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Small Business News
Goldman Sachs Survey Shows COVID-19's Impact on Small Businesses
Even as some areas of United States are looking for ways to begin reopening businesses amid the coronavirus pandemic, many American small businesses are still struggling and are uncertain of what's ahead. Now the situation has been quantified in a new survey from Goldman Sachs that highlights some of the issues that small businesses are currently facing. The survey spoke with 1,790 small business owners that are part of Goldman...
FinTech News
Investment App Stash Announces $112 Million Round
Late last year, the discount brokerage world saw a sea change as Charles Schwab and several other firms announced that they were dropping their trade commissions to $0. Although the move was likely aimed at FinTechs like Robinhood that had already been offering fee-free trades for years, it seems that it only widened the net of investors looking into Schwab, SoFi Invest, and others. Among the FinTech brokerages that have...
Economic News
United States Gross Domestic Product Falls 4.8% in Q1
Ever since mandated lockdowns and shelter-in-place orders related to the COVID-19 pandemic began, it was clear that the virus would take a toll on the United States economy. Sure enough, the past few weeks have brought multiple rounds of record-breaking jobless claims that now total more than 26 million in five weeks. Now the U.S. Bureau of Economic Analysis has released its first-quarter gross domestic product (GDP) report further demonstrating...
FinTech News
Uphold Introduces Stablecoin Center, Adds Support for Tether and More
As the concept of cryptocurrencies has crept into the mainstream, it's come with concerns from outsiders. In addition to regulators who worry about market manipulation and money laundering, there have also been investors who fret over the severe volatility of such assets. Look no further than the famous Bitcoin run that saw prices skyrocket to nearly $20,000 before crashing back down to Earth. To solve this issue, some have turned...
Small Business News
Paychex Partnering with Trio of FinTechs for PPP Loan Assistance
Several weeks ago, President Trump signed the CARES (Coronavirus Aid, Relief, and Economic Security) Act into law. This bill not only authorized direct payments to millions of American families but also included the Small Business Administration's (SBA) Paycheck Protection Program (PPP) intended to help small businesses and their employees. Famously, the initial $349 billion earmarked for PPP ran out in less than two weeks, with another $310 billion now being...
FinTech News
SoFi Invest Expands to Hong Kong with Acquisition of 8 Securities
SoFi's big year just got even bigger. This week the company not only announced that it would be bringing its SoFi Invest product to Hong Kong but also that it was acquiring the online brokerage firm 8 Securities in the process. The deal still needs to meet closing conditions but, once it's complete, the current 8 Securities platform will be rebranded with the moniker SoFi Hong Kong while keeping its current...
Small Business News
