US banks earned $10 billion in two weeks processing the loans from the government scheme to protect small businesses from financial ruin during the coronavirus crisis, according to an NPR report.The rescue plan worth $349 billion offered businesses loans of up to $10 million to thousands of US companies and were guaranteed by the federal Small Business Administration.The banks charged a transaction fee of 5% on loans worth less than $350,000, while on loans worth between $2 million - $10 million, the cost was 1%.The banks defended the massive windfall of loan transaction fees, saying that processing the loans involved complicated vetting procedures.Treasury Department guidelines are less rigorous than for regular loans, and the taxpayer provides the funding, so there is little risk for the

The US government added a second round of $310 billion to the Paycheck Protection Program (PPP). But small business owners who haven't applied for PPP loans yet, may be too late to receive any funding. Bankers, lawyers, and consultants said the volume of already approved loans will be enough to tap out the second round of funding.If you don't get government loans and funding, there are still a few other options available to small businesses.Click here for more BI Prime content.If you were hoping to get your loan application into the second round of stimulus funding for small businesses, the chances are stacked against you. But you could turn to tax relief or private companies, local governments, and organizations offering grants and resources to small businesses hurt by the pandemic.Late last

Alexis Dent is a freelance writer based in upstate New York whose company, XO Juliet, offers custom wedding vow writing services.By mid-March, her business all but dried up as spring and summer weddings began getting canceled because of the pandemic.Dent recognized there was a new need for eulogies to meet the rising number of funerals for people who passed away from COVID-19. "When I get a new order, I take a moment of silence," says Dent. "Every order for the past month has been a notification that someone is gone too soon."Visit Business Insider's homepage for more stories.One afternoon in February, I was staring out the window, experiencing writer's block after getting off the phone with a client who'd ordered wedding vows. It had been a long afternoon of writing, and I needed a change

The Elzarka family has owned Beninni, a men's formal wear store in Hayward, California, for 30 years. The shop was forced to shut down in the coronavirus lockdown, and has tried and failed to get government assistance loans through the coronavirus relief package.Shady Elzarka, whose dad founded the store, struggled to access either the Economic Injury Disaster Loan Emergency Advance (EIDL) and relief from the Paycheck Protection Program (PPP).Elzarka for weeks heard nothing from the Small Business Administration, through which he applied for an EIDL, or from Bank of America, where he applied for the PPP loan.Meanwhile much larger companies did not struggle to access government funding, some of which public pressure forced them to hand back.After Business Insider contacted Bank of America for

Christina Stembel founded her floral company, Farmgirl Flowers, in her dining room in 2010, using her personal savings and a cash-back credit card to cover business expenses.The company has since blossomed into a thriving startup that employed almost 200 staff members prior to the coronavirus.However, as the pandemic causes economic fallout worldwide, Stembel told Business Insider that the future of her company is uncertain.She said the process of applying for the first round of the Paycheck Protection Program, a government fund meant to help small businesses through the coronavirus pandemic, was frustrating and fruitless."I know that the intention of this program is to help small businesses, so let's change it to make sure this money does fall into the hands of small businesses," she said.Visit

The Federal Reserve announced Thursday it will expand its Main Street Lending Program to include mid-sized companies and those with greater leverage.The central bank expanded program eligibility to businesses with 15,000 employees or $5 billion in revenue, up from the 10,000 employee and $2.5 billion limits.The Fed didn't provide a start date for the relief program, adding that it would be announced "soon."A separate aid program for nonprofit organizations is under consideration, the Fed said in a release.Visit Business Insider's homepage for more stories.The Federal Reserve is widening its Main Street Lending Program to include more mid-sized businesses seeking loans amid the economic downturn.The central bank announced Thursday it will expand credit eligibility to firms with up to 15,000

Jonathan Ross is one of the 300 master sommeliers in the world: He is an educator for the Guild of Sommeliers, an examiner for the Court of Master Sommeliers, and sits on multiple wine investment advisory boards, as well as founded Micro Wines.He says that although the alcohol industry is booming for large retailers, small businesses are struggling to find ways to stay afloat.Many smaller retailers and restaurants are turning to creative ways of staying open, including virtual tastings, delivery, and designer happy hours.Support your local restaurants and wine sellers now if you want them to survive this lockdown period.Click here for more BI Prime stories.With a substantial amount of lockdown time under our belts, people around the world have found creative ways to remain social, active,

The Paycheck Protection Program is a key component of the federal government's response to the economic devastation caused by the ongoing coronavirus pandemic.After the initial $350 billion allocated for the small business loans at the heart of the program was exhausted in just two weeks, Congress appropriated an additional $320 billion in funding.A recent Small Business Administration report shows where that second round of funding has gone so far.While the first round largely went to more rural states on a per-capita basis, much of the $175 billion from the second round that was dispersed as of May 1 has gone to larger, harder-hit states.Visit Business Insider's homepage for more stories.The novel coronavirus has ravaged the US economy, with more than 33 million Americans filing for unemployment

EXCLUSIVE: Saracens might be saved from Premiership relegation in a doomsday scenario where a clutch of clubs go bust due to a lack of income during the coronavirus chaos.

Usually the kingdom of water tanks and satellite dishes, Lebanon's rooftops have recently been graced by unlikely scenes of locked-down residents fleeing...

NEW YORK (AP) - New York City transit officials said they're providing buses for homeless people to shelter from unseasonably frigid weather this weekend...

Simon Cowell's ex-girlfriend Jasmine Lennard has announced that she is engaged to her billionaire businessman boyfriend Mohammed Al Saif.

The socialite, 42, looked sensational in the eye-popping olive green one-piece as she hit the beach once again with partner Simon Cowell, 60, and son Eric, five, in Barbados on Saturday.

Therapists for the 1% are seeing a surge in business during the pandemic, Mark Ellwood reported for Bloomberg.Some of their wealthy clients are worried about finding the perfect Hamptons vacation rental.Others are anxious about not being able to see their personal trainers five days a week and gaining weight during quarantine.Meanwhile, more than 30 million people lost their jobs during the pandemic, many of whom are low earners struggling to pay rent.The coronavirus outbreak is shining a light on the disparities between the rich and poor in the US.Visit Business Insider's homepage for more stories.Therapists that cater to the 1% are seeing a surge in business during the coronavirus outbreak, Mark Ellwood reported for Bloomberg.While many people are experiencing heightened anxiety because

President Trump said he would use recent news a Ukrainian court ordered an investigation into Joe Biden as ammunition if he were to become the Democrat presidential candidate.

Both Reading and Cardiff City will be launching an investigation after alleged racial and homophobic chanting at their FA Cup tie at the Madejski prompted a stadium announcement.

Cardiff have demanded an apology from FA Cup rivals Reading after City supporters were accused of racist and homophobic behaviour in Saturday's fourth-round tie at the Madejski Stadium.

EXCLUSIVE: When it comes to Shaun Edwards and rugby, emotion usually drives everything. But Saturday's Wales clash is strictly business. He does not do teary-eyed returns.

Rodwell, who played his last game for Sunderland ten months ago, has signed a deal with The Championship club until the end of the season in a bid to get his career back on track.

Geordie Shore star Chloe Ferry has been keeping herself busy during the coronavirus lockdown by sharing sexy snaps on social media. 

The Geordie Shore star, 24, flaunted her figure in a royal blue PrettyLittleThing lingerie set with a white trim as she posed up a storm on Instagram on Tuesday.

The former Geordie Shore star, 24, sent pulses racing as she slipped into a busty gold lace bodysuit to pose on her marble floor for a sizzling Instagram snap on Thursday.

Graduate school application season has been hindered by the coronavirus outbreak, causing in-person standardized testing to be shuttered. Starting April 20, the GMAT will be available online for students seeking to take the test. Top schools, including Harvard and MIT Sloan, have either waived the test requirement or said they would accept online scores.But candidates in China, Iran, Cuba, Sudan, Slovenia, and North Korea won't have access to the online version.Visit Business Insider's homepage for more stories.The coronavirus pandemic has changed the way students work, learn, and interact with each other. And many graduate schools have shifted application requirements, relaxed deadlines, or taken the entire process virtual, including top-notch institutions like NYU Stern and Berkeley's Haas.But

The coronavirus has forced grocery delivery drivers on the front lines of the pandemic.Mirchi, a small New York City grocery delivery service with around 10 employees, is struggling to keep up with a 400% increase in demand.The company's founder said that "by day three, all of my employees were burnt out."View more episodes of Business Insider Today on Facebook.Since the spread of the coronavirus in the US, drivers like Remy Quezada Rodriguez are on the front lines of the pandemic, delivering food to Americans hunkered down at home. Rodriguez works for Mirchi, a small New York City grocery delivery service specializing in South Asian ingredients. Lately, the company has been inundated with orders of rice, spices, and other goods.To keep up with demand, the company's founder Naresh Mulchandani

States and city governments are offering millions in loans and grants to businesses affected by the coronavirus pandemic. California's IBank is offering up to $50,000 in direct loans and loan guarantees for companies with fewer than 750 employees, while Maryland is granting $100,000 to manufacturers that can quickly pivot to make personal protective equipment (PPE) and other critical needs items. Most applications are submitted online and require basic business information as well as proof of how business revenue declined due to COVID-19.This piece will be updated as new information becomes available.Click here fore more BI Prime stories.As the coronavirus pandemic continues to disrupt the lives and operations of millions of American business owners, more state and local governments are offering

Two tax provisions of the $2 trillion stimulus package could put cash back into small business owners' pockets almost immediately. Most businesses will be eligible to defer payroll taxes and receive tax credits for keeping employees.However, businesses may not be eligible for tax relief if they receive a forgiveable loan through the Paycheck Protection Program.To understand how business owners can take advantage of these programs Business Insider reviewed IRS guidelines and spoke with a small business advisor at Wiss & Co. accounting firm. Click here for more BI Prime content.Businesses that have been forced to close, limit operations, and lay off employees during the coronavirus pandemic have several lifelines available to them, two of which are tax-related and could put cash back in their

More than half of small businesses in the US have temporarily closed their doors, or plan to this month, due to the COVID-19 pandemic.Private organizations, including Amazon and Facebook, are teaming up to offer millions in cash grants and low-interest loans to small business owners.Amazon created a $5 million relief fund to support local businesses around its Seattle and Washington offices. Hello Alice is giving $10,000 emergency cash grants to distressed businesses in the US.Click here for more BI Prime stories.Organizations across the country are rallying together to support small businesses fighting to survive the COVID-19 quarantine shutdown.One in four small businesses nationwide have temporarily closed and another 40% expect to this month, according to a recent survey from MetLife and

Getty ImagesThe author is not pictured.I've had a little extra cash in my pocket since quarantine started - I'm saving money on rideshares, restaurants, travel, and more.Instead of keeping that money, though, I'm spending it on businesses I hope will stay open post-COVID. I've bought art, paid for online classes at a local gym, and pre-paid for an appointment with my hair stylist.I've decided not to save the extra money because my emergency fund is in good shape.Read more personal finance coverage.As the economy grinds to a halt in the wake of the coronavirus, I've found myself in the strange position of having a little extra cash on hand that I'm not accustomed to. For a little bit of context: I'm a freelance writer who's worked from home since 2015, and my industry has yet to be heavily

Getty ImagesAll of the PPP loan funds have been committed, but new Fed-backed loans could help some businesses come back after the crisis.Less than two weeks after launch, all of the $349 billion allocated to small businesses in the CARES Act has been committed.Lending could now come to a grinding halt as banks won't have the guarantee of the US Treasury to back up more loans.Business owners who still need financing greater than $1 million can take advantage of the Federal Reserve's Main Street Lending program, which will support additional loans from banks.The Fed's program backs four-year loans with payments and interest deferred for the first year.Visit BI Prime for more stories.Just 12 days after the launch of the Payroll Protection Program, all $350 billion in loans have been approved,

Anastasia Bendebury and Michael Shilo DeLay are the creators of Demystifying Science, a science literacy organization which clarifies confusing science.They were both furloughed from their full-time jobs amid the coronavirus pandemic, which led them to pour more time into their newly launched organization.To get through this tough period, they're cutting back where they can and reaching out to as many people as possible who might need their work.Separating business from couple life is key when kickstarting a project together, and ultimately taking the plunge to do it.Click here for more BI Prime stories.In early March when Italy issued its stay-at-home order, we were still at work. Michael was teaching high school physics, and Nastia was guiding science and wine tours in the Pacific Northwest.

With the night still young, Corden, 41, was hand in hand with his wife as they made their way into the iconic Hollywood venue, where Beyoncé and Jay Z were hosting their own post-Oscars celebration.

She's heading the Social Impact Jury at the Greenwich International Film Festival in Connecticut. And the 34-year-old actress pulled out all he stops in a black and white gown on Friday.

The Project left fans cringing Hollywood legends Richard Dreyfuss and Kathleen Turner an awkward interview on The Project on Sunday.

John C. Reilly looks unrecognizable as he starts filming on HBO's new drama series Showtime, which explores the dominant Los Angeles Lakers teams of the 1980s.

Pompeo said the US-Australian alliance was unbreakable and American firefighters had flown to Australia to help.

Kylie Jenner made a good example of herself Saturday as she found ways to have fun and stay sane with her daughter Stormi Webster, two.

Kim Kardashian stunned in a picture of herself wearing a low-cut Skims bodysuit. She was also clad in Skims in an earlier photo featuring her mother Kris Jenner.

This is the heart-stopping moment a bus missed a woman by inches after she suddenly 'felt a bit light-headed' and fell on to a road in Azov, southern Russia.

Russian real estate magnate Aras Agalarov, 64, said his Crocus Group business is in trouble due to coronavirus shutdowns and fears the worst is yet to come when Russia hits its peak in May.

Kate Upton stepped out in Miami Friday in a pale yellow suit that showcased her cleavage. The 27-year-old model was previously featured in a steamy Super Bowl ad in 2015.

Officers were called to the party following a tip-off and found the third-floor gathering in a vacant commercial building on West 23rd Street in Manhattan's Flatiron District.

The modern technology will be trialed to clean trains, buses and work areas in the city, officials announced on Sunday.

Chinese swimming fans called Shayna Jack a drug cheat, many spamming enojis of medical pills, and drowned out messages of support from Australians as she tried to explain herself.

The Australian wheelchair basketballer and tennis player said he owes Horton an apology, but said he could no longer cope with the online abuse he was receiving from Chinese trolls.

Track and field athlete, Mary Cain, once the 'fastest girl in America' on Thursday urged Nike to change their system after her former coach Alberto Salazar was banned after a doping investigation.

Former US President Barack Obama has publicly praised a Melbourne activist for her work in preserving food for bushfire victims.

President Donald Trump said he will not call Barack Obama and George W. Bush to discuss the coronavirus outbreak. 'No, not really,' he said when asked about it.

BONNIE ESTRIDGE: A few weeks ago, a bus stop appeared slap bang in the middle of the dementia ward at my local hospital, St George's in London. There it was, complete with the iconic red circle.