Month: April 2020

Giant small business program poses herculean challenge for US banks

New York (AFP) – After laying off almost all of his workforce across seven stores, Legacy Toys owner Brad Ruoho sees a path to rehiring them only if the new $350 billion US small business lending program performs as promised.

Passage of the giant US relief package that includes the program “enabled us to feel more confident about bringing on extra help,” said Ruoho, whose Minnesota-based chain has already re-hired 10 of 75 employees to support a growing e-commerce push.

Ramping up the massive program will be a herculean task for the Small Business Administration (SBA) and for the nation’s banks during a period of skyrocketing unemployment.

Signs were mixed by Friday afternoon, with the biggest US banks at various stages of rolling out their programs and the status of many lenders changing by the minute.

Questions cropped up on everything from bank money-laundering rules to how fast loans could

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3 small business owners describe process of applying for PPP coronavirus loans

The Trump administration’s $349 billion Payment Protection Program launched last Friday to provide emergency loans to American small businesses devastated by coronavirus—if business owners can navigate the confusing application process

Banks were meant to be able to begin accepting applications last Friday, but very few banks had their online portals up and running at that time. Once they did, they were quickly flooded with applications. Bank of America received 10,000 loan applications in the first hour.

By Monday morning, Bank of America had received 177,000 applications for a total of $32.6 billion in loans, or nearly 10% of the $349 billion allotted. (The Small Business Administration told Yahoo Finance on Tuesday evening that there have been 275,000 applications overall, totaling $75 billion in loans.)

Bank of America (BAC) was criticized for initially rejecting applicants who did not have existing commercial loans with the bank, a qualification BofA

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Trump Encouraged Sean Hannity To Go After the New York Times

Illustration by Kelly Caminero/The Daily Beast/Getty
Illustration by Kelly Caminero/The Daily Beast/Getty

Over the past month, as Fox News personality Sean Hannity seethed over his—and his network’s—treatment in the New York Times, one of the host’s closest friends quietly encouraged him to exact some revenge on the newspaper for reporting that Hannity had downplayed the threat of the coronavirus.

This particular friend was none other than President Donald Trump, who at the time was busy overseeing the federal response to the pandemic and resulting U.S. economic implosion, as his reelection campaign was also filing lawsuits against various local and national media outlets.

According to two people familiar with the matter, Trump had privately gossiped with Hannity—a prominent informal adviser to this president and one of Trump’s preferred late-night phone buddies—about the Fox host’s desire to make an example of the Times. Though President Trump thought it was a good idea for Hannity to explore

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Limerick Business Unleashed Dog Grooming Salon Needs Your Support

The new coronavirus has changed life for all of us. Local businesses have taken a huge economic hit, but communities are finding creative ways to support the establishments they know and love.

In an effort to help local businesses in our communities stay connected and succeed, Patch will shine a light on some of them through a series of Q&A articles during this time.

Unleashed Dog Grooming Salon is one of the businesses in town facing struggles during the coronavirus. You can lend your support by reading more about the company, below, and by contacting them here.

Tell us about your business and its history in your town.

I started unleashed Dog Grooming Salon from my home in Limerick in response to a need I saw — dogs experiencing high anxiety from big-business, loud, cage-lined pet stores. I have developed my own personal philosophy and methods based on research-proven

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