Morning Brief 4.13.20: PayPal, Intuit's QuickBooks help push federal loans to struggling small businesses
The information you need to start your day, from PaymentsSource and around the web:
PayPal and Intuit are two of the first nonbank institutions to win permission to distribute loans through the Small Business Administration’s Paycheck Protection Program under the CARES Act to help smaller companies ravaged by the effects of COVID-19.
PayPal will leverage existing tools and data it uses to provide loans and cash advances to entrepreneurs and other businesses, according to a press release.
Intuit’s QuickBooks Online Payroll customers may begin applying for PPP federal relief loans this week, and the company plans to expand the ability for other QuickBooks customers to apply in the coming days, according to a press release.
Cross River Bank, Divvy, Kabbage, Fundera and Veem are among other fintechs that enable small-business customers to apply for PPP funds, Forbes reports.
The IRS deposited the first batch of stimulus checks into eligible citizens’ accounts on Saturday, April 11, the agency announced on Twitter.
The IRS also launched a Get My Payment site at IRS.gov for eligible taxpayers who filed a tax return in 2018 or 2019 but did not provide bank account details to submit that information to receive a stimulus check. This week the IRS expects to roll out a second tool, available by April 17, to track the status of electronic payments and checks mailed to those who did not supply bank account details. These tools will be accessible via any browser, the IRS said in a press release.
Fraud management service Kount has launched a service tracking specific online shopping trends during the pandemic to help e-commerce operators watch for fraud. Overall e-commerce volume has stayed about the same, but certain merchandise categories are spiking, Boise, Idaho-based Kount said in a press release.
Sales of wine and craft items were up more than 100% in March, while home office furniture and electronics sales rose 54% and vitamin sales increased 43%, Kount said.
Hand sanitizer sales spiked more than 1000% during March, while toilet paper sales were up 145%. Firearms saw an 89% increase, Kount said. Kount’s tracking service will be updated weekly based on data from 32 billion online interactions across 6,500 e-commerce companies.
Global e-wallet provider Sticpay is launching a prepaid card to operate within its e-wallet and work within UnionPay's international network to reach 177 countries.
London-based Sticpay is targeting consumers in Japan, China, Indonesia, the Philippines and Thailand, but consumers in any country may order the Stic Card after verifying their identity, according to a press release.
All users of Sticpay's global e-wallet are eligible to order the prepaid card from any country around the world after verifying Know Your Customer documents.
From the web
Square's Users Can Route Stimulus Payments to BTC-Friendly Cash App
COINTELEGRAPH | Sun April 12, 2020
Square’s Cash App is allowing U.S. citizens and residents who don’t usually file a tax return to direct forthcoming government stimulus payments to the mobile payments application.
As VCs pull back, Clearbanc launches a way for startups to get runway
TECHCRUNCH | Thu April 9, 2020
Canadian company Clearbanc has launched Clearbanc Runway, a new financing product to help startups secure money.
New IRS Site Could Make it Easy for Thieves to Intercept Some Stimulus Payments
KREBS ON SECURITY | Fri April 10, 2020
The possibility that fraudsters may intercept payments to individuals seems very real, given the relatively lax identification requirements of this non-filer portal and the high incidence of tax refund fraud in years past.
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