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Square Capital Distributed 76K PPP Loans Totaling $820M

PYMNTS

Square Capital LLC processed more than $820 million in Small Business Administration (SBA) Paycheck Protection Program (PPP) forgivable loans in six weeks, the firm reported. Last year, Square Capital did $2.3 Of that number, 60 percent of the borrowers had never before received a loan through Square Capital.

Capital 141
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Warren presses Capital One CEO for more details about breach

Payments Source

The Massachusetts senator asked Richard Fairbank in a letter why the bank didn’t detect the breach for nearly four months and how it plans to prevent future cyber intrusions.

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IDC: Smartphone Market To Decline 12 Pct Due To Pandemic

PYMNTS

IDC), a Massachusetts market research company. But Europe has been hit hard by COVID-19, especially in Italy and Spain, which will cause a double digit decline in the region this year. . This could result in some share wins for the vendors that position their portfolios to capitalize on this change.”.

Marketing 142
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Crowdfunding, Deferred Loan Payments Jumpstart SMB Relief

PYMNTS

As more government entities introduce measures to aid SMBs, banks and FinTechs have launched their own programs this week to accelerate access to much-needed capital for their SMB customers. to help bailing out their SMB customers, with some regional financial institutions (FIs) already taking action. Fed Calls On Small Banks.

Payments 173
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How Spend Tools Feed Food Banks’ Need For Accountability

PYMNTS

The new Workforce Spend Playbook highlights the newest solutions helping SMBs to more effectively manage their capital, and focus on their expansion ambitions. This demand is driving the global expense management software market to reach $6.6 billion in value by 2025. Inside The Playbook.

Tools 141
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The Case For Localizing Mom-And-Pop Investment

PYMNTS

At the same time, many early stage startups, particularly in the technology sector, still have access to traditional financing, like venture capital and private equity. Last week, small business accounting company ScaleFactor released a new survey on how SMBs access capital. Localizing Capital.

Capital 145
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The Current Banking Crisis – 10 Not So Apparent Lessons

South State Correspondent

It turns out that confidence is more valuable than capital. The ratio would provide a bank’s current core capital position to risk-adjusted assets. Some form of this ratio will likely be applied to the national and regional banks, which means larger community banks will also be judged by this ratio.