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Industry

PayPal Announces Fee And Loan Relief for Merchants Impacted by Covid-19

“In a move to cut costs for immediate availability of funds, PayPal is waiving fees through April 30 for instant transfers from the merchant’s PayPal business account to a bank account or card. Normally, the fee for instant transfers is 1%, up to $10. PayPal is also waiving fees for chargebacks filed by customers with […]
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Industry

Fed to Launch New Lending Facility for Foreign Central Banks

“The Federal Reserve said Tuesday it would launch a temporary lending facility that will allow foreign central banks with accounts at the Fed to convert their holdings of Treasuries into dollars, its latest bid to alleviate strains in global markets. The program will allow foreign central banks and other international monetary authorities who maintain accounts […]
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Industry

America’s Smallest Banks Are Being Enlisted to Rescue Millions of American Jobs

“Banking giant JPMorgan Chase is among the biggest providers of SBA loans, but smaller institutions make up much of the market’s core. The US has more than 4,000 community banks that provide about half of the country’s borrowing for smaller enterprises, according to the trade group Independent Community Bankers of America. They’ll be needed to […]
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Companies

Visa Transaction Volumes Hurt As Coronavirus Crisis Deepens

“Visa Inc ( V.N ) said on Monday its transaction volumes had been hit as the coronavirus pandemic wreaks havoc on consumer spending, leading it to forecast mid-single-digit percentage revenue growth for the second quarter. “As countries have imposed social distancing, shelter-in-place or total lock-down orders, domestic spending, most notably in travel, restaurants, entertainment and […]
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Industry

The Rush for $350 Billion in Small-Business Loans Starts Friday. Banks Have Questions.

“A day before small businesses can apply for forgivable loans from the $2 trillion financial-relief package , banks say they are still struggling to understand how to make these loans eligible for a government guarantee. Under the Small Business Administration’s Paycheck Protection Program, part of the stimulus package signed into law last week in response […]
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Industry

How Payments Can Adjust to the Coronavirus Pandemic–and Help the World Adapt

“As the catastrophic human costs of the coronavirus come into clearer focus, so too do the consequences for people’s well-being beyond the immediate imperative to safeguard lives. Taking care of our families and friends, our neighbors and communities, our employees and coworkers comes first. For that reason, companies across industries and geographies have scrambled to establish […]
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Domains

Department Store’s Tough Times Continue: S&P 500 Index Drops Macy’s

“Macy’s is one of many retailers reeling from the COVID-19 outbreak, furloughing most of its 130,000 employees after closing its 800+ stores. But the effects also have hurt Macy’s status as a U.S. business power player: the department store is being removed from the S&P 500 Index. Macy’s will be replaced by air conditioning company Carrier Global, according to S&P Dow […]
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