Today in B2B: SMEs frustrated by PPP problems

Today, in B2B payments, small businesses are expressing their frustration with the PPP loan program, while Cirralto is planning new funding for its B2B payment tool. Additionally, OnDeck partners with HomeAdvisor, MUFG launches green filing solution for businesses, and Biden is reducing PPP focus on smaller businesses.

SMEs looking for PPP loans frustrated with typos and problems

The U.S. Paycheque Protection Program (PPP), renewed this year after Congress finally passed a stimulus package, has been hampered by a series of problems, The New York Times reported. Martha Theyl, trying to get a PPP loan for her Massachusetts physiotherapy business, spent hours struggling with three levels of customer service at her bank. “It’s been a nightmare,” she says.

Australian B2B payments provider Cirralto Limited to raise $ 14.3 million

Australian business-to-business (B2B) payments firm Cirralto Limited said on Monday (February 22) that it had secured “firm commitments” to raise A $ 18 million (roughly $ 14.3 million), according to an announcement. The company says it plans to use the infusion for an accelerated product commercialization roadmap, possible synergistic purchases, commercialization of experimental enterprise payments offerings, and working capital requirements for the road ahead. Its fundraising follows a placement in August 2020 to recapitalize the business and another in November 2020 to help expand the business with different payment providers.

OnDeck partners with HomeAdvisor for SME financing

OnDeck, a brand of Enova International, has worked with HomeAdvisor to help businesses and craftspeople on the HomeAdvisor platform access financing, according to an announcement on Monday, February 22. “Through this partnership, HomeAdvisor professionals will have quick access to OnDeck’s suite of small business financing options, allowing them to stay focused on running their businesses and the projects they undertake,” Jim Granat, senior vice president at Enova and co-head of OnDeck, said in the announcement.

MUFG launches green deposits for B2B customers

MUFG Union Bank NA announced a new green deposits feature to help businesses and corporate clients invest in environmentally friendly projects, according to a press release. The MUFG will use the program to invest client company deposits in environmental, social and governance (ESG) projects, such as renewable energy, energy efficiency, green transport, sustainable food, agriculture and conservation. forestry, waste management and greenhouse gas reduction, the statement said. .

Biden administration highlights new PPP on minority-owned small businesses

President Biden plans to rework the U.S. Payroll Check Protection (PPP) program so that small businesses, those in underserved communities and those belonging to minorities have greater access to the program. The widely reported changes will begin on Wednesday February 24 with a duration of two weeks, during which the program will only accept applications from such companies. During this 14-day period, the Small Business Administration (SBA) will only accept applications from companies with fewer than 20 workers. The aim is to respond to criticism of the program and to ensure that these companies are not squeezed out by the big companies.

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NEW PYMNTS DATA: DIGITAL BANKING STUDY – THE BATTLE OF BREWING FOR WHERE WE WILL BANK

On: Forty-seven percent of U.S. consumers avoid digital-only banks due to data security concerns, despite considerable interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can boost privacy and security while providing convenient services to meet this unmet demand.

Lee J. Murillo

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