Illustration: Rahul Awasthi Online retailer Paytm Mall has held talks with e-grocer Grofers for a potential investment, multiple people in the know told ET, adding that the ongoing discussions may even lead to a merger. Japanese conglomerate SoftBank, a common investor in Paytm Mall and Grofers, initiated the deal talks, sources said. “SoftBank does not […]
Archives for 2020
MeitY fast-tracks work on Rs 5,000 crore fund-of-funds
Illustration: Rahul Awasthi The Ministry of Information Technology (MeitY) is fast-tracking its ambitious Rs 5,000 crore fund-of-funds targeted at deploying much-needed domestic capital into India’s software products ecosystem, as the government looks to reopen the economy in a phased manner after a two-month lockdown. MeitY officials are expected to approach the finance ministry as early […]
House passes bill that would relax PPP forgiveness requirements
The U.S. House approved legislation Thursday making it easier for small businesses and other recipients of Paycheck Protection Program (PPP) funding to qualify for forgiveness of the loans. The House bill, called the Paycheck Protection Flexibility Act, H.R. 7010, extends from eight weeks to 24 weeks the time PPP recipients have to spend their funds. […]
E-filing of Form 1040-X coming this summer
News Procedure & Administration By Sally P. Schreiber, J.D. {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The IRS announced Thursday that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, “later this summer” (IR-2020-107). According to the IRS, making the Form 1040-X available for electronic filing has been […]
Explaining how bank loans work
There are a lot of people, apparently, who don’t understand that when a business owner takes a loan, they are personally on the hook for that loan. And if there is a forgiveness feature, as is the case with the Payroll Protection Program, that forgiveness feature has to be applied for and approved. And if […]
FDA authorizes Quest’s coronavirus test with at-home sample collection; shares rise
A medical provider bags a completed test at the STRIDE Community Health Center’s COVID-19 drive-thru testing site at the Aurora Health and Wellness Plaza March 26, 2020. Andy Cross | The Denver Post | Getty Images The Food and Drug Administration has issued an emergency use authorization for a new coronavirus test from Quest Diagnostics […]
Fidelity custody unit reels in 100,000 new accounts despite coronavirus
Following ‘historic call volumes’ during the coronavirus pandemic, Fidelity Institutional has brought in tens of thousands of new client accounts to its custody. Fidelity Institutional, which offers custody for both broker-dealers and RIAs, opened more than 100,000 new accounts in the first three months of 2020 — a 25% increase over the year-ago period, according […]
U.S. major airlines roll out more options to avoid staff lay-offs
(Reuters) – The top three U.S. airlines, hit hard by the coronavirus pandemic, are rolling out fresh programs to induce tens of thousands of employees to accept voluntary leave or early retirement in the hope of avoiding widespread furloughs in the fall, company memos show. Around 100,000 employees of American Airlines Group Inc (AAL.O), Delta […]
How companies are becoming creative with accounting during the COVID-19 pandemic – MarketWatch
The COVID-19 outbreak has brought out some creative accounting at companies, as executives attempt to gauge the impact of the pandemic on their businesses and how they would have performed if the crisis hadn’t all but shut the economy down. Before companies began reporting first-quarter earnings, Twitter users joked that the outbreak would prompt new […]
$10 billion from PPP pledged to lenders to underserved communities
Ten billion dollars in Paycheck Protection Program (PPP) Round 2 funds are being set aside to be lent exclusively by Community Development Financial Institutions (CDFIs) in an effort to boost businesses in underserved communities. This dedication of funds is designed to make sure that PPP money reaches all communities that need relief during the coronavirus […]