PYMNTS

JULY 6, 2020

There’s still lots of federal cash available for small and medium-sized businesses (SMBs) in need of a hand up through the COVID-19 crisis. Treasury Department and Small Business Administration (SBA) indicated the Paycheck Protection Program (PPP), the forgivable loan initiative, still has nearly $132 billion waiting to be borrowed.

Small Business 71

Small Business Treasury Payroll Returns 71

PYMNTS

DECEMBER 3, 2020

New Paycheck Protection Program (PPP) data from the Small Business Administration (SBA) indicates that aid moved to small businesses as well as bigger companies. times their average monthly payroll before the coronavirus. Just over 600 firms were the recipients of the top loan amount of $10 million.

Small Business 61

Small Business Audit Treasury Procedures 61

PYMNTS

APRIL 3, 2020

Treasury Secretary Steven Mnuchin said community banks have helped process many of the small business Paycheck Protection Program (PPP) loans. SBAgov ’s top priority is keeping small businesses open and employees on payroll. ”. In a social media post, U.S.

Community Banks 61

Community Banks Process Small Business Non-Bank 61

PYMNTS

APRIL 9, 2020

In an effort to deliver more relief to the nation’s struggling small businesses and boost the economy amid the global coronavirus pandemic, the Federal Reserve announced it has taken actions to facilitate $2.3 Treasury will provide $75 billion in equity from the Coronavirus Aid, Relief and Economic Security Act (CARES Act).

Federal Reserve 60

Federal Reserve Facilitators Fed Small Business 60

PYMNTS

MAY 29, 2020

A minimum of $20 billion in Paycheck Protection Program (PPP) loans have been canceled — many by small businesses afraid they can’t spend the money in ways that will qualify for loan forgiveness, calculations of Small Business Administration (SBA) data by Bloomberg found. SBA reports indicate $510.5

Small Business 53

Small Business Audit Treasury Procedures 53

PYMNTS

APRIL 9, 2020

In an effort to deliver more relief to the nation’s struggling small businesses and boost the economy amid the global coronavirus pandemic, the Federal Reserve announced it has taken actions to facilitate $2.3 Treasury will provide $75 billion in equity from the Coronavirus Aid, Relief and Economic Security Act (CARES Act).

Federal Reserve 56

Federal Reserve Facilitators Economy Fed 56

PYMNTS

DECEMBER 20, 2019

With more than $89 million raised, B2B FinTechs this week impressed venture capitalists (VCs) with a range of services, including small business accounting, financing, spend management and payroll. Small business accounting startup Xendoo announced a $3.5 Small business accounting startup Xendoo announced a $3.5

Small Business 52

Small Business FinTech Payroll Treasury 52

PYMNTS

MAY 28, 2020

A measure that would make it easier for small businesses (SMBs) to get their hands on a forgivable federal loan has easily passed the House, The Wall Street Journal reported. This is what small businesses need, and if we don’t keep the businesses open, the jobs go away.”. Treasury Department.

Rules 53

Rules Underserved Payroll Treasury 53

PYMNTS

APRIL 7, 2020

The Federal Reserve is collaborating with the Treasury Department to develop a new facility to help small and medium-sized businesses (SMBs) stay afloat as the coronavirus pandemic continues, according to a report in the Wall Street Journal (WSJ). The PPP is part of the $2.2

Fed 60

Fed Federal Reserve Treasury Small Business 60

Fintech Finance

MAY 2, 2024

With 25 years of experience in banking/financial services and over 30 years in the digital technology space, Pitts most recently served as the Head of North American Treasury and Payments Solutions at BMO Financial Group. This included accountability for almost 30 million active digital customers and over 5.5 billion interactions per year.

Payroll 52

Payroll Treasury Cash Management Payments Strategy 52

PYMNTS

APRIL 27, 2020

Treasury rolled out its latest Paycheck Protection Program (PPP) funding to rescue small- to medium-sized businesses (SMBs), the Los Angeles Lakers returned $4.6 The Lakers, one of the most profitable sports franchises, secured the coronavirus stimulus loan through the Small Business Administration’s (SBA) PPP.

Returns 82

Returns Treasury Small Business Payroll 82

PYMNTS

MAY 28, 2020

Agents are looking into whether the companies’ loan applications for the Small Business Administration (SBA’s) Paycheck Protection Program (PPP) were consistent with the disclosures made to investors in SEC filings, the news service reported. Congress approved the $2.2

Small Business 52

Small Business Payroll Audit Treasury 52

PYMNTS

JANUARY 26, 2021

According to Russ Waterhouse , executive vice president of Product Development and Strategy at The Clearing House (TCH), the surge in digitization brought on by the COVID-19 crisis has accelerated the evolution of a range of RTP (Real-Time Payments) network advancements, including instant payroll, merchant settlements and tokenization.

Real Time Payments 109

Real Time Payments RTP RFP TCH 109

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

APRIL 1, 2020

Treasury Secretary Steven Mnuchin said if the $350 billion in loan funds for small and medium-sized businesses (SMBs) runs dry, he will go back to Congress and ask for more money, according to a Wednesday (April 1) CNBC report. It has huge bipartisan support and we want to protect small business.”.

Small Business 53

Small Business Payroll Treasury Government 53

PYMNTS

AUGUST 28, 2019

challenger bank NorthOne has announced the launch of its mobile-first small business banking platform, the result of a collaboration with digital-first Radius Bank. 27), the companies said their collaboration has enabled the rollout of the NorthOne small business banking solution designed for SMBs , startups and freelancers.

Mobile Banking 57

Mobile Banking Small Business FDIC API 57

Fintech News

MAY 23, 2024

#2 Bank of China Bank of China Ltd, established on February 5, 1912, is headquartered in Beijing, China, and provides banking and financial services across several segments: Corporate Banking, Personal Banking, Treasury Operations, Investment Banking, Insurance, and Others. 5 China Construction Bank China Construction Bank Corp.

Online and Mobile Banking 117

Online and Mobile Banking Treasury Non-Bank Finance 117

PYMNTS

APRIL 3, 2020

The lifeline for the small businesses that make up the backbone of the U.S. times their average monthly payroll – to a maximum of $10 million. A look at the application itself offers the calculation: average monthly payroll, multiplied by 2.5, Small Business Administration (SBA).

Small Business 56

Small Business Payroll Treasury Caps 56

PYMNTS

MAY 8, 2020

The trouble goes back to when the program opened its doors on April 3, with businesses under 500 employees strongly encouraged to apply for the loans as long as they could meet two conditions. The first is that they had been in business before Jan. against the Treasury and the U.S. Small Business Administration (SBA).

Treasury 52

Treasury Payroll Small Business Government 52

PYMNTS

MAY 26, 2020

Small Business Administration (SBA’s) initiative to grant SMBs forgiveness loans to pay workers for eight weeks instead of laying people off – has had a rocky time of it. Treasury have refined the plan’s rules and parameters several times over the past few months. million loans for a net tally of about $511.2 While only 32.7

Audit 79

Audit Returns Payroll Treasury 79

PYMNTS

MAY 19, 2020

Treasury Department and Small Business Administration (SBA) have tried a few times to clear up the confusion, most recently unveiling new guidelines through a loan forgiveness application. The funds that aren’t forgiven must be repaid within two years, plus interest charged at a 1 percent interest rate.).

Payroll 53

Payroll Small Business Treasury Rules 53

PYMNTS

MAY 11, 2020

Treasury Secretary Steven Mnuchin said he wants to tweak the rules of the Paycheck Protection Program (PPP) to accommodate restaurants stuck between a rock and a hard place, according to a report by The Wall Street Journal (WSJ). The restaurant industry’s many lost employees claim an outsized chunk of the ranks of the staggering 7.7

Treasury 61

Treasury Rules Payroll Small Business 61

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 Of the $500 billion allocated by Congress to the Treasury for business loans, only $22 billion has been spent, the report found.

Federal Reserve 53

Federal Reserve Treasury Economy Fed 53

PYMNTS

MAY 1, 2020

As reported earlier this week, Treasury Secretary Steven Mnuchin said PPP loans for more than $2 million would face full audits, while smaller loans could face spot checks.

Audit 71

Audit Payroll Small Business Treasury 71

PYMNTS

JULY 2, 2019

The 2008 global financial crisis forced traditional banks to pull back from small businesses (SMBs) considered too risky and unprofitable to finance, leaving a gap in the market for alternative lenders and FinTech firms to fill. The bank-FinTech collaboration trend has hit the small business customer segment particularly strong.

AFP 50

AFP Small Business Cross-Border FinTech 50

PYMNTS

JANUARY 14, 2019

This could have sizeable impacts on small and medium-sized businesses (SMBs), which typically do not have their own treasury departments, and as such stand to benefit from real-time insights on their cashflow and liquidity positions. One recent move came from business commerce platform Tradeshift.

API 57

API Payment APIs and Integration B2B Payroll 57

PYMNTS

NOVEMBER 4, 2019

But internal fraud is, of course, not the only risk businesses face, with this week’s B2B Data Digest also breaking down the latest numbers related to cyber fraud and business email scams attacking companies from the outside. The ETA warns that cyber fraud threats are hampering small businesses’ growth opportunities.

Checks 40

Checks Scams Law Enforcement Ransomware 40

PYMNTS

SEPTEMBER 2, 2020

The latest solutions from corporate card providers target small business owners, entrepreneurs, corporate treasurers and fleet managers, with a wide range of use cases and value-added features. American Express is expanding its Pay Over Time offering on credit card bills to business cardholders in the U.S.,

Innovation 60

Innovation Push-to-Card Commercial Card Debit Card 60

PYMNTS

MAY 8, 2020

Treasury into the program would likely be fully depleted by the time the panel reassembled for the sixth conversation the next week. They wanted this to work; they wanted to get more people employed and they wanted to save small businesses. Around the same time, April 29, Treasury issued new guidelines – and a warning.

Audit 64

Audit Payroll Treasury Government 64

PYMNTS

MAY 11, 2020

The Wall Street Journal reports that public companies that have elected to repay the federal stimulus loans have limited options to pay workers that are still on the payroll. As has been widely discussed , larger companies had looked to the program to cover payroll, just as smaller companies have done (and still do).

Payroll 75

Payroll Origination Returns On-Demand 75

PYMNTS

JANUARY 16, 2020

This week, Wells Fargo Executive Vice President of Open APIs Imran Haider spoke with PYMNTS about the opportunities in API integrations for small businesses. As more businesses embrace digital ERPs, accounting, AP and AR solutions, they’re tasked with toggling from one portal to another to initiate key functions like payments.

API 56

API Automation Payment APIs and Integration Small Business 56

PYMNTS

APRIL 30, 2019

This challenge often emerges with small businesses (SMBs) that are not large enough to fit into a bank’s corporate and treasury services unit, and are, therefore, forced into being serviced with consumer-targeted products. trillion. . That leaves plenty of opportunity for funds to slip through the cracks.

Finance 61

Finance Payroll Advisors Wires 61

PYMNTS

MAY 3, 2017

According to a report in CNBC , the Philadelphia City Council voted Monday (May 1) to switch the company that handles its $2 billion payroll account from Wells Fargo to Citizens Bank for its next fiscal year, which begins in July. Wells Fargo will maintain its role as a depository bank for the city of Philadelphia, noted the report.

Payroll 44

Payroll Treasury Management Treasury Credit Cards 44

PYMNTS

MAY 1, 2020

Treasury Secretary Steven Mnuchin said per reports that firms that borrow money via the Paycheck Protection Program (PPP) can expect to be audited prior to forgiveness of the loans. Mnuchin: All PPP Loan Recipients Will Face Audits. ” JPMorgan Chase Submits Nearly $18B In PPP Loans. JPMorgan Chase & Co. billion in relief. .

Audit 57

Audit Posting Cross-Border Shutdown 57

PYMNTS

APRIL 7, 2020

You could say that Friday’s (April 3) rollout of the $350 billion small business relief Paycheck Protection Program (PPP), part of the $2 trillion CARES Act stimulus package, went less than smoothly when it started. It was a day filled with a lot of complaints. For the SMBs that need this money, the floodgates didn’t open on Friday.

Payroll 57

Payroll Push-to-Card Rules Credit Cards 57

PYMNTS

APRIL 1, 2020

“The process is too slow and complex,” they wrote to senior officials at the Financial Conduct Authority (FCA), the Bank of England and the Treasury. Businesses are desperate for funds now; they cannot wait days or weeks when they have payroll and supplier payment obligations to meet.”.

Accreditation 52

Accreditation Payroll Treasury On-Demand 52

PYMNTS

FEBRUARY 24, 2020

small businesses, and fraudsters are taking advantage. In a new report from ProofPoint , researchers warned that any businesses with the word “tax” in its domain is at risk of being spoofed by phishing attackers targeting small to medium-sized businesses (SMBs). Tax season is upon U.S.

Business Email Compromise 65

Business Email Compromise Scams Email Compromise Phishing 65