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<ul class="summary-list"><li>This story was delivered to Business Insider Intelligence Fintech Briefing subscribers earlier this morning.</li><li><a href="https://store.businessinsider.com/products/fintech-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-paypal-intuit-square-approved-to-distribute-sba-loans-2020-4">To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here.</a></li><li><a href="https://www.businessinsider.com/coronavirus-business-impact?IR=T">Stay up-to-date with our latest coverage on the impacts of coronavirus on technology, marketing, and the digital economy here.</a></li></ul>PayPal, Inutit, and Square Capital have been given the green light to participate in the US Small Business Administration's (SBA) emergency loan program for small businesses, <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS8yMDIwLzA0LzEzL3BheXBhbC1pbnR1aXQtc3F1YXJlLWFwcHJvdmVkLXRvLW9mZmVyLWxvYW5zLXRvLXNtYWxsLWJ1c2luZXNzZXMtdGhyb3VnaC1jb3JvbmF2aXJ1cy1yZWxpZWYtcHJvZ3JhbS8/5d233c18f730436f2414784fBf563c288" target="_blank" rel="noopener">per</a> TechCrunch.The $350 billion Paycheck Protection Program (PPP) enables small businesses (those with fewer than 500 employees) to apply for loans as high as 2.5 times their payroll or $10 million - whichever is lower - to help firms <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyMC8wMy8yNi9zbWFsbC1idXNpbmVzc2VzLWdldC1oZWxwLWluLWNvcm9uYXZpcnVzLXJlbGllZi1iaWxsLWJ1dC1pcy1pdC1lbm91Z2guaHRtbA/5d233c18f730436f2414784fB1242ff37" target="_blank" rel="noopener">meet</a> their payroll, utilities, and insurance expenses in order to reduce layoffs. In addition, the <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L2hvdy10aGUtdXMtc3RpbXVsdXMtcGFja2FnZS13b3VsZC1pbXBhY3Qtc21icy1hbmQtYWx0LWxlbmRlcnMtd29sbGl0LXRvLXRvcC11cC1naWctd29ya2Vycy1zYWxhcmllcy1wbGFpZC1leHBhbmRzLXRvLXRoZS1uZXRoZXJsYW5kcy0yMDIwLTM/5d233c18f730436f2414784fBb61613fb" target="_blank" rel="noopener">program</a> allows small businesses to apply for loan forgiveness if they keep staff on payroll for a minimum of eight weeks, and waives personal guarantee requirements.Fintechs have heaped pressure on Congress to allow them to facilitate loans through the coronavirus relief program, and it's starting to respond. Initially, fintechs were not included in the SBA lending program, and Financial Innovation Now - a group of technology leaders including PayPal, Intuit, and Square Capital along with others - <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly9maW5hbmNpYWxpbm5vdmF0aW9ubm93Lm9yZy8yMDIwLzAzLzE5L2Zpbi1jYWxscy1vbi1jb25ncmVzcy10by1oZWxwLXNtYWxsLWJ1c2luZXNzZXMtYXNhcC11c2Utc3BlZWR5LWFsdGVybmF0aXZlLWxlbmRlcnMtdG8tZGlzdHJpYnV0ZS1zdGltdWx1cy1sb2Fucy8/5d233c18f730436f2414784fBdbeb1845" target="_blank" rel="noopener">asked</a> Congress in March to rapidly include alternative lenders.The group voiced concerns that existing lenders would not be able to distribute funds to small businesses quickly enough, leading many to go under. Including the three fintechs in the SBA lending network indicates that Congress believes that these lenders can be relied upon to help speed up digital loan distribution.PayPal, Intuit, and Square Capital will expedite the approval process, as well as shorten the time it will take for small businesses to receive the loans - and more fintechs should be approved in order to further accelerate the disbursement of funds.The three fintechs have outlined their commitment and capabilities to provide a boost to the emergency lending program, leveraging their existing relationships with millions of small businesses, as well as their enhanced digital capabilities. PayPal will be able to utilize its expertise in the seamless digital distribution of funds to speed up disbursement.Intuit, through its subsidiary Quickbooks Capital, will accelerate the application process through automation by applying AI. And Square Capital has underlined how, on top of its digital capabilities, it will draw on its partnership with existing SBA lender Celtic Bank to rapidly get up to speed with the process.Additional fintechs should be approved by the SBA to address the slow disbursement progress made thus far. While small businesses loan applications are seemingly being approved at a <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyMC8wNC8xMy9zb21lLXNtYWxsLWJ1c2luZXNzZXMtYXJlLXN0YXJ0aW5nLXRvLWdldC1yZXNjdWUtZnVuZHMtYnV0LXBheW91dHMtb3ZlcmFsbC1hcmUtbGFnZ2luZy1iZWhpbmQuaHRtbA/5d233c18f730436f2414784fBf0a550d3" target="_blank" rel="noopener">decent pace</a>, the disbursement of these loans is another matter. SBA loans are notoriously slow to reach firms, with loans usually taking two weeks to process, although in the wake of Hurricane Katrina, some businesses had to wait up to 6 months to receive their loans, <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly93d3cuZm9yYmVzLmNvbS9zaXRlcy9taWNoZWxhbW9zY3Vmby8yMDIwLzAzLzI1L2hvdy1mYXItd2lsbC10aGUtZWNvbm9taWMtc3RpbXVsdXMtcGFja2FnZS1nby1mb3Itc21hbGwtYnVzaW5lc3Nlcy8jNzk2Njg4ZjcxZjA1/5d233c18f730436f2414784fB5e6517fa" target="_blank" rel="noopener">Forbes</a> reported.It is not clear how many small businesses have received funds thus far, but it is believed to be relatively low in comparison to those who have applied and have been approved: According to <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly93d3cuY292aWRsb2FudHJhY2tlci5jb20v/5d233c18f730436f2414784fB18964ce2" target="_blank" rel="noopener">COVID Loan Tracker</a>, a private website that tracks small business loans, of the 6,860 firms surveyed at the time of writing, only 4% had received PPP loans. Speed will be critical, as small businesses forced to close their doors will need capital quickly - and we think additional fintech lenders, such as Stripe and Kabbage (which is already <a href="https://e.businessinsider.com/click/20024077.4/aHR0cHM6Ly93d3cuZmFzdGNvbXBhbnkuY29tLzkwNDg4MDExLzctd2F5cy1vZi1kb2luZy1idXNpbmVzcy1ieS16b29tLXRoYXQtYXJlLWhlcmUtdG8tc3RheQ/5d233c18f730436f2414784fB6437e13d" target="_blank" rel="noopener">connecting</a> small businesses and lenders), should be included in the distribution of funds as they could leverage their advanced digital capabilities to distribute the funds at a quicker pace.Want to read more stories like this one? Here's how to get access:<ol><li>Business Insider Intelligence analyzes the fintech industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/corporate-check?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-paypal-intuit-square-approved-to-distribute-sba-loans-2020-4">Check if your company has BII Enterprise membership access.</a></li><li>Sign up for the Fintech Briefing, Business Insider Intelligence's expert email newsletter tailored for today's (and tomorrow's) decision-makers in the financial services industry, delivered to your inbox 6x a week. &gt;&gt; <a href="https://store.businessinsider.com/products/fintech-pro-membership?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-paypal-intuit-square-approved-to-distribute-sba-loans-2020-4">Get Started</a></li><li>Explore related topics in more depth. &gt;&gt; <a href="https://store.businessinsider.com/collections/fintech?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-paypal-intuit-square-approved-to-distribute-sba-loans-2020-4">Visit Our Report Store</a></li><li>Current subscribers can log in to read the briefing <a href="https://intelligence.businessinsider.com/post/paypal-intuit-square-approved-to-distribute-sba-loans-digital-investment-platforms-report-surge-in-customers-kindur-launches-retirement-planning-app-for-baby-boomers-2020-4">here.</a></li></ol><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a>

PayPal, Intuit, and Square Capital can now facilitate government loans

<ul class="summary-list"><li>In partnership with MBE Capital Partners, <keyword id="130390" type="PERSON" weightage="60" keywordseo="Magic-Johnson">Magic Johnson</keyword> is offering $100 million in loans to businesses owned by minorities and women, <a href="https://www.cnbc.com/2020/05/19/magic-johnson-offering-100-million-in-loans-to-minority-owned-businesses.html">he told CNBC</a>. </li><li>The funds will be distributed through the <keyword id="6359222" type="UNKNOWN" weightage="60" keywordseo="Small-Business">Small Business</keyword> Administration's Paycheck Protection Program.</li><li>They are intended to assist business owners in urban areas.</li></ul>While the US has set aside <a href="https://www.businessinsider.com/second-paycheck-protection-program-funding-loans-still-accepting-applications-2020-5">a total of $670 billion</a> in loan relief to small businesses struggling in the coronavirus pandemic, many African-American and Latino-owned businesses <a href="https://www.nytimes.com/2020/05/18/business/minority-businesses-coronavirus-loans.html">have been left out</a>.<a href="https://www.businessinsider.com/magic-johnson-nba-star-to-businessman-2016-2">Magic Johnson</a> wants to help.Johnson, who is the CEO of Magic Johnson Enterprises, collaborated with <a href="https://www.mbecp.com/">MBE Capital Partners</a> to offer $100 million in loans to <keyword id="6367536" type="UNKNOWN" weightage="60" keywordseo="MINORITY">minority</keyword> and women-owned companies that are hurting."This will allow them to keep their employees and keep their doors open," the former Los Angeles <keyword id="166491" type="ORGANIZATION" weightage="60" keywordseo="Lakers">Lakers</keyword> star <a href="https://www.cnbc.com/2020/05/19/magic-johnson-offering-100-million-in-loans-to-minority-owned-businesses.html">told CNBC's "Squawk Box" on Tuesday</a>.The loans were funded through Johnson's <a href="https://www.equitrust.com/" target="_blank" rel="noopener">EquiTrust Life Insurance Company</a> and will be distributed through the government's <keyword id="6361580" type="ORGANIZATION" weightage="60" keywordseo="ppp">PPP</keyword> program, according to CNBC.Johnson's project highlights a problem with how loans have been distributed so far. Many minority-owned businesses have missed out on receiving loans so far, in part <a href="https://www.nytimes.com/2020/05/18/business/minority-businesses-coronavirus-loans.html">because they lack ties to major banks</a>. Community financial institutions, which focus on serving people typically underserved by those banks, including low-income minority business owners, <a href="https://www.washingtonpost.com/business/2020/04/24/covid-19-could-devastate-minority-owned-businesses-amid-fears-theyll-also-miss-out-aid/">are not eligible for the Paycheck Protection Program funding</a>.Rafael Martinez, CEO of MBE, told CNBC said that the loans will assist around 100,000 businesses in urban communities."We have to remember that these businesses have been in urban communities for a long time," Johnson told CNBC. "They've been doing great things, and they probably didn't have a relationship with the banks when the stimulus package went out. So now, we're able to say, 'Hey, you can have a relationship with us.'"In addition to the financial hit that small minority-owned businesses are facing, black Americans have also been <a href="https://www.businessinsider.com/black-americans-disproportionately-hospitalized-with-coronavirus-2020-4">disproportionately hit by the coronavirus, as well</a>."Financially, this has really hurt our community as well as health-wise it's hurt our community, too," Johnson told the network.<h2><a href="https://www.cnbc.com/2020/05/19/magic-johnson-offering-100-million-in-loans-to-minority-owned-businesses.html">Read the original story from CNBC » </a></h2>Read the original article on <a href="https://www.insider.com/magic-johnson-offers-100-million-loans-minority-owned-businesses-2020-5">Insider</a>

Magic Johnson is offering $100 million to minority-owned businesses left out of PPP loans

<ul class="summary-list"><li>The House voted to extend the Paycheck Protection Program through May 31.</li><li>The bill also allows the <keyword id="6359222" type="UNKNOWN" weightage="60" keywordseo="Small-Business">Small Business</keyword> Administration to process loan applications through June 30.</li><li>The 415-3 bipartisan vote may ensure <keyword id="390673" type="PERSON" weightage="60" keywordseo="small-businesses">small businesses</keyword> won't experience a lapse in needed aid.</li></ul>To continue providing aid to small businesses recovering from the pandemic, the House voted on Tuesday to extend the Paycheck Protection Program (PPP) by two months, ahead of its expiration on March 31. The bill to extend the PPP had been <a href="https://www.businessinsider.com/small-business-aid-paycheck-protection-program-may-be-extended-2021-3">introduced</a> on March 11 by Small Business Committee Chair Nydia Velàzquez, Ranking Member Blaine Luetkemeyer, Rep. Carolyn Bourdeaux of Georgia, and Rep. Young Kim of California. Less than a week later, the House overwhelmingly voted by 415-3 to extend the program through May 31 to avoid a lapse of aid. The program has provided small businesses with $700 billion of emergency loans to date, according to a <a href="https://smallbusiness.house.gov/news/documentsingle.aspx?DocumentID=3609">press release</a>."Based on recent economic data and the demand for PPP loans, it's clear that small businesses still need support. We are making progress in our public health fight against this virus, but this pandemic continues to impact communities across the country, and we can't let up on our efforts," Velázquez said in a statement. "By providing small businesses with two more months to apply and giving the SBA [Small Business Administration] an additional month to process applications, we will help ensure critical support isn't cut off."Under the bill, the SBA has until June 30 - a month after the PPP ends - to continue processing loan applications, giving small businesses the chance to continue receiving aid after the Program expires. Since it was first established under the CARES Act in March, the PPP has encountered a host of issues with loan distribution. For example, although loans within the program are intended for businesses with 500 or fewer employees, the fast-food chain <a href="https://www.businessinsider.com/shake-shack-returns-govt-coronavirus-loan-criticism-small-businesses-2020-4">Shake Shack received a $10 million loan</a>, which it later returned.And recently, the Office of the Inspector General found that the PPP distributed more than one loan to over <a href="https://www.businessinsider.com/small-business-duplicate-loans-paycheck-protection-program-ppp-inspector-general-2021-3">4,000 borrowers</a> due to flaws in the SBA's controls. However, despite the flaws, small businesses have not yet recovered from financial hits the pandemic brought on, emphasizing the need for a PPP extension. In President Joe <keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword>'s <keyword id="10601442" type="UNKNOWN" weightage="60" keywordseo="american-rescue-plan">American Rescue Plan</keyword> he <a href="https://www.businessinsider.com/stimulus-biden-signs-trillion-covid-relief-package-checks-direct-payments-2021-3">signed</a> on March 11, <a href="https://www.businessinsider.com/democrats-propose-50-billion-small-business-aid-stimulus-package-2021-2">$50 billion</a> was set aside for small businesses, including $7.25 billion specifically for the PPP. The bill now heads to the Senate, where it may be passed before members leave Washington in mid-April."As America begins to open up for business and vaccines become more widely distributed across the country, we must provide targeted relief for small businesses that need it most," Luetkemeyer said in a statement. "This bipartisan legislation provides a commonsense extension to the Paycheck Protection Program and the tools for Main Street USA to contribute to their local economies once again."

House passes bill to extend PPP small business aid for 2 months

<ul class="summary-list"><li>The Senate passed a bill to extend the Paycheck Protection Program through May 31.</li><li>The <keyword id="6359222" type="UNKNOWN" weightage="60" keywordseo="Small-Business">small business</keyword> lending program was set to expire in six days.</li><li>The bill allows the Small Business Administration to process loan applications through June 30.</li></ul>Ahead of an expiration date six days away, the Senate passed a bill on Thursday to extend the Paycheck Protection Program (PPP) through May 31, allowing small businesses to continue receiving emergency aid.Last week, the House <a href="https://www.businessinsider.com/house-paycheck-protection-program-extension-2-months-small-business-aid-2021-3">passed</a> the PPP Extension Act, which would extend the small-business-lending program through the end of May and permits the Small Business Administration to continue processing loan applications through the end of June. On Thursday, right before leaving Washington until mid-April, the Senate voted to pass the extension with overwhelming bipartisan support, by a vote of 92-7. According to SBA <a href="https://www.sba.gov/sites/default/files/2021-03/PPP_Report_Public_210321-508.pdf">data</a> released on Sunday, the PPP has given out 8.2 million small businesses loans thus far, totaling $718 million, and the program, along with the help of other pandemic aid from the government, has helped small businesses <a href="https://www.businessinsider.com/most-small-businesses-kept-paying-bills-during-covid-urban-institute-2021-3">continue paying their bills</a> throughout the pandemic. But the PPP is not without its flaws. Since its establishment under the CARES Act in March, the program has faced issues with loan distribution. For example, although loans within the program are intended for businesses with 500 or fewer employees, large companies received loans, such as fast-food chain <a href="https://www.businessinsider.com/shake-shack-returns-govt-coronavirus-loan-criticism-small-businesses-2020-4">Shake Shack getting $10 million</a>, which it later returned.And last week, the Office of the Inspector General found that the PPP had distributed duplicate loans to over <a href="https://www.businessinsider.com/small-business-duplicate-loans-paycheck-protection-program-ppp-inspector-general-2021-3">4,000 borrowers</a> due to problems in the SBA's controls, duplicates that would have to be clawed back. However, lawmakers emphasize that small businesses are still reeling from pandemic-driven financial strains and require further aid for recovery. That's why President Joe <keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword>'s <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> bill included <a href="https://www.businessinsider.com/democrats-propose-50-billion-small-business-aid-stimulus-package-2021-2">$50 billion</a> for small business aid, along with $7.25 billion specifically for the PPP."These loans have saved small businesses throughout our nation," Sen. <keyword id="363277" type="PERSON" weightage="60" keywordseo="Ben-Cardin">Ben Cardin</keyword> of Maryland said on the Senate floor on Wednesday. "They would not be here today but for this program." The bill now heads to Biden's desk to be signed into law.

Senate votes to extend PPP through May, continuing aid for small businesses

<ul class="summary-list"><li><keyword id="6368751" type="UNKNOWN" weightage="60" keywordseo="banks">Banks</keyword> in July filed a record-high number of claims of suspected business-loan fraud, according to a new report.</li><li>At the time, banks were distributing billions of dollars in loans to small businesses through the Paycheck Protection Program.</li><li>The federal program has been under scrutiny over the possibility of fraud.</li><li>The Project on Government Oversight study released Thursday analyzes previously unreported government data to the Treasury Department.</li></ul>Banks experienced an unusually high spike in reports of suspected business-loan fraud for the month of July, a period when they had been lending out Payment Protection Program loans to small businesses, according to a <a href="https://www.pogo.org/investigation/2020/09/spike-in-suspected-business-loan-fraud-reports-coincided-with-paycheck-protection-program/">new report released Thursday</a>.The study, conducted by the Project on Government Oversight, an independent watchdog, analyzed previously unreported government data and found that banks filed 1,044 suspicious-activity reports to the Treasury Department's Financial Crimes Enforcement Network, also known as FinCEN.That figure is nearly seven times the monthly average and is the highest of any month recorded in FinCEN's database, which has been operating since 2014. For comparison, 1,263 reports were filed in all of 2015, the researchers said.The number was also far higher than that of June, when a then-record 489 reports of suspected fraud were reported.Though the suspicious-activity claims are not "definitive evidence of fraud, the FinCEN data casts doubt on the assertion that there has been minimal fraud in the Paycheck Protection Program," the report said.<keyword id="1575" type="ORGANIZATION" weightage="60" keywordseo="Congress">Congress</keyword> approved a sweeping $660 billion in federal payouts earlier this year to help keep small businesses afloat amid the disruption caused by the coronavirus pandemic. The program's rollout was met with a public outcry, however, when several large companies were found to have applied for the loans.Thursday's report adds to early analyses that have indicated fraud may have occurred as well while banks distributed the relief funds. The <keyword id="6359222" type="UNKNOWN" weightage="60" keywordseo="Small-Business">Small Business</keyword> Administration Office of Inspector General has said the agency has launched investigations into suspected fraud reports submitted by banks.House Democrats have <a href="https://www.businessinsider.com/ppp-loans-high-risk-fraud-waste-abuse-coronavirus-economic-stimulus-2020-9">previously sounded the alarm</a> for additional oversight of the federal payouts and last week <a href="https://www.businessinsider.com/ppp-loans-high-risk-fraud-waste-abuse-coronavirus-economic-stimulus-2020-9">released a memo</a> that the loans could be subject to waste and abuse. Republicans, on the other hand, also released a <a href="https://republicans-oversight.house.gov/wp-content/uploads/2020/09/FINAL-PPP-Report-8.28.20.pdf">report on the program</a>, praising its "resounding success."Additional money for small businesses is being considered in a new economic package, which has been deadlocked by Congress for months, as the country suffers a recession. The <keyword id="6361580" type="ORGANIZATION" weightage="60" keywordseo="ppp">PPP</keyword> funding expired August 8.The Small Business Administration provided roughly $190 billion more to businesses late last month through the Economic Injury Disaster Loan program, which has also been <a href="https://www.businessinsider.com/widespread-fraud-likely-in-ppp-bailout-program-payments-sba-watchdog-2020-7">under scrutiny over the possibility of fraud</a>.

Banks filed a record number of reports flagging suspected business-loan fraud at the same time they disbursed PPP funds that Republicans called a 'resounding success'

<ul class="summary-list"><li>The governor of the <keyword id="106488" type="CITY" weightage="60" keywordseo="Bank-of-England">Bank of England</keyword> called on British <keyword id="6368751" type="UNKNOWN" weightage="60" keywordseo="banks">banks</keyword> to accelerate their distribution of government-backed <keyword id="6362287" type="UNKNOWN" weightage="60" keywordseo="loans">loans</keyword> to coronavirus-hit businesses on Friday. </li><li>Bailey warned that a 35% plunge in second-quarter GDP if the lockdown continues was "not implausible" based on economic trends so far.</li><li>It is extremely unusual for a BoE governor to make such a statement.</li><li>"They have got to put their backs into it and get on with it, frankly," <keyword id="1129657" type="PERSON" weightage="60" keywordseo="Andrew-Bailey">Andrew Bailey</keyword> said in a virtual press conference.</li><li>Only one in 60 companies that expressed interest in the scheme have received funds, according to <a href="https://www.ukfinance.org.uk/press/press-releases/banking-and-finance-sector-provides-over-%C2%A31-1-billion-to-smes-through-covid-19-lending-scheme">UK Finance data</a> published this week.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Britain's banks need to speed up their distribution of government-backed loans to businesses battling to survive the novel <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> outbreak, the Bank of England's governor, Andrew Bailey, said in a virtual press conference on Friday."They have got to put their backs into it and get on with it, frankly," Bailey said, <a href="https://uk.reuters.com/article/uk-health-coronavirus-boe-bailey/boes-bailey-tells-banks-to-put-their-back-into-it-on-covid-19-loans-idUKKBN21Z27Q">according to Reuters</a>. The central-bank chief also suggested that the Treasury, which has vowed to underwrite 80% of the cost to banks if debtors fail to repay the funds, could relax its requirements to speed up the process, <a href="https://www.telegraph.co.uk/business/2020/04/17/bank-englands-andrew-bailey-tells-government-step-payouts-risk/">The Telegraph reported</a>.Bailey's comments came after UK <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">Finance</keyword> <a href="https://www.ukfinance.org.uk/press/press-releases/banking-and-finance-sector-provides-over-%C2%A31-1-billion-to-smes-through-covid-19-lending-scheme">revealed that just £1.1 billion</a> ($1.4 billion) worth of loans have been approved under the coronavirus business interruption loan scheme (CBILS). Moreover, only one in 60 companies that expressed interest have received funds so far.The governor recognized that the nation's banks are under "serious strain" as they work through a flood of loan applications with many employees are working from home, Reuters said.Bailey warned that the budget watchdog's forecast of a 35% plunge in second-quarter UK GDP if the lockdown continues for three months was "not implausible" given early evidence of a "big drop-off in activity."Following International Monetary Fund and World Bank meetings this week, Bailey said authorities around the globe are prepared to take the needed steps to protect their economies from the coronavirus crisis."My conclusion from this week is there is an awful lot of common commitment to do what needs to be done," he said.Read the original article on <a href="https://www.businessinsider.com/bank-of-england-andrew-bailey-coronavirus-loans-2020-4">Business Insider</a>

Fearing a 35% drop in GDP, Bank of England governor pressures banks to speed up coronavirus loans

<keyword id="8009942" type="General" weightage="20" keywordseo="walmart-owned-flipkart" source="Orion">Walmart-owned Flipkart</keyword> on Friday announced that it will be distributing <keyword id="6355975" type="General" weightage="20" keywordseo="axis-bank" source="Orion">Axis Bank</keyword>'s <keyword id="35520" type="General" weightage="20" keywordseo="personal-loans" source="Orion">personal loans</keyword> on the e-commerce platform. The platform, which has 450 million customers, will be distributing loans of up to ₹5 lakh which can be repaid in up to three years, it said in a statement. The announcement comes amid reports of <keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>'s concerns on the high growth in the more riskier unsecured lending segment like personal loans and credit cards. "As Indian consumers continue to evolve, an increasing aspiration exists to enhance their lifestyles," the Flipkart statement said. The facility in tie-up with the third largest private sector lender will empower customers with increased purchasing power, it added. Flipkart's senior vice president for fintech and payments group, Dheeraj Aneja said the e-commerce platform already offers financing avenues like Buy Now Pay Later (BNPL), Equated Monthly Installments (EMI), and Co-branded Credit Cards to support buyers. "Our focus is to enable credit and enhance purchasing power by granting access to liquidity precisely when needed. These financial solutions cater to the evolving demands of consumers, offering greater flexibility and convenience throughout their purchasing journeys," Aneja added. Axis Bank's president and head of digital business and transformation, Sameer Shetty, said the bank will be able to offer lending to a wider spectrum of customers through the partnership. Customers will be able to get loan approvals in 30 seconds under the partnership, the statement said.

Flipkart to distribute Axis Bank personal loans of up to ₹5 lakh

<ul class="summary-list"><li><keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword> made changes to the Paycheck Protection Program on Monday to ensure equitable access to <keyword id="6359222" type="UNKNOWN" weightage="100" keywordseo="Small-Business">small business</keyword> relief.</li><li>The changes included a 2-week period for only businesses with under 20 employees to apply to the program.</li><li>The <keyword id="162115" type="ORGANIZATION" weightage="60" keywordseo="SBA">SBA</keyword> will also work to ensure access to those with <keyword id="1738329" type="PERSON" weightage="60" keywordseo="Student-Loan-Debt">student loan debt</keyword> and/or unrelated prior felony charges. </li></ul>To help the smallest businesses in the country facing financial hardships, President Joe Biden <a href="https://www.businessinsider.com/ppp-loan-rules-change-biden-small-business-loans-covid-pandemic-2021-2">announced</a> on Monday that he will implement changes to provide more equitable access to the Paycheck Protection Program (PPP).The first round of PPP loans closed in August, and in December, Congress added funding that allowed the second round of PPP loans to open on January 13.According to a White House <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/02/22/fact-sheet-biden-harris-administration-increases-lending-to-small-businesses-in-need-announces-changes-to-ppp-to-further-promote-equitable-access-to-relief/">fact sheet</a> released on Monday, funding for businesses with fewer than 10 employees is up by 60% compared to last year, while funding to businesses in rural areas is up by 30%, and funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up by more than 40%.The remaining funds will be available for distribution through March 31. The changes to the PPP that the president announced on Monday, which included prioritizing businesses with less than 20 employees and expanding the program's access to underserved communities, are intended to build on the program's demonstrated improvements."Getting our <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> back means bringing our small businesses back," Biden said in an <a href="https://twitter.com/WhiteHouse/status/1363903771269427202">announcement</a> on Monday. "And that's what we're going to do and that's what I'm doing today."Here are the five specific changes Biden made to the PPP:<h2>(1) Instituting a 2-week period where only businesses with under 20 employees can apply for the program</h2>To further target small businesses aid, Biden will institute a 14-day period, from February 24 to March 10, where only businesses with 20 employees and under will be allowed to apply for the PPP to "allow lenders to focus on serving these smallest businesses."The fact sheet says 98% of small businesses have fewer than 20 employees, and that they are the "Main Street businesses that anchor our neighborhoods and help families build wealth."Those businesses often struggle more than larger businesses in accessing relief, according to the fact sheet, which is why the two-week period will be implemented to ensure targeted aid. <h2>(2) Providing more funding for sole proprieters and self-employed individuals</h2>With many businesses without employees being structurally excluded from the PPP's loan calculations, the president's new changes will revise the loan calculation formula to ensure it includes sole proprieters, self-employed individuals, and independent contractors.Also, $1 billion will be set aside for businesses in that category located in low and moderate income areas. <h2>(3) Eliminating the restriction that prevents small business owners with non-fraud-related felonies from receiving PPP aid</h2>According to current PPP requirements, a business is ineligible for the program if the owner has had an arrest or felony conviction related to financial assistance fraud in the last five years, or any other felony within the previous year. To expand PPP access, Biden will adopt provisions in the bipartisan <a href="https://www.congress.gov/bill/116th-congress/senate-bill/3865">PPP Second Chance Act</a>, which would eliminate the second felony restriction. "Anyone who has rebuilt their life after being incarcerated should be celebrated and supported," Sen. Ben Cardin of Maryland, one of the co-sponsors of the bill, said in a <a href="https://www.portman.senate.gov/newsroom/press-releases/portman-cardin-lankford-booker-introduce-paycheck-protection-program-second">statement</a>. "Congress created PPP to help all small businesses keep their employees on payroll, and there is no reason why a business owned by someone with an unrelated criminal record should be treated any differently."<h2>(4) Eliminating the restriction that prevents small business owners with student loan debt from receiving PPP aid</h2>Business owners who are delinquent on a federal debt in the last seven years, including student loan debt, are currently ineligible to apply for the PPP.With millions of Americans holding student loan debt, Biden called on the Small Business Administration to work with the Depts. of Treasury and Education to remove the student loan delinquency restriction, meaning that those who are late on paying back their loans will not be cut out of PPP eligibility.<h2>(5) Ensuring access for non-citizens who are lawful residents to apply for PPP relief</h2>While the PPP requirements specify that any lawful US resident can access the program, a lack of guidance from the SBA created inconsistencies for those using Individual Taxpayer Identification Numbers, making it difficult for them to get relief.Biden directed the SBA to make clearer guidance so all eligible applicants will not be denied access to the PPP."We will ensure every dollar is spent well," Biden said on Monday. "These changes will bring much-needed, long overdue help to small businesses who really need help staying open, maintaining jobs and making ends meet."

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Fearing a 35% drop in GDP, Bank of England governor pressures banks to speed up coronavirus loans

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Flipkart to distribute Axis Bank personal loans of up to ₹5 lakh

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5 ways Biden just tweaked the PPP to help the smallest businesses survive

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