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PPP Remains A Favorite Target Of Fraudsters

Fraudsters have discovered yet another way to infiltrate the Paycheck Protection Program (PPP), and the business email compromise (BEC) continues to reign as the biggest payments fraud threat to businesses. But this week's B2B Data Digest includes some good news, too: Corporate card fraud is actually on the decline, while there is also evidence that corporate payment fraud attacks are actually down. 68 percent of professionals surveyed...

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Bidin, Congress Approve Additional Two-Month Window for PPP Loan Application

With its window for applications about to expire, President Biden today (3.30.2021) signed into law a two-month extension for small business owners to apply for a Paycheck Protection Program (PPP) loan. The House and Senate had already approved the extention with bi-partison support. Congress and the President did not have to allocate any new funds with today’s extension. The PPP has about $110 billion left to lend. Through March...

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Restaurant Roundup: Major Chains Expand As SMBs Seek Loans

As restaurants look to take advantage of the trillions of dollars in stimulus, including $28.6 billion in funding designated to restaurant relief that was passed earlier this month, many businesses just received a much-needed two-month extension to apply for their Paycheck Protection Program (PPP) loans, reports CNBC. The PPP Extension Act, which passed 92-7 in the Senate on Thursday (March 25) and passed 415-3 in the House of...

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Oriental expands access to PPP loans under new guidelines

Oriental announced it will expand access to loans for small and medium-sized businesses (SMEs) under the US Small Business Administration’s new guidelines for the Payroll Protection Program (PPP). Oriental has already awarded some $300 million in loans to more than 3,500 businesses between the first round and so far in the second round of this federal financial relief program, which opened in mid-January. “We have already awarded...