Walmart gives suppliers option for early payment to help increase access to capital

Desy Papper

Dive Brief:

  • Walmart and Sam’s Club are offering faster payments and new financing opportunities to assist diverse suppliers in overcoming access-to-capital challenges, company leadership announced last week.
  • Through a partnership with the financial technology company C2FO, Walmart Inc. has expanded its early payment program using an interface where suppliers pick which of their invoices are to receive early payments, with aims to increase suppliers’ “ability to gain access to working capital,” according to the release. Walmart will first independently fund the program and plans to provide more funding options through collaborations with banks. 
  • The program went online Monday and is
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SBA offering economic aid to South Texas businesses: Here’s what to know.

Desy Papper

On Thursday, May 20, the U.S. Small Business Administration (SBA) will host an informational classroom to help South Texas, small business owners, in seeking economic aid and resources to weather the difficult tides brought on by the pandemic. 

The SBA training on May 20 via Zoom will include: 

  •  Overview of SBA programs to assist businesses 
  • Updates on the available SBA funding options 
  • Economic aid relief options for small businesses 
  • Small business advising and counseling  

“I want small business owners in Jim Wells County (JWC) and surrounding areas to please consider these resources and become informed of options and funding available

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New York City Man Charged with Nearly $4 Million COVID-19 Relief Fraud Scheme and Money Laundering | OPA

Desy Papper

A criminal complaint was filed in the District of New Jersey today charging a dual-resident of New York and Florida with fraudulently obtaining and laundering nearly $4 million in funds from the COVID-19 relief Paycheck Protection Program (PPP).

According to court documents, Gregory J. Blotnick, 34, of New York City and West Palm Beach, used a variety of false representations to fraudulently obtain more than $3.8 million in federal COVID-19 PPP funds. To obtain the loan money, Blotnick submitted eight falsified loan applications to numerous lenders on behalf of five of Blotnick’s businesses, including his New York City-based hedge fund

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Business runs in the family at woman-owned boutique – Cross Timbers Gazette | Southern Denton County | Flower Mound

Desy Papper

When Ann Wolf had back surgery in April and was forced to spend several long weeks at home to recuperate, the hardest part wasn’t dealing with the pain, remembering to take medication, or even gingerly moving between her bed and the couch a few times a day. It was that she couldn’t be at work with her employees and loyal customers.

“Just last night, one employee brought me a lovely get-well card from a customer. Others have brought meals,” Wolf said. “It’s a fun place where it’s easy to become friends with your customers. It’s like shopping with your girlfriends.”

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Small business COVID-19 relief program runs out of money | Business

Desy Papper

NEW YORK (AP) — The government’s key COVID-19 relief program for small businesses has run out of money.

The Small Business Administration said Wednesday that the Paycheck Protection Program has been exhausted. As of Sunday, the PPP had given out nearly 10.8 million loans worth more than $780 billion since April of last year.

The program, which has run out of cash and refunded by Congress twice before, was scheduled to expire May 31. It’s not yet known if lawmakers will approve another round of funding.

The SBA said in a statement it will still fund applications that have been

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