The federal Paycheck Protection Program, which offers COVID-19 relief to small businesses, was criticized for allowing larger companies to secure multimillion-dollar loans early on.
Amid the widespread economic disruption caused by the pandemic, banks have already granted payment deferrals of up to six months to a significant number of commercial and individual borrowers.
Rating agencies, which already ranked Steak n Shake on the lowest rungs of their creditworthiness ladders, further sounded the alarm bells in recent weeks after Steak n Shake paid off some of its debt at a discount—something a lender never would agree to if it thought it was going to be paid in full.
Lenders complained Monday that they couldn’t get their applications into the SBA system known as ETran that processes and approves loans.
The Indianapolis-based media company, which has been a publicly traded business since 1994, said that it was pursuing the delisting to save money.
Banking industry groups say the volume of applications already sent to the Small Business Administration makes it likely that much, if not all, the new money will go to those already in the queue.
Fishers-based audio marketing technology company Vibenomics Inc. on Tuesday announced it has closed on $6 million in Series A funding. The round, which closed Feb. 17, was led by Atlanta-based BIP Capital and brings total company funding for Vibenomics to $13.5 million.
The company was able to get extra funding late last week through an “equity transaction” and decided to “immediately return” the $10 million paycheck protection loan it obtained through the CARES Act.
A review of regulatory filings shows that restaurant chains and companies in industries ranging from mining to manufacturing to cruise travel received large amounts.
The banks approved 35,990 individual loans for companies and organizations in Indiana before the program ran out of money.
Institutional markets became increasingly volatile as COVID-19 spread across Asia, then Europe and now the United States, leaving venture capitalists holding tighter to their cash and spending more time examining the health of the companies in which they’ve already invested.
The nationwide look at the outbreak’s impact on the economy came from the Federal Reserve’s report known as the beige book, compiled from information supplied by the Fed’s 12 regional banks.
Equities extended gains after a report that President Donald Trump will make some “important announcements” in the next few days regarding state guidelines on reopening the economy.
Indy Chamber CEO Michael Huber talks about the programs, what kinds of companies need them most and how the experiences have changed the way he’s thinking about his organization and what its mission will be going forward.
The Small Business Administration reported Monday that more than 959,000 applications had been approved for over $232 billion from the Paycheck Protection loan program.
Firms across the country from a broad range of industries will be taking a hard look at their dividends in the coming weeks, as the pandemic forces businesses to focus on conserving cash.
Investing locally is rewarding as part of a balanced portfolio. It is also exciting and gratifying to be part of allowing a local startup to launch or grow.
New research from economists at three Federal Reserve banks shows coronavirus-related bankruptcies could rise by 200,000, reaching almost 1 million, unless government stimulus programs offset the increase.
The stock market closed out its best week in 45 years on Thursday after the Federal Reserve launched its latest titanic effort to support the economy through the coronavirus outbreak.
The Fed said Thursday that it is activating a Main Street Business Lending Program authorized by the CARES Act, the largest economic relief package ever passed by Congress.
