“Congress must once again act urgently to support our most vulnerable small businesses through this crisis."
In a marriage of tech and Wall Street, sellers on Amazon will be eligible for credit lines of up to $1 million from Goldman Sachs' Marcus brand.
New guidance from the SBA comes after a public outcry over large companies receiving hundreds of millions of dollars in loans.
The burger chain has faced operating losses of over $1.5 million each week amid the COVID-19 lockdown.
Lenders fear the launch of the $350 billion program could be "a disaster that could dwarf the failed kickoff of the Obamacare enrollment web site in 2013."
The software company is aiming to leverage the data it collects from QuickBooks to make working-capital loans of up to $35,000.
Alternative lenders made $15.9 billion in U.S. loans in 2014, with California transactions increasing by 936% since 2010.
Bank's credit underwriting standards loosened considerably in 2014, especially among commercial loan products, says the OCC.
The amount of small business loans held on banks' books is stagnating and is still 18% below the peak dollar volume, which occurred in 2008.
Examiners find U.S. banks reducing collateral requirements and loosening covenants on business loans. Particularly the highly leveraged kind.
The banking industry has been holding out on offering lines of credit and loans to marijuana retailers in Colorado. But that may soon change.
