on their head? . This type of reframing can also help open up credit access to small business owners that need it. . It welcomes a greater pool of small business applicants.

Small Business 52

Small Business Federal Reserve Underwriting Credit Union 52

PYMNTS

MAY 1, 2020

In an interview on CNBC’s “Closing Bell,” on Friday (May 1) Bank of America CEO Brian Moynihan said the combined elements of the CARES Act are coming together to jumpstart the economy. The reality is it’s going exactly where it was supposed to go, to very small businesses across the nation,” Moynihan said.

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Federal Reserve Small Business Processors Laws 65

PYMNTS

MAY 8, 2020

A recent poll shows that 90 percent of small businesses have been negatively impacted by COVID-19. Most small businesses don’t have a lending relationship with a bank. State and local governments can do more to provide a level the playing field for small businesses, advocates say.

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Government Governance Small Business Federal Reserve 56

PYMNTS

APRIL 13, 2020

With an open letter to the Federal Reserve Bank and the U.S. government, C2FO is requesting immediate action to offer relief to small and medium-sized businesses in the United States. with low-cost funding to immediately pay SMBs, per an announcement.

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Payment Programs Federal Reserve Small Business Payments 52

PYMNTS

JUNE 11, 2020

“We want to be careful at this point, seeing how much money is in the economy,” Treasury Secretary Steven Mnuchin told the Senate Small Business and Entrepreneurship Committee on Wednesday (June 10). “A That number is expected to rise soon as the Federal Reserve Board issues business loans under the Main Street Lending Program.

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Federal Reserve Treasury Economy Fed 53

PYMNTS

APRIL 1, 2020

Industry lobbyists and executives from major private equity firms are asking the federal government for a piece of the coronavirus small business stimulus funds, the Financial Times (FT) reported on Wednesday (April 1), citing seven sources familiar with the talks.

Federal Reserve 52

Federal Reserve Small Business Treasury Payroll 52

PYMNTS

JULY 17, 2020

Based on numbers from the Atlanta Federal Reserve through May 31, the graphic below shows healthy increases for several sectors, most notably motor vehicle and parts dealers, food and beverage stores and an uptick in restaurants, which had plunged in previous months. Source: PYMNTS.com and Atlanta Federal Reserve, GDP Now.

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Federal Reserve Bureau of the Fiscal Service Fed Fiscal Service 63

PYMNTS

MAY 24, 2018

Federal Reserve finds small businesses are enjoying boosted confidence (and revenues). The research is favorable for companies trading across borders, too, as technology gears up to increase access to trade finance and, as a result, propels business growth. A new survey released this week by the U.S.

Finance 40

Finance Federal Reserve Small Business Fed 40

Clearly Payments

FEBRUARY 19, 2024

This positive growth outlook reflects the increasing adoption of electronic payment methods and the evolving needs of consumers and businesses alike. According to the Federal Reserve, cash usage is on the decline, with only 60% of US businesses accepting it as a form of payment. There are 30.7

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Process Digital Currency Online and Mobile Banking Payments 102

PYMNTS

JUNE 23, 2020

One company capitalizing on the need for vet care is TeleVet , whose CEO Steven Carter told PYMNTS that the platform would likely be a permanent fixture in the years to come as millennials, focused on savvy digital modes of doing business, continued to want services in that digital mode.

Caps 70

Caps Federal Reserve Economy Business Continuity 70

PYMNTS

FEBRUARY 19, 2019

banking industry is in flux, largely thanks to federal policy that has made it easier (and faster) for institutions to merge. As concerns are raised about how industry consolidation might impact competition, Federal Reserve Chairman Jerome Powell is warning that it could hinder small businesses’ access to capital and financial services.

Fed 43

Fed Office of the Comptroller of the Currency Federal Reserve OCC 43

PYMNTS

AUGUST 7, 2020

For the Federal Reserve, real-time payments will take time — three or four years’ time, to be specific. Federal Reserve Board members this week shed some light on the timing and mechanics of FedNow — an always-on, fully interoperable interbank-settlement service that will give rise to instant payments in the United States.

Instant Payments 75

Instant Payments Fed FedNow Interbank Settlement 75

PYMNTS

JANUARY 16, 2020

A new report from the New York Federal Reserve details the dangers of cyberattacks, particularly among banks and wholesale payments. Three-quarters of small businesses say they are unable to access funds from sales quickly enough, which can cause a cascade of problems, from delaying vendor payments to missing payroll.

AI 52

AI Federal Reserve Money Laundering Settlement 52

PYMNTS

MARCH 23, 2020

Federal Reserve said on Monday (March 23) that it would support a large range of credit for not only households, but big employers and small businesses alike, to try and push back the “tremendous hardship” that’s been caused by the coronavirus pandemic, according to a report by Reuters. Michael Skordeles, U.S.

Fed 52

Fed Federal Reserve Economy Addressing 52

PYMNTS

NOVEMBER 21, 2016

The dominating narrative in small business lending is the rise in alternative finance to fill the gaps left behind by traditional banks. But the realities of small business finance remain: SMBs are often more risky than large corporate borrowers, and undoubtedly, they’re less profitable for the banks.

Small Business 75

Small Business On-Demand Federal Reserve Economy 75

PYMNTS

SEPTEMBER 28, 2020

That’s especially true for small businesses, where optimism is showing up across any number of metrics. We noted in this space on Monday that initial applications for employee identification numbers (among the initial applications to get businesses up and running) were up at a pace not seen in more than a decade.

Federal Reserve 109

Federal Reserve Small Business Payroll On-Demand 109

PYMNTS

MARCH 5, 2016

The Federal Reserve published the findings of its research on small business lending habits in the U.S. on Friday (March 4), and the conclusions may prove disheartening amid recent, separate research that found small businesses feeling the effects of an improving economy.

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Fed Federal Reserve Small Business Finance 40