business

A Scandanavian tech firm with a tiny office in New York City snagged more than $200,000 in aid meant to help American small businesses survive the coronavirus crisis. Zedge, a digital publishing outfit founded in Trondheim, Norway, got a $217,900 loan last month through the feds’ $659 billion Paycheck Protection Program, according to a regulatory …

Senate Republicans expressed skepticism of President Trump’s proposal of a payroll tax cut for the next coronavirus relief bill, citing litigation protection as a much higher priority. “Right now, not much,” Senate Finance Committee Chairman Chuck Grassley (R., Iowa) told Politico when asked what he thought of the president’s proposal. “I’m going to give it …

The US Justice Department on Tuesday brought its first criminal charges against people it accused of defrauding the $660 billion Paycheck Protection Program aimed at dulling the coronavirus pandemic’s heavy hit on the economy. The small-business loan program is part of an unprecedented $2.2 trillion coronavirus economic package meant to reimburse businesses and households for …

Small businesses in Brooklyn have a new chance to score a coronavirus loan — and they won’t have to negotiate the US government’s Paycheck Protection Program to get it. Starting Tuesday, the Brooklyn Chamber of Commerce will give out loans of up to $30,000 to any shop owner who has been hurt by the pandemic …

California has borrowed nearly $350 million in federal funding to pay for surging unemployment claims amid the coronavirus pandemic, the first state to do so. A Treasury Department spokesman told the Wall Street Journal on Monday that the state had already begun to access its pre-approved $10 billion loan for paying unemployment through the end …

American clothing company J. Crew filed for bankruptcy protection on Monday, the first major retailer to do so during the coronavirus pandemic. Crew’s parent company, Chinos Holdings, filed for Chapter 11 protection in federal bankruptcy court for the Eastern District of Virginia after its board reached a decision on Sunday night, following weeks of negotiations …

The Trump administration is stepping up an effort to reduce dependence on Chinese manufacturing following the Wuhan coronavirus pandemic, including possible new incentives for companies to shift supply chains, such as tax benefits and subsidies. “We’ve been working on [reducing the reliance of our supply chains in China] over the last few years but we …

JPMorgan Chase said Friday it has secured roughly $15 billion in the second round of Paycheck Protection Program funding, with about $8.4 billion of that going to small businesses in the Tri-State Area. The nation’s biggest lender started notifying clients in the wee hours of the morning that their emergency funding from the Small Business …

Desperate small businesses may finally be getting some good news from the nation’s biggest bank. After coming under heavy criticism for processing coronavirus stimulus loans to large, publicly traded clients like Shake Shack and Ruth’s Chris Steakhouse, JPMorgan Chase on Thursday told 220,000 clients that its Payroll Protection Program loans have been processed, with all …

Bankrupt companies are reportedly suing the feds for cutting them off from loans that could keep them afloat during the coronavirus crisis. Troubled firms have filed at least a dozen lawsuits against the Small Business Administration to get access to the $659 billion Paycheck Protection Program offering forgivable loans to help small businesses keep their …