business

The Small Business Administration will begin OK’ing a second round of loans to struggling businesses on Monday — a process that will be closely watched by hoards of mom-and-pop owners who say they were excluded from the stimulus program the first time around. The second round of Paycheck Protection Program loans kicks off April 27 …

Hedge fund and private equity firms are not eligible for the types of US government loans designed to provide relief to small businesses from the economic hardship of the coronavirus outbreak, the Small Business Administration said on Friday. “Hedge funds and private equity firms are primarily engaged in investment or speculation, and such businesses are …

Treasury Secretary Steve Mnuchin on Thursday announced he was considering creating a federal lending program for oil companies currently facing numerous challenges during the coronavirus pandemic. “One of the components we’re looking at is providing a lending facility for the industry,” Mnuchin told Bloomberg. “We’re looking at a lot of different options, and we have not …

Officials at big companies could be sent to the slammer for taking loans meant to help small businesses amid the coronavirus crisis. Amid growing scrutiny of its $349 billion Paycheck Protection Program, the US Treasury Department on Thursday urged the dozens of publicly traded companies that got millions of dollars in government-backed loans to return …

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 …

The insurance industry is blowing it. In my April 9 column, I proposed that insurance companies be used as the conduits for getting government money to battered small businesses like restaurants. The industry wouldn’t be giving out its own dough. It would merely be acting as an agent to get federal loans and grants to …

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 …

The Trump administration on Tuesday barred college students who are residing in the country illegally from accessing billions of dollars in emergency federal aid related to the coronavirus pandemic. Tens of thousands of colleges students without legal residency status will not be permitted to receive any of the $6 billion allocated for colleges to distribute …

Senate Majority Leader Mitch McConnell (R., Ky.) on Tuesday signaled his opposition to passing another coronavirus economic relief bill before Congress returns from recess. “You’ve seen the talk from both sides about acting, but my goal from the beginning of this, given the extraordinary numbers that we’re racking up to the national debt, is that …

A modeling agency that represents big-name rappers and pop stars snagged nearly $2 million in loans meant to help small businesses survive the coronavirus crisis. Wilhelmina International — which counts singer Shawn Mendes and hip-hop artist Swae Lee among its celebrity clients — inked deals last week with Zions Bancorporation for two loans worth a …