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Added on the 01/05/2020 20:24:22 - Copyright : Dell
The US Federal government's Paycheck Protection Program, or PPP, doled out hundreds of billions of dollars to businesses. The PPP's goal was to assist businesses during the nearly inevitable slowdowns due to the coronavirus pandemic. But according to Business Insider, many minority-owned businesses were left waiting for funds until the final weeks of the program. Many of our businesses were being turned down in the first and second round of funding. That caused application fatigue and frustration. Ron Busby President, US Black Chambers The Center For Responsible Lending says minority-owned businesses support 8.7 million jobs with an annual total payroll of $280 billion.
Following Wednesday's violence on Capitol Hill, Goldman Sachs has made an ask. Goldman Sachs asked small-business owners not to wear "Storm the Hill" T-shirts. The company mailed them for an unrelated event, The Wall Street Journal reported Thursday. The virtual event, planned for January 13, is to encourage small-business owners. The plan was to pressure lawmakers to pass additional COVID-19 relief for businesses. But the bank rebranded the event after pro-Trump terrorists literally stormed the hill on Wednesday.
With more than half of Gen Zers using digital wallets, banks are being forced to reevaluate how they cater to customers. Banking customers are continually moving toward convenience and technology to meet their banking needs. To remain competitive financial institutions are embracing fintech and adjusting to the needs of Generation Z. Digital-only "neobanks" are popping up featuring online-only banking options and no costly physical branches. Online mortgage lending is beginning to take a larger piece of the home-lending market than traditional lending locations. According to Business Insider, financial institutions across the board are investing heavily into blockchain technology.
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