Some $76 billion of the program’s $800 billion in loans may have been taken improperly, a new paper concludes.
More than 100,000 business owners got help from the relief effort, but 265,000 were turned away — some after awards were rescinded.
Blueacorn and Womply processed one-third of all Paycheck Protection Program loans this year, stepping in when big lenders wouldn’t.
A Pennsylvania man was facing bank fraud and money laundering charges over Paycheck Protection Program loan applications when he submitted another one, U.S. prosecutors said.
Approvals for thousands of Restaurant Revitalization Fund applicants were rescinded after court orders struck down a policy that favored historically underserved groups.
The first applications for the Shuttered Venue Operators Grant program, offering $16 billion in federal aid, were approved.
Traditionally a federal backwater, the agency has stumbled while shepherding $1 trillion in emergency aid. Its leader vows “a more customer-first approach.”
Overwhelmed lenders and panicking borrowers are in a frenzy to grab the remaining money in the small business relief program.
The Small Business Administration’s earlier announcement that applications would open on Saturday was met with a deluge of criticism.
New programs for restaurants and live-event businesses will soon start taking applications as the Paycheck Protection Program winds down.
On the first day nightclubs, movie theaters and other arts organizations hurt by the pandemic could apply for $16 billion in federal aid, the system malfunctioned. No applications got through.
A year after the Paycheck Protection Program started, studies show how its design hurt Black- and other minority-owned businesses.
Lenders are struggling with a new Paycheck Protection Program rule intended to get more money to sole proprietors — and some banks are simply refusing to make the change.
A more generous loan formula for solo ventures is meant to get more very small businesses into the Paycheck Protection Program. But bigger applicants face a two-week pause.
The renewed Paycheck Protection Program has disbursed $134 billion this year, but many applicants have had to wait weeks for lenders to resolve problems.
Tens of thousands of eligible music clubs, theaters, museums and other spaces may overwhelm a $15 billion grant fund run by the Small Business Administration.
The hardest-hit owners will be eligible for another loan from the Paycheck Protection Program.
Sole proprietors were eligible for loans under the Paycheck Protection Program only if they were profitable, but many got tiny loans because of the way rules were written.
A small group of lenders that focus on underserved borrowers will get priority when the Paycheck Protection Program resumes.
With his victory secured, the president-elect is moving to fill out his economic team.
The Paycheck Protection Program offered small businesses a few months of relief, but prosecutors will be running down fraud for years.
Just 1 percent of borrowers received more than a quarter of the money given out in the form of forgivable loans.
While the targets unquestionably suffer the most, denying people equal opportunities diminishes the finances of millions of Americans.
Owners are flummoxed by how the loan forgiveness phase of the Paycheck Protection Program will work, as lenders await clarity and guidance.
Fifty-seven people were charged with trying to steal more than $175 million from the Paycheck Protection Program, law enforcement officials said.
Investigators have charged big spenders with cheating the Paycheck Protection Program for small businesses. But more fraud lies below the surface, and it’ll be harder to find.
The Paycheck Protection Program provided respite for hard-hit small businesses, but it is ending soon. With no word on further government help, owners worry about their fate.
The S.B.A.’s disaster relief program allows for loans of up to $2 million. But now they’re capped at $150,000 — and agency officials are saying little about why.
A department store, a barbecue restaurant, a hotel — all had survived some of the biggest trials in history. Their owners are mourning the loss of a legacy.
More owners are permanently shutting their doors after new lockdown orders, realizing that there may be no end in sight to the crisis.
The loan program to help firms keep paying their workers had many beneficiaries. Among them was the capital’s permanent political class.
We now know the names of many of the businesses that received $521 billion in small-business rescue loans. Some of the recipients will raise eyebrows.
The Trump administration began releasing details of which businesses received Paycheck Protection Program aid.
The House cleared the extension, which would give companies more time to apply for pandemic relief loans, sending it to the White House for President Trump’s signature.
The program distributed forgivable loans to five million small businesses that could use the money to pay workers to stay home. But shifting rules blunted its effect.
Cross River has cranked out more loans under the federal Paycheck Protection Program than all but three of the country’s biggest lenders.
Owners are becoming reluctant to borrow from the federal Paycheck Protection Program. Some are even returning money.
The Trump administration unilaterally excluded those with criminal records from loan programs. The decision should be reversed.
A dismal season is predicted. If there is one at all.
Previous financial crises gave rise to high-profile American companies. The spread of the coronavirus challenges entrepreneurs to meet new needs.
Accounts provided by the Federal Reserve and distributions handled by payroll processors are among the ideas floating around Capitol Hill.
Business owners who took out loans under the Paycheck Protection Program thought converting them to grants would be easy. It’s not.
Ashford Inc., which has come under scrutiny after receiving at least $70 million in Paycheck Protection Program loans, said on Saturday that it would return the money.
Requirements for using federal coronavirus loans are complicated and confusing for owners. “It’s chaos,” one lawyer said.
The coronavirus is expected to permanently shut millions of small businesses in the next several months. Here are issues for owners to consider.
The government started taking applications Monday for a further $310 billion in emergency funds, and quickly ran into technical problems.
Some young companies have turned to the government loans not for day-to-day survival but simply to buy useful time.
Companies with accounting problems or in trouble with the government received millions in federal loans.
The Paycheck Protection Program distributed $349 billion in less than two weeks, but lenders and borrowers confronted confusion at every step.
Some conservative nonprofit groups are seeking financial help to weather the coronavirus crisis. Some liberal organizations are putting aside different qualms to make the same request.