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Bank of America said on Friday it has already received about 35,000 applications for federally backed small-business loans within hours of starting to accept them. The second largest US bank by assets became the first major bank to accept applications for the massive small-business rescue program approved by Congress last week. But the bank was …
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Chris Hurn, founder of Fountainhead Commercial Capital, has received 7,400 small business loan requests in the past two weeks, more than his business has handled in its five years of existence. The Lake Mary, Florida-based non-bank lender is just one of thousands of financial institutions across the country preparing to dole out $349 billion in …
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As the federal government prepares to launch a $349 billion loan program meant to help small businesses survive the coronavirus pandemic, critics have growing concerns that some mom-and-pop shops might get squeezed out. The Paycheck Protection Program — part of the $2 trillion relief package signed into law last week — was billed as a …
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Lana Meli’s survivor challenge is the story of tens of thousands of business owners in New York, the region and the nation. The proprietor of Lana’s Loft, a Rockaway Park dress shop, she thinks her small store might survive — but only under the right circumstances: That she receives effective federal help and can re-open …
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Washington is finally beginning to get it. The Federal Reserve has put forth bold initiatives, and followed up with action. The Treasury and the administration have also devised creative plans to go along with the Fed’s actions — and separately helped to develop a robust economic “time-out” package sufficient to help stabilize the economy for …
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President Trump wants the country open for business by mid-April, but some experts warn it’s not as easy as flipping a switch: Economies run on confidence, and that is likely to be in short supply for as long as coronavirus cases in the US are still rising. Trump this week said he wants businesses “opened …
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Federal Reserve Chairman Jerome Powell arrives to speak to reporters after the Federal Reserve cut interest rates in an emergency move designed to shield the world’s largest economy from the impact of the coronavirus, in Washington, March 3, 2020. Federal Reserve Chairman Jerome Powell admitted Thursday that the U.S. economy may be slipping into a …
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Stocks surged on Tuesday as the Dow recorded its largest one-day gain since 1933, driven by expectations of an economic stimulus package from Congress to offset the effects of the Wuhan coronavirus pandemic. The Dow Jones Industrial Average rose 2,112.98 points, over 11 percent, while S&P 500 rose 9.4 percent to 2,447.33. The Nasdaq Composite …
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Further to my ideas to help stabilize the economy in last week’s column — some of which came to be implemented, and are now in the proposed bill — I have a few more suggestions. I propose that the Treasury and the Federal Reserve use banks — at little-to-no profit — as conduits to expedite …
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The novel coronavirus pandemic has been tough on small businesses, many of which, being nonessential, have had to close. But Dr. Nabil Salib’s small business — which is an essential one — is facing a special set of pandemic woes. Salib, who owns the myDoc urgent care facility in Forest Hills, is seeing his business …
Bank of America said on Friday it has already received about 35,000 applications for federally backed small-business loans within hours of starting to accept them. The second largest US bank by assets became the first major bank to accept applications for the massive small-business rescue program approved by Congress last week. But the bank was …
