BloombergTheStreet, Founded by Jim Cramer, Taps Small-Business Loans
(Bloomberg) -- The parent company of TheStreet Inc., a financial news website co-founded by media personality Jim Cramer, received a $5.7 million loan as part of a program aimed at helping U.S. small businesses weather the pandemic.The loan was included in documents released by the federal government on Monday chronicling the $669 billion Paycheck Protection Program. A spokesman for TheMaven Inc., which acquired TheStreet in 2019 for $16.5 million, said that for “ease-of-process” reasons the borrowing was taken out under TheStreet’s name, but that it was for the entire consolidated company, which owns media properties such as Sports Illustrated.Cramer, who still supplies content to TheStreet under a deal that followed its acquisition by TheMaven, has been critical of how banks handled the Paycheck Protection Program. In April, he slammed financial institutions for approving loans to larger companies than should have been allowed. A spokesperson for CNBC, where Cramer hosts a TV show, didn’t immediately respond to a request for comment.Bloomberg News, part of Bloomberg LP, competes with both TheStreet and CNBC in providing financial news.In June, TheMaven forecast that sales would be more than $115 million this year. It first disclosed that it was taking out the loan in a filing in May.Another news outlet, Axios, which covers finance, government and politics, returned its loan from the Small Business Administration’s stimulus program after it became public.Other media businesses have tapped the loans, including the Daily Caller News Foundation, the organization that backs the Daily Caller conservative news site. The loan has helped offset “the more difficult funding environment for our foundation,” a representative said.(Updates with other media companies taking loans in final paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
BloombergCar-Sharing Startups Take U.S. Loans After Covid-19 Disruptions
(Bloomberg) -- Getaround Inc. and Turo Inc., car-sharing companies that have been valued at more than $1 billion by private investors, said Monday that each took at least $5 million through the U.S. Paycheck Protection Program, a government program intended to help small businesses ride out the disruptions caused by the coronavirus pandemic.The San Francisco-based startups are among the most valuable technology companies to say they applied for and kept financial aid from the loan program after Covid-19 levied a severe toll on the transportation business. Several large companies, including Shake Shack Inc., gave back the money under public pressure.According to federal data released Monday, each company received between $5 million and $10 million in federal loans approved in late April. Some companies included on the list of loan recipients have said they did not actually apply for or accept the money, casting some doubt on the official data, but Getaround and Turo both confirmed they’d taken the loans, though they didn’t respond to questions about their exact values. “On a global basis, our business was drastically impacted by the lockdowns and restrictions stemming from the coronavirus pandemic,” Getaround said in an emailed statement. “The PPP program helped reduce the otherwise severe impact on the health of our organization. In turn, this enabled us to continue providing an essential service to the communities we serve.”“PPP funds were a lifeline for our 244 employees and our community of hosts and guests who rely on Turo to offset the cost of owning a car and travel affordably,” Steve Webb, a spokesman for Turo, wrote in an emailed statement. “At a time when millions of Americans are struggling to make ends meet, we’re proud that our marketplace is still here to help folks generate extra revenue.” Investors once had high expectations for car-sharing. SoftBank’s $100 billion Vision Fund made a sizable investment in Getaround in 2018. But the industry, which had shaky financial prospects even before the pandemic hit, was devastated by Covid-19. Few people wanted to ride in someone else’s private vehicle, and local stay-at-home restrictions in major cities ground most automotive transportation to a standstill.Getaround and Turo both made sharp job cuts in March, and Getaround began shopping around for a potential acquirer. Some people who rented out their cars on Getaround complained that it had become increasingly difficult to get the company to pay for damages. While cars have begun to return to the roads in recent months, the startups still face major challenges.The Paycheck Protection Program was established in March as a series of loans for small businesses the would be forgiven if the recipients avoided staff cuts and met other criteria. The program was renewed in April after the initial $350 billion was quickly exhausted. Some startups—and even some Uber drivers—applied for loans, leading to a backlash, while others shied away from claiming them after deciding the conditions were too confusing.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Business WireCOVID-19 Impact & Recovery Analysis- SaaS Customer Relationship Management (CRM) Market 2019-2023 | Adoption of SaaS CRM by SMEs to Boost Growth | Technavio
The Global SaaS Customer Relationship Management (CRM) Market will grow by USD 33.15 bn during 2019-2023
ReutersSoftBank-backed startups among those approved for US paycheck loan program
Four technology startups backed by SoftBank Group Corp's <9984.T> $100 billion (£80 billion) Vision Fund were among the small companies approved for a U.S. pandemic aid program, according to data released by the Treasury Department on Monday. Car-sharing startup Getaround Inc., which raised $300 million in a round led by SoftBank in 2018, was listed as approved for a $5-10 million loan. The Treasury Department provided only ranges for loan amounts, and did not identify by name those recipients seeking loans of less than $150,000.
TechCrunchTech shares set fresh records despite uncertain economy
All major indices gained ground during regular trading, while tech stocks did even better. Such is the mood on Wall Street regarding the health of technology companies. It's not hard to find bullish sentiment, jockeying to push tech shares higher.
CoinDeskConsenSys, Polychain, Tron, CipherTrace: Blockchain Startups Got $30M+ in US ‘PPP’ Bailout Loans
At least 45 crypto and blockchain startups, ranging from Bittrex to the Electric Coin Company, received U.S. Paycheck Protection Program loans, new filings show.
Business WireHICOOL Launches Global Entrepreneur Summit and Entrepreneurship Competition
HICOOL Global Entrepreneur Summit and Entrepreneurship Competition was launched on May 15 in Beijing, China. The 2020 theme is "Envision Your Future". It provides a complete entrepreneurial eco-system for global entrepreneurs, through a series of world leading tech events to motivate daring founders to challenge and envision the future.
Simply Wall St.What Type Of Shareholders Make Up Constellation Pharmaceuticals, Inc.'s (NASDAQ:CNST) Share Registry?
Every investor in Constellation Pharmaceuticals, Inc. (NASDAQ:CNST) should be aware of the most powerful shareholder...
TechCrunchMinted's Mariam Naficy will join us at TechCrunch Early Stage
At Early Stage, the first event of its kind from TechCrunch, entrepreneurs will have the opportunity to learn from some of the greatest minds in the tech world across categories like fundraising, scaling, operations and marketing. One such entrepreneur is Mariam Naficy, founder and CEO of Minted. Naficy is an early trailblazer of the e-commerce and crowdsourcing spaces, and a serial entrepreneur to boot.
Simply Wall St.What Kind Of Shareholders Hold The Majority In Cerus Corporation's (NASDAQ:CERS) Shares?
Every investor in Cerus Corporation (NASDAQ:CERS) should be aware of the most powerful shareholder groups. Large...
Business WireFCEDA Partners With Nonprofit Organizations Providing Free Legal Help to Small Businesses During Pandemic
The Fairfax County (Va.) Econ Dev Auth is partnering with two nonprofits that are providing free legal help to small businesses affected by COVID-19.
TechCrunchEquity Monday: Uber-Postmates is announced, three funding rounds and narrative construction
This is Equity Monday, our week-starting primer in which we go over the latest news, dig into the week ahead, talk about some neat funding rounds and dive into the latest big news from the startup world. Most dealt with a possible Uber -Postmates tie up, so we wrote the show to talk about the transaction's unconfirmed nature. Uber will buy Postmates for $2.65 billion in an all-stock transaction.
The IndependentVirgin Media internet down: Users complain they are unable to get online and network is not working
Virgin Media's internet service has stopped working for some of its users, according to those affected.Customers said they were unable to get online, apparently as a result of problems with the network.
TechCrunchPayfazz gets $53 million to give more Indonesians access to financial services
Indonesia is not only Southeast Asia’s most populated country, but also one of the world’s fastest-growing economies. Payfazz is one of several tech startups focused on solving that problem by finding innovative ways to give more Indonesians access to financial services. The company announced today that it has raised a $53 million Series B led by B Capital and Insignia Ventures Partners.
StockopediaUpbeat broker recommendations for Balfour Beatty
The Balfour Beatty (LON:BBY) share price has risen by 2.53% over the past month and it’s currently trading at 271.2. For investors considering whether to buy,...
TechCrunchUber reportedly agrees to acquire Postmates for $2.65 billion
Uber has reportedly agreed to buy Postmates in an all-stock deal worth $2.65 billion. According to Bloomberg, the deal may be announced on Monday morning. Like other travel- and transportation-related businesses, Uber's ride-hailing segment has been negatively impacted by the COVID-19 pandemic, due to shelter-in-place orders throughout the United States.
TechCrunchLydia expands credit offering in partnership with Younited Credit
French startup Lydia is announcing a new partnership with Younited Credit, which lets you borrow anything between €500 and €3,000 and pay back within six to 36 months. This isn’t the first time Lydia is playing around with credit. The company already partnered with Banque Casino to let users borrow between €100 and €1,000.
Simply Wall St.What You Need To Know About Freelancer Limited's (ASX:FLN) Investor Composition
A look at the shareholders of Freelancer Limited (ASX:FLN) can tell us which group is most powerful. Institutions will...
Simply Wall St.Here's What Briscoe Group Limited's (NZSE:BGP) Shareholder Ownership Structure Looks Like
Every investor in Briscoe Group Limited (NZSE:BGP) should be aware of the most powerful shareholder groups. Insiders...
ReutersTrump approves 5-week extension for small business pandemic loan applications
U.S. President Donald Trump on Saturday signed into law a deadline extension to August 8 for small businesses to apply for relief loans under a federal aid program to help businesses hurt by the COVID-19 pandemic, the White House said. The extension to the Payroll Protection Program (PPP), which was launched in April to keep Americans on company payrolls and off unemployment assistance, gives business owners an additional five weeks to apply for funding assistance plagued by problems. Critics worry the U.S. Small Business Administrator's office, which administers the loan, may continue to experience challenges in fairly distributing the funds.
ReutersTrump approves five-week extension for small business pandemic loan applications
U.S. President Donald Trump on Saturday signed into law a deadline extension to August 8 for small businesses to apply for relief loans under a federal aid program to help businesses hurt by the COVID-19 pandemic, the White House said. The extension to the Payroll Protection Program (PPP), which was launched in April to keep Americans on company payrolls and off unemployment assistance, gives business owners an additional five weeks to apply for funding assistance plagued by problems. Critics worry the U.S. Small Business Administrator's office, which administers the loan, may continue to experience challenges in fairly distributing the funds.
Simply Wall St.Is Bango plc (LON:BGO) Popular Amongst Insiders?
A look at the shareholders of Bango plc (LON:BGO) can tell us which group is most powerful. Institutions will often...
Fool.co.ukIs AIM poised to beat the FTSE 100 when the stock market crash is over?
With a focus on the FTSE 100 stock market crash, has the Alternative Investment Market (AIM) been overlooked as a future growth opportunity?The post Is AIM poised to beat the FTSE 100 when the stock market crash is over? appeared first on The Motley Fool UK.
PA Media: TechTeenage entrepreneur develops wearable technology to combat spread of Covid-19
Max Melia, 15, created the device after his parents fell ill with Covid-19.
TechCrunchHow Have I Been Pwned became the keeper of the internet's biggest data breaches
When Troy Hunt launched Have I Been Pwned in late 2013, he wanted it to answer a simple question: Have you fallen victim to a data breach? Seven years later, the data-breach notification service processes thousands of requests each day from users who check to see if their data was compromised — or pwned, with a hard "p" — by the hundreds of data breaches in its database, including some of the largest breaches in history. As it has grown, now sitting just below the 10 billion breached-records mark, the answer to Hunt's original question is more clear.
