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PPP loans

Many small businesses that closed at start of pandemic may never reopen

by Nancy Marshall-Genzer
May 5, 2021
The New York Fed said each additional week a service business is closed cuts its chance of reopening by 2 percentage points.
Some businesses that closed at the beginning of the pandemic have been forgotten by their former customers.
Spencer Platt/Getty Images
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After a year on the PPP front lines, a community banker is seeing confidence return

by Kai Ryssdal and Sean McHenry
Apr 13, 2021
PPP loans have produced great results, says Seattle banker Laurie Stewart. She's optimistic about demand rising without inflation.
The interior of the Woolly Mammoth shoe store in Seattle, where Laurie Stewart's Sound Community Bank is based.
Karen Ducey/Getty Images
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COVID-19

PPP loan deadline extension would help banks process more applications

by Justin Ho
Mar 29, 2021
The latest loans have moved more slowly than the previous round, due in part to additional compliance checks to prevent fraud.
Larger companies initially took advantage of the Paycheck Protection Program, which was intended to offer forgivable loans to smaller businesses.
Kameleon007 via Getty Images
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For the smallest businesses, an exclusive chance to line up for PPP loans

by Justin Ho
Mar 9, 2021
Companies with fewer than 20 employees have had an exclusive two-week PPP loan application window.
The Small Business Association's two-week application window for the smallest small businesses ends tonight.
andresr via Getty Images
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COVID-19

New PPP plan aims to level playing field for smallest businesses

by Meghan McCarty Carino
Feb 24, 2021
Smaller businesses owned by women and people of color often lack the banking relationships that larger companies have.
President Biden announced changes Monday to the Paycheck Protection Program aimed at helping smaller businesses owned by women and people of color to qualify for federal loans due to the economic impact that has been caused by the COVID-19 pandemic.
Alex Wong/Getty Images
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Some businesses that could use the help aren't eligible for new PPP loans

by Justin Ho
Feb 23, 2021
Businesses can only apply for the latest round of loans if their revenue fell 25% or more.
The pandemic has had varying affects on businesses' earnings. Some have seen modest revenue declines but are still in jeopardy.
Robyn Beck/AFP via Getty Images
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Businesses aren't flocking to this round of PPP loans

by Justin Ho
Feb 2, 2021
Three-quarters of the money Washington set aside hasn't been touched. Some point to new restrictions on which businesses qualify.
Despite the need for relief, businesses are finding it difficult to meet the eligibility requirements.
Stephanie Keith/Getty Images
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COVID-19

Lenders start processing the second round of PPP loans

by Justin Ho
Jan 25, 2021
Bankers say the process is running a lot more smoothly this time, in part because they have a better sense of what to expect.
Olivier Douliery/AFP via Getty Images
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COVID-19

Bodegas are a lifeline in NYC ... and many are in trouble

by Jasmine Garsd
Jan 12, 2021
These small convenience stores are often focal points for neighborhoods, and not only for the food and other supplies they sell.
Francisco Marte's bodega is a lifeline for many in his Bronx community.
Jasmine Garsd/Marketplace
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COVID-19

New PPP changes aim to serve businesses owned by marginalized communities

by Justin Ho
Jan 12, 2021
A Black-owned bank CEO in South Carolina says the new PPP applicants he's seen are businesses owned by women and people of color.
Applications have to go through community banking organizations — no big banks, for now, at least.
hapabapa via Getty Images
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