The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Treasury Department Taps Fintech Giants Square, PayPal and Intuit to Help Distribute Billions to Small Businesses

by Daily Hodl Staff
April 13, 2020
in Futuremash

Jack Dorsey’s Square will join PayPal and Intuit QuickBooks Capital in helping the US government distribute emergency funds to small businesses that are reeling from the coronavirus economic meltdown. After leading fintech companies lobbied for weeks to help distribute billions in forgivable loans by using their online platforms, the three companies were approved by the US Treasury Department to participate in a historic effort to help distribute $350 billion in emergency loans.

The US Treasury Department and the Small Business Administration launched the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act that was passed on March 27th to hand out emergency cash in the form of forgivable loans. Qualifying small businesses will have to retain all of their employees for at least eight weeks.

Without seasoned teams in place to reboot the economy, the coronavirus could deal yet another blow, potentially forcing employers to rehire and retrain. The stimulus program is designed to mitigate the turmoil, minimize disruption and maintain the integrity of small businesses so that they can resume full functionality once the lockdown orders are removed and people can return to work.

Distributing billions in funds, however, is proving to be a herculean task for the federal government, which lacks the infrastructure to automate and expedite the process, delivering cash swiftly to businesses across the country. Partnerships with traditional banks to distribute the emergency aid are proving to be equally frail, opening the door for a boost from Silicon Valley tech giants.

Square announced its approval into the program on Monday, following PayPal and Intuit which joined last week. The three companies are now non-bank SBA-approved lenders for PPP, allowing small businesses and other eligible applicants to apply for the federal relief directly through their portals.

The designated funds are earmarked for sole proprietors, self-employed workers, small business owners with employees, and independent contractors, offering low-interest loans that may be 100% forgiven.

According to a statement from Square, its team of developers are “sorting through the details” for eligible participants to speed up relief efforts. Although the company is not yet accepting applications, it plans to notify sellers on the platform as soon as they’re available.

PayPal reportedly began disbursing funds to applicants on Thursday and QuickBooks is also gearing up to accept applications.

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/GaudiLab

Submit a Press Release

Industry Announcements

  • DPAT Raises Private Funding To Enhance Web 3.0 Ecosystem
    June 2, 2023
  • Pink Moon Studios Reveals ‘KMON: World of Kogaea’ Pioneering a New Era in Web 3.0 Open-World Gaming
    June 2, 2023
  • OKX Proposes Industry-First BRC-30 Token Standard To Enable Bitcoin and BRC-20 Token Staking
    June 2, 2023
  • Devour and AlterVerse Partner To Bring the World’s First Web 3.0 Food Ordering Marketplace to the Metaverse
    June 1, 2023
  • Bumper’s Breakthrough DeFi Protocol Set To Reshape Options Pricing
    May 31, 2023
  • MetaZone Secures Funding To Expand the World’s First Tokenized App Platform for the Metaverse
    May 30, 2023
  • The QWAN Launch – A Token for the Global Gaming Industry
    May 30, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,163.28
$27,163.28
0.05%
Ethereum
$1,902.13
$1,902.13
0.38%
Cardano
$0.377195
$0.377195
1.02%
XRP
$0.525884
$0.525884
1.17%
Dogecoin
$0.072627
$0.072627
0.55%

Spotlight

  • Mysterious Bitcoin Whale Abruptly Moves Over $525,000,000 in BTC – Here’s Where the Crypto’s Headed
    May 26, 2023
  • Under-the-Radar Ethereum-Based Altcoin Flashing Bullish Signal, Says Crypto Analytics Firm Santiment
    May 26, 2023
  • Traders Are Flocking to ‘Blue Chip’ Bitcoin and Fleeing Altcoins, Says Analyst Benjamin Cowen – Here’s Why
    May 26, 2023
  • Shiba Inu’s Shibarium Mainnet Launch Nears As Testnet Transactions Surge to Over 12,000,000 – Here’s the Timeline
    May 26, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl