The central bank is creating a facility to provide financing to banks participating in the Small Business Administration’s Paycheck Protection Program.
This is normally the time of year when the federal government is collecting taxes due, but the devastating coronavirus now has the U.S. trying to rapidly dole out hundreds of billions of dollars in aid and tax breaks to businesses large and small.
These direct payments are intended to provide direct assistance to American taxpayers who have lost wages, jobs or opportunities because of COVID-19. But there is some fine print.
Yes, the Small Business Administration's emergency funding program for the coronavirus crisis is off to a rocky start, but that shouldn't stop banks from helping customers in need.
Accounting and tax professionals are especially in the throes of the evolving situation as federal and state governments discuss how they will provide relief to struggling families and American businesses.
The Trump administration’s $349 billion small-business rescue kicked off Friday surrounded by concerns about its ability to handle an expected flood of applications and deliver enough aid to mom-and-pop firms hit hardest by the coronavirus pandemic.
Many bankers find crucial parts of the SBA effort to help businesses hurt by the coronavirus outbreak to be unclear and onerous. If those issues go unresolved, participation could suffer.
Lenders can offer deferred payments and capitalize on digital banking to help small businesses and consumers get back on their feet.
Lenders and government guarantors can use loan technology to bring immediate relief to business owners, former OCC official Jo Ann Barefoot says.
Small businesses that had been experiencing steady job and wage growth prior to the outbreak of the coronavirus pandemic are seeing that situation change, according to figures from the payroll giant Paychex.