Paycheck Protection Program

Jo Jagadish, who joined TD Bank in April as head of commercial products and payments innovation, spent her childhood moving from country to country, so she's used to a world without borders — the kind of world emerging from the capabilities of fintech and demands of the pandemic.

A public-private partnership that has fewer rules and restrictions than the Paycheck Protection Program would save more small businesses.

The Small Business Administration began accepting applications Monday, but lenders such as JPMorgan Chase are holding off in hopes that Congress will grant blanket forgiveness for smaller Paycheck Protection Program loans.

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Spinning off its digital bank will allow Pennsylvania-based Customers to beef up its commercial lending and buy other banks. BankMobile, meanwhile, plans to pursue more white-label relationships and perhaps explore its own acquisitions.

A survey of companies that received funding from the Paycheck Protection Program also showed that respondents on average have cut their payroll costs by more than half.

Many sellers are ditching the loans to avoid the cumbersome forgiveness process. For others, the Paycheck Protection Program was never a strategic fit.

The owner of The Shuckery in Petaluma, Calif., says she was unable to get a Paycheck Protection Program loan until she responded to an email from the delivery service and BlueVine.

Square's gross payment volume tumbled by 15% year-over-year due to COVID-19’s impact, but revenue jumped as online selling rose, Cash App doubled in users and Square enabled almost $900 million in PPP loans.

Along with the assets-under-management milestone, Michigan Business Connection noted that its partner credit unions have financed more than 1,000 Paycheck Protection Program loans.