Demand for PPP funding slows in second round

What to read today: Fintech Accelerators : Business Insider Intelligence spoke with key figures within the accelerators of top banks — Wells Fargo, Barclays, and Citi — to find out more about how they run their respective programs. This report details how the accelerators provide guidance to help startups develop their solutions, and highlight notable alumni startups from each program to reveal insights on how both fintechs and banks benefit from their participation..

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May 16, 2020 Over 40% of PPP funds were still available nearly two weeks after the program was relaunched. Considering that the PPP's initial $350 billion funding was exhausted in just two weeks, this deceleration comes as a big surprise, as many anticipated the second round of funds to be depleted at the same rate. Duplicate applications and concerns about unclear repayment terms may have contributed to the apparent drop in demand, while other prospective borrowers likely found that the program wasn't right for their situation or are waiting on clarification from the government. The slower pace of requests could make the facilitation process more manageable — and while banks still stand to gain billions in fee revenue from the program, they could collect less than initially anticipated. Business Insider Intelligence's Rachel Green has the full story. NEW: Chart of the Day Insider Intelligence has launched a new daily newsletter packed with data and key statistics on the biggest trends in today's most disruptive industries. Click below to join! Get Chart of the Day → BRIEFING HIGHLIGHTS Sidewalk Labs abandoning Toronto shows downturn in smart city spending Sidewalk Labs abandoning its Toronto smart city development portends a larger downturn in smart city spending as municipalities grapple with budget shortfalls. Read More → Samsung and SoFi announce forthcoming debit card Samsung Pay is partnering with student loan-based fintech SoFi on an innovative debit card accompanied by a cash management account. Read More → OnDeck is for sale following a surge in loan delinquencies Many SMB-based alt lenders have reported coronavirus-related setbacks akin to OnDeck, including LendingClub and Kabbage Read More → Mastercard Track Business Payment Service will help B2B payments Mastercard announced the launch of Mastercard Track Business Payment Service, which is meant to help facilitate B2B payments. Read More → UK Bounce Back scheme may yield widespread defaults The UK's BBLS is proving popular, but some senior bankers are concerned that it will lead to widespread defaults on the loans it hands out. Read More → Merchants may need to adapt to intermittent restrictions As some businesses reopen, their rates of infection appear to rise — if this is correlated it could put merchants in a cycle of closing and reopening. Read More → TikTok introduces AR ad format to rival Snapchat TikTok is developing an ad format that will let users create videos using branded augmented reality effects, due to arrive sometime in Q3. Read More → Aidoc is launching a tool to detect coronavirus from CT scans Aidoc is launching an AI-powered triaging tool that helps radiologists detect likely coronavirus cases by analyzing CT scans of patients' lungs. Read More → Pepsi and GM are looking to pull out of upfront advertising contracts in Q3 With advertisers like Pepsi and GM are pulling out of their upfront commitments for Q3, TV networks are facing even steeper declines in ad spend. Read More → Visa expands the reach of its streamlined checkout offering Visa partnered with 27 payments firms to scale its click to pay solution, and it could quickly gain popularity with merchants amid the pandemic. Read More → RESEARCH IN FOCUS Fintech Accelerators Business Insider Intelligence spoke with key figures within the accelerators of top banks — Wells Fargo, Barclays, and Citi — to find out more about how they run their respective programs. This report details how the accelerators provide guidance to help startups develop their solutions, and highlight notable alumni startups from each program to reveal insights on how both fintechs and banks benefit from their participation. Get the full report → The Rise of Banking-as-a-Service Business Insider Intelligence looks at the benefits banks stand to gain by offering BaaS platforms, discusses key players in the industry that have already successfully launched BaaS platforms, and recommends strategies for FIs looking to move into BaaS. Get the full report → The Subscription Payments Ecosystem The power dynamics in the payments industry are changing as businesses and consumers shift dollars from cash and checks to digital payment methods. This report examines the payments ecosystem today, its growth drivers, and where the industry is headed. Get the full report → BECOME A SUBSCRIBER Did you know the Daily is just a preview of everything Business Insider Intelligence has to offer? Our Briefing subscriptions deliver analysis on the biggest trends and decisions shaping the future of a specific industry. Stay on top and subscribe today to receive: A cornerstone industry report Daily Morning newsletters Opportunities to join the conversation Get Started Today → FOLLOW US Email sent to: ipat39@gmail.com Manage your email preferences  |  Unsubscribe  |  Terms of Service  |  Privacy Policy © 2020 Insider Inc. 1 Liberty Plaza, New York, NY 10006