Remove Caps Remove Payroll Remove Small Business
article thumbnail

Wells Fargo Shifts Gears To Extend Small Business $10B In Relief Loans

PYMNTS

It anticipates that its loan capacity will be maxed out under the program since it is operating with the current asset cap limitations. Today, the company continues to operate in compliance with an asset cap imposed by its regulator due to actions of past leadership. Customers will be notified with updates in the coming days.

article thumbnail

Investors Cap Off 2020 With An Eye On B2B eCommerce, SMB Banking

PYMNTS

There were several notable rounds, including high-value deals for supply chain management, B2B eCommerce and small business banking. To cap off a year in which business travel plummeted, travel and expense management software company Navisteps raised $1 million in pre-seed funding , reports said.

B2B 84
article thumbnail

Bank Of America Adjusts Small Business Cash-Back Card Program

PYMNTS

Bank of America is making changes to its cash-back small business credit card, reports in NerdWallet said this week. The biggest change to the bank’s Business Advantage Cash Rewards Mastercard small business credit card is a lower cap on bonus rewards.

article thumbnail

Hundreds Of Probes Into PPP Loan Fraud Have Been Opened

PYMNTS

WSJ reported that the Small Business Administration ’s (SBA’s) inspector general said there were “strong indicators of widespread potential abuse and fraud in the PPP.”. The SBA is now accepting loan-forgiveness applications, which are largely expected to be approved if companies can show the money was spent mostly on payroll.

article thumbnail

FinTechs Help Banks Ease The PPP Lending Pain

PYMNTS

Small businesses overwhelmed U.S. It was a shaky start for the initiative that was designed to ease the pain of the coronavirus pandemic, with small businesses expressing frustration at the “ nightmare ” process of attempting to access a portion of the $349 billion available under the legislation. billion in applications.

FinTech 98
article thumbnail

Payroll Fraud Could Cost KeyCorp $90M

PYMNTS

In a K-8 filing, KeyCorp, which is based in Cleveland, said the fraud involved a “business customer” and that it was discovered “on or about” July 9. The customer involved in the fraud is Interlogic Outsourcing, which processes payrolls and is based in Elkhart, Indiana. The event occurred in the beginning of Q3.

Payroll 57
article thumbnail

House Expected To Approve PPP Changes

PYMNTS

A bipartisan proposal to improve the terms of the Small Business Administration’s Paycheck Protection Program (PPP) is expected to face a House vote next week. Businesses are starting to reopen their doors, and if they had a few more weeks they could rehire everybody,” Sen.