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Small businesses in New York and New Jersey may have gotten shortchanged on federal coronavirus loans because of bad “logistics” as local banks struggled to meet demand, according to a new study. The COVID-19 pandemic has ravaged New York and New Jersey, killing more than 20,000 people and crippling the world’s most productive local economy, …

WASHINGTON – The US government will cap how much each bank can lend under the emergency loan program designed to keep workers on payrolls amid the coronavirus pandemic, according to a memo seen by Reuters hours ahead of the reopening of the lending program. The Small Business Administration (SBA) will impose a maximum dollar amount …

New money for loans to small businesses battered by the coronavirus crisis could reportedly dry up almost as soon as it arrives. The US Senate approved $310 billion in extra funds this week for the feds’ Paycheck Protection Program, which exhausted its initial $349 billion budget in two weeks. But banking groups say so many …

Small businesses shut out of the government’s paycheck protection loan program last week are fuming at their banks for fumbling their applications. Dan Abrams, who owns The Mermaid Inn and five other eateries in Manhattan, had all of his loan documents at the ready when the Small Business Administration launched the $350 million stimulus program …

Banks raked in $10 billion in fees for handing out US-backed loans to shore up small businesses battered by the coronavirus — despite taking on little to no risk on the deals, a new report says. The feds paid banks for serving as intermediaries for the $349 billion Paycheck Protection Program, which allowed any federally …

Lord & Taylor is exploring filing for bankruptcy protection after it was forced to temporarily shut all of its 38 US department stores in the wake of the coronavirus outbreak, people familiar with the matter said on Monday. It is one of several options that the retailer and its advisers are exploring, which also include …

Neiman Marcus Group is preparing to seek bankruptcy protection as soon as this week, becoming the first major US department store operator to succumb to the economic fallout from the coronavirus outbreak, people familiar with the matter said. The debt-laden Dallas-based company has been left with few options after the pandemic forced it to temporarily …

If you can’t pay your credit card because you lost your job owing to the coronavirus pandemic, your card company might help. Depending on the card, the issuer might let you skip a month, waive fees or extend your credit line. Banks, the big credit card issuers, are “working to identify and assist affected clients …

Fraud alerts are going out from U.S. banks in the wake of the coronavirus pandemic. In an email sent out earlier this week, Bank of America advised its customers not to respond to unsolicited requests for their account or personal information such as access codes, PINs or Federal Student Aid (FSA) IDs. The Charlotte, N.C.-based …

Struggling movie theater chain AMC Entertainment, whose movie houses got shuttered nationwide last month by the coronavirus, said late Thursday it will raise $500 million in debt to stay afloat. The largest cinema chain in the US has been the subject of bankruptcy rumors since it shuttered 630 theaters nationwide amid coronavirus restrictions in mid-March. …