OV Loop, a technology company focused on communications and commerce, added OV Valet to its growing family of messaging and commerce solutions. Designed to drive frictionless, touchless checkouts across mobile, in-store and in-app channels, the solution is being promoted on Indiegogo, noted Will Graylin, chairman, CEO and founder of OV Loop. He mentioned that OV Valet can replace physical cards, which are costly to manage, and the secure digital wallet works in a majority of existing POS systems, using both near field communication and magnetic secure transmission, an alternative contactless technology developed by OV Loop co-founder George Wallner in 2013.
If your business received a Paycheck Protection Program loan for $50,000, or less, you're in luck: the Small Business Administration simplified the forgiveness process for your loan. The PPP, enacted as part of the Coronavirus Aid, Relief and Economic Security Act, provided $525 billion in potentially foregiveable loans to help businesses hard hit by the coronavirus keep workers on payroll. However, many lending banks and borrowers have complained the process for seeking loan forgiveness is complex, requiring borrowers to complete extensive applications and provide reams of documentation. In response, the SBA and the Treasury Department instituted a new, simpler process for getting PPP loans up to $50,000 forgiven.
Criminal investigators are warning consumers to be especially cautious when applying for loans and shopping online. The Federal Trade Commission issued a series of directives on its website in response to escalating attacks by criminals posing as contact tracers, Payroll Protection Plan (PPP) lenders, auto traders and philanthropic organizations. These malicious attacks exploit concerns for health, safety and financial wellbeing, FTC representatives stated. Noting that legitimate contact tracers would normally request health information but not money, the FTC is urging people not to respond to texts, emails or calls about government checks, contact tracing or test kits in the Avoid Coronavirus Scams section of its website.
While concerns about COVID-19 may dampen many people's travel plans, it's not apt to stop U.S. families from celebrating the year-end holidays by spending large. That's the message from two companies that keep tabs on consumer shopping trends. Mastercard is predicting 2.4 percent growth in retail sales (excluding gas and automotive sales) over the year-end 2019 holiday shopping season, while Adobe Analytics expects online holiday sales to shatter all previous records, jumping 33 percent over last year. Retailers and consumers are geared up for a holiday shopping season that appears to have already begun. Mastercard dubbed it "the 75 Days of Christmas," with the kick-off in mid-October by many online retailers.
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