Signature Bank extended dozens more loans under the federal Paycheck Protection Program (PPP) to cryptocurrency businesses than was previously reported. Around $20 million of the $1.9 billion in PPP loans the bank extended was given to roughly 40 firms in the digital asset space, said CEO Joseph DePaolo. The executive would not name the firms it gave PPP loans to or give an exact number of firms who took out a loan through the relief program. (Signature’s $1.9 billion in loans accounts for roughly .55% of the entire $350 billion that was disbursed through the U.S. Small Business Administration.) Public records […]
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It might have only taken a few court fights and a Capitol Hill lobbying campaign, but payday lending companies managed to get a cut of the near-$700 billion relief fund set aside by Washington to help the country’s small businesses weather the coronavirus outbreak. Records of who received loans under the Paycheck Protection Program released last week show that 35 companies that provide payday loans, car title loans, and other high-interest, low-dollar borrowing options netted millions of dollars in federal coronavirus aid—anywhere from $9 billion to $23 billion, in total. The Small Business Administration, which administers the PPP, does not release […]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act , a $2 trillion economic stimulus bill signed into law by President Trump in March in response to the economic fallout from the COVID-19 pandemic, provides for a Paycheck Protection Program extending forgivable loans to small businesses. World banks are looking to siphon off some $18 billion in fees for facilitating the settlement of small business relief loans under the Paycheck Protection Program (PPP) that originated from the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Washington Center for Equitable Growth’s (WCEG) policy director, Amanda Fischer, is cited by The Intercept […]
They don’t exactly scream “small business.” At least 1,322 companies backed by private equity investors received Paycheck Protection Program loans from the Small Business Administration, according to a review by the Project On Government Oversight (POGO) and the Anti-Corruption Data Collective. The pandemic bailout loans obtained by the companies are worth, in total, between $1.5 billion and $3.4 billion. (The loan data released by the government provided a range of the value of each loan, rather than their specific values.) The loans, intended for struggling small businesses, can be forgiven in full. As 2020 began, the relatively secretive private equity industry—helmed […]
A 29-year-old Texas man is in A-1 trouble after being charged Monday with siphoning nearly $1 million in Payment Protection Program loans meant for a barbecue company into a cryptocurrency trading account. Read the unsealed criminal complaint below: Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link
Billionaire rapper and shoe designer Kanye West’s company has received a multimillion-dollar loan as part of the federal government’s coronavirus stimulus package, according to records released Thursday by the U.S. Treasury’s Small Business Administration. The money was handed out in the latest round of the Paycheck Protection Program, part of the Trump administration’s $2 trillion CARES Act designed to provide economic relief to small businesses during the coronavirus pandemic. Yeezy LLC, a California company, is listed in the Treasury’s log as a recipient of a loan worth between $2 million and $5 million. The company self-identified as being male-owned and a […]
Several companies associated with US lawmakers, including Mike Kelly (R-Pa), Kevin Hern (R-Okla.), Markwayne Mullin (R-Okla.) and Rick Allen (R-Ga.), Roger Williams (R-Texas), Vicky Hartzler (R-Mo.), Susie Lee (D-Nev.) and Debbie Mucarsel Powell (D-Fla.) have applied for coronavirus loans recently. EDI Associates, linked to House Speaker Nancy Pelosi’s husband, Paul Pelosi, has received a loan of between $350,000 and $1 million under the federal $669 billion Paycheck Protection Program (PPP) for small businesses affected by the coronavirus pandemic, according to loan-level disclosures released on Monday. According to Pelosi’s spokesman Drew Hammill, her husband is an investor in the firm and therefore was “not […]
Senator Susan Collins is fighting for her political life with a new television ad that says “in a time of crisis, real leaders step forward. Others disappear.” The ad touts that the Maine Republican co-wrote the Paycheck Protection Program that’s provided $2.5 billion in forgivable loans to more than 26,000 small businesses in the state. It doesn’t mention that she also allowed special interests and big donors to access the Paycheck Protection Program, or PPP. All it took was three little words. Source link
Rosemary Ugboajah (at front) with her company’s leadership team, Alan Tse and Sheri Ellis. Terry Hastings/The Hastings Gallery hide caption toggle caption Terry Hastings/The Hastings Gallery Rosemary Ugboajah (at front) with her company’s leadership team, Alan Tse and Sheri Ellis. Terry Hastings/The Hastings Gallery The first time Rosemary Ugboajah applied for a small-business relief loan, it didn’t go well. She needed the money for her small Minneapolis-based company, which has created ad campaigns for brands like the NCAA Final Four. So she went to her credit union. “They were hard to reach, but eventually I got through to someone and they […]
Shelley Luther, the Texas hair salon owner who received national attention for defying orders to keep her shop temporarily closed during the coronavirus pandemic, admitted on Monday morning that she had received $18,000 in stimulus funds days before her fateful court appearance. Luther became a conservative hero when she was briefly jailed last week following her refusal to apologize to a Texas judge after she was found guilty of civil and criminal contempt for violating a temporary restraining order by keeping her shop open despite stay-at-home orders. Sentenced to seven days in jail and a $7,000 fine, Luther was quickly freed […]