Today, some small businesses on B2B payments have received less than $ 99 in Paycheck Protection Program (PPP) loans, and US banks’ profits are expected to decline. Pilot Company is also partnering with fleet factoring, Revolution Payments introduces Level III commercial card processing, and Porter Capital introduces new PPP financing tools.
While Paycheck Protection Program (PPP) was supposed to be a lifeline for struggling small and medium-sized enterprises (SMBs) during the pandemic, some SMEs getting loans of less than $ 99 did not find much relief. The New York Times reported. According to the newspaper, there were about 300 of the over 5 million companies that got loans that received $ 99 or less. “Judith Less, she’s coming in thrift shop in New Jersey, got $ 27, ”the newspaper reported. “Nikki Smith, a Baker and caterer in Oregon, collected $ 96. AJ Burton, the founder of a Record label in Arkansas, got $ 78. And Susana Dommar, a chiropractor in Texas, get a loan for only $ 1. “
To help freight forwarders expand their business, Pilot company and RTS finance (RTS) have formed a fuel and factoring partnership. According to a Monday (Jan. 11), the companies will work together to offer bespoke fleet deals. announcement. Dedicated pilot companies and RTS employees will work with fleets to provide funding, fuel and essential services. Fleets of different sizes can make their business easier with Pilot Company’s cross-network collection of fuel discounts, credits, truck repairs, and loyalty perks with RTS advance payments and same-day financing offers, the announcement said.
Revolution Payments unveiled a Level III credit card processing offering for those who use Foreclosure, according to a Monday (January 11th) announcement. The offer facilitates payment processing and alleviates the higher interchange fees for merchants, which are levied on credit cards from other companies or the public sector without intervention, according to the announcement. Retailers using the solution have signed up for Revolution Payments’ free “Commercial Card Exchange Optimizer” program, which lowers acceptance costs.
Carrier capital, which works with accounts receivable financing and asset-based lending solutions, will provide more funds to companies that need extra cash out of their current money Paycheck Protection Program (PPP) funds according to a Press release. “With the signing of the new COVID-19 stimulus package, many small business owners can apply for another round of Paycheck Protection Program loans,” said senior vice president of national sales manager sales John Cox Miller in the publication. “In some cases, companies will find that the PPP loan amount is insufficient or they are no longer qualified. Obtaining additional credit through traditional banks can result in a lengthy approval process and may not be approved at the end of the process. “
When the largest banks in the US start posting fourth quarter results, earnings are expected to decline as much as 40 percent year over year, Reuters reported on Monday (January 11th). Analysts forecast a decline in profits of 42 percent for Citigroup and a decline of 39 percent for Wells Fargo. JP Morgan Chase is projected to decline about 5 percent. All three will publish results on Friday (January 15th). If the income reports are submitted in the following week, Bank of America is expected to report a 33 percent decline in profits.