Merchant

Online lenders, core providers and software companies have created digital platforms that speed up and simplify Paycheck Protection Program loans for businesses reeling from the coronavirus pandemic.

Bank’s earnings fall 69% in the first quarter; this week’s earnings reports could determine whether banks will need to suspend dividends.

Central banks are releasing trillions of dollars to bolster economies through the coronavirus pandemic, giving rise to a pair of trends that could push merchants and consumers to embrace digital currencies as a mainstream payment alternative.

PayPal, Intuit QuickBooks Capital and Square Capital have been named direct lenders in the Paycheck Protection Program, and more await the go-ahead. They could be crucial to reaching the smallest firms trying to survive the economic toll of the coronavirus pandemic.

Just days after the Fed lifted Wells Fargo's asset cap so it could make more Paycheck Protection Program loans, it warned customers its queue is long and they may want to go elsewhere before program funds are exhausted.

Suneera Madhani, CEO of the digital acquirer Fattmerchant, tells PaymentsSource how the coronavirus pandemic has affected how her employees go to market with new payments technology — and how making the shift to digital helps both the acquirer and its clients.

Q1 profits expected to drop by nearly 25%, while investment banking revenues could tank much more; many banks have tighter standards than the SBA.

After opening-day fiasco, SBA upgrades lender portal with Amazon assist; West Virginia’s First State Bank closed by regulators; BofA offers emergency loans to borrowers first, freezing out depositors; and more from this week’s most-read stories.

Bank of America, which came under fire for prioritizing applications from existing small-business customers, asked a federal judge in Baltimore to reject a request in a lawsuit to temporarily bar it from employing the practice.

The week-old Paycheck Protection Program will be opened up to sole proprietors and independent contractors on Friday.