Sun.Nov 22, 2020

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IRS Issues Guidance on Deductibility of PPP Loan-Funded Expenditures

RogerRossmeisl

Timing of Non-Deductibility of Forgiven PPP Loan-Funded Expenditures In guidance issued on 11/18/2020, the IRS has made it clear that taxpayers with a “reasonable expectation” that their Paycheck Protection Program (PPP) loan will be forgiven may not deduct expenditures that were paid with the proceeds of those loans, even if the actual forgiveness has not yet been granted prior to the end of the taxable year (Revenue Ruling 2020-27).

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Report: Taxpayers Face $400B Hit On Bad Student Loans

PYMNTS

U.S. taxpayers stand to absorb a hit of about $435 billion from borrowers’ failure to repay student loans currently on the federal government’s book, the Wall Street Journal reported Saturday (Nov. 21). The figure, which approaches banks’ losses during the 2008 sub prime mortgage crisis, resulted from an analysis performed by the U.S. Department of Education and two private consultants that helped the agency review the situation, the WSJ reported.

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Retailers Push Back Against ‘Non-Essential’ Label Ahead Of Black Friday

PYMNTS

Despite a recent surge in coronavirus cases, retailers are fighting for a rework and loosening of shopping restrictions before Black Friday and the holiday season. Retailers like Macy’s are arguing to remove the classifications of “essential” and “non-essential” for businesses, a distinction that has been contentious since the beginning of pandemic, CNN reported.

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BBB Warns Of Cash App Scam Taking Thousands From Users

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A scam involving a supposed customer service representative from Cash App has robbed several people of as much as thousands of dollars, a report from ABC 7NY says. One user, Sherita Reese, quoted by the piece, says she'd recently had trouble accessing Cash App on her phone, despite having used it several times. She made a call to a number she found on Google and was eventually connected to a man claiming to be a supervisor with the company.

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Planning Your Restaurants Path to Profitability

Speaker: James Kahler, COO of Full Course

Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.

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Danske Bank Debuts Payment Automation For Corporate Cards

PYMNTS

Danske Bank , the Copenhagen-based retail bank, has partnered with FinTech firm Zenegy to roll out a new method for automating payments made with corporate cards, a report from Crowdfund Insider says. The report notes that this service will first be introduced in Denmark and then rolled out to other Nordic region countries, and can be accessed through an app letting users track vouchers and outstanding payments for purchases or outlays made on their Mastercards.

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CoCoNet Partners With Raifeissen On B2B Payment, Cash Management

PYMNTS

Raiffeisen , the third-largest Swiss banking group, has joined up with software provider CoCoNet to launch a payment and cash management service for companies, a statement says. The statement says the service, set to debut next spring and marketed to businesses of any size, will come with a range of things including "standardized data exchange (EBICS), secure payment release (remote authorization), interbank retrieval of account information (multibanking), tools for liquidity planning and manage

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Bain Capital Nets $800M For Business Impact Funding

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Bain Capital has raised $800 million for a social impact fund — a category of investment vehicles whose stated objectives are to advance social or corporate governance policies in addition to turning profits, the Wall Street Journal reported. The WSJ reported that Boston-based Bain raised the funds even though other global impact funds have struggled with fundraising this year, drawing just $14.6 billion through Nov. 20 compared with $76.2 billion through the same date in 2019.

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Credit Key Raises $33M Towards BNPL Services

PYMNTS

Credit Key , which works in payments and lending, has raised $33.85 million towards its buy now, pay later (BNPL) model, a report says. The company raised the newest funds from Greycroft, Bonfire Ventures and Loeb.nyc, alongside other, unnamed investors. Credit Key offers businesses an alternative payment solution intended to give financing for purchases at the point of sale.

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Vaccine May Spark Inflation Jump As Consumers Spend More

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Consumers freed by a COVID-19 vaccine from the last eight months of disease-related restrictions could unleash enough spending on services such as travel and dining to drive inflation to levels not seen in years, economists told the Wall Street Journal. One reason for inflation as measured by the Consumer Price Index — a widely-watched measure of economic activity — is that businesses in some sectors will take time to rebuild workforces to levels sufficient to meet pre-COVID-19 demand, but event

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Google's 'Task Mate' Gives Pay To Consumers For Completing Simple Work, In Trial In India

PYMNTS

Google is debuting a new crowdsourcing feature in India called “Task Mate” with the aim of helping people earn money through small jobs, a report from 9to5Google says. The feature is currently in the early stages and limited to “selected testers,” the report says, but the process will let users seek out various tasks, complete them and then cash out earnings through a registered e-wallet account or through the in-app payment partner.

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How Automation is Driving Efficiency Through the Last Mile of Reporting

Speaker: Jamie Eagan

As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of

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Deutsche Bank Eyes Growing Payments Unit With Takeovers, JV’s

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Deutsche Bank is looking to acquire firms or enter into joint ventures with other companies in a bid to become a significant player in Europe's digital payments market, the Financial Times reported Sunday (Nov. 22). "Digital payments are one area with the highest strategic priority for us,” Stefan Hoops, head of the German financial services giant's corporate bank, told the Financial Times, according to the paper, adding: “Non-organic growth is clearly an option?.?.?.?

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Western Union Buys 15 Pct Stake In Saudi Digital Payments Co

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Western Union Co. has entered into a deal to buy up to 15 percent of Saudi Digital Payments Co. , also called stc pay, for up to $200 million, the Denver-based buyer announced today. Saudi Digital Payments — stc — is a wholly owned subsidiary of Saudi Telecom Co. Western Union stated in today's release that with the purchase, the companies have “extended the terms of their commercial relationship.”.

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Bitcoin Daily: Germany's Finance Minister Says He's Against Private Cryptos; Scam Used GoDaddy Employee Emails To Target Crypto Services

PYMNTS

Malicious actors have now managed to momentarily take control over several cryptocurrency platforms by scamming employees at GoDaddy, the domain hosting service for these sites, in multiple attacks. On Nov. 18, NiceHash discovered that hackers had been able to briefly redirect email and web traffic to privateemail.com, operated by Namecheap Inc. The actors were able to access the accounts after altering the settings for the cryptocurrency mining service’s domain registration at GoDaddy without p

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Post-COVID Battle For Business Travel Rages

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Major airlines’ CEOs were cautiously optimistic a month ago that the COVID-ravaged travel industry was staging a slow recovery, and then markets and consumer confidence soared on reports that Pfizer and Moderna were finalizing COVID-19 vaccines. But then Bill Gates — the Microsoft co-founder turned global health philanthropist — predicted last week that business travel and office life as we once knew it will never be the same.

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No-Code Technology: The Key to Unlock the Future of Your Business

Global economies are reeling from recent upheavals—pandemic aftershocks, geopolitical conflicts, and a tech sector crunch. Mark Zuckerberg's 2023 "Year of Efficiency" ethos extends into 2024, with leaders seeking cost reductions without stunting growth. No-code technology emerges as a beacon of hope, fostering resilience and adaptability. Platforms like Make.com and Zapier empower even non-technical staff to automate and innovate, freeing IT for strategic tasks.