Month: January 2002

SBA reaching limit for Paycheck Protection Program loans

Updated: Treasury secretary, SBA administrator make plea to Congress for more funds. WASHINGTON (BRAIN) — With the Small Business Administration nearing the limit of Paycheck Protection Program loans it can issue, U.S. Treasury Secretary Steven T. Mnuchin and SBA Administrator Jovita Carranza jointly issued a statement Wednesday night calling for Congress to approve additional funding. …

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GoPro cuts 20% of workforce, shifts to direct-to-consumer strategy

Aimée Lapic joins company as chief digital officer. SAN MATEO, Calif. (BRAIN) — GoPro Inc. announced a workforce reduction of more than 20% to reduce operating expenses in the wake of the COVID-19 pandemic, the company announced in a statement Wednesday afternoon. All told more than 200 employees were affected. GoPro did not say if …

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SBA approves more than $253 billion in PPP loans for small businesses

The Paycheck Protection Program originally authorized $349 billion in forgivable loans. WASHINGTON (BRAIN) — The Small Business Administration said Tuesday that as of noon Eastern time it had approved $253 billion in forgivable loans during the program’s first 12 days. About one million Paycheck Protection Program applications have been approved for those affected by the …

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Pandemic check-in with Giant Bicycle's JT Thompson: Cycling will be more highly regarded

NEWBURY PARK, Calif. (BRAIN) — BRAIN checked in with Giant Group’s U.S. general manager, John “JT” Thompson, this week to get his view of how the U.S. industry is handling the COVID-19 pandemic.  Thompson recently released a strongly worded press release titled, “Giant Stands with the IBD.” The release outlined some program changes Giant made to …

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Specialized, Santa Cruz and Saris contribute to the COVID-19 fight

A look at the programs as a few more bike companies join the battle. Specialized, Santa Cruz and Saris have each revealed some details of their efforts to help the fight against COVID-19. They join brands including SRAM, Kitsbow, Osprey, Vermarc, De Soto, Santini, 3T, Industry Nine and others who are manufacturing or sourcing personal …

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Federal Reserve helps businesses in need with $2.3 trillion in loans

WASHINGTON (BRAIN) — The Federal Reserve infused the Paycheck Protection Program and others with $2.3 trillion in loans Thursday to further support small businesses in the wake of the COVID-19 pandemic. The Small Business Administration’s forgivable loan program will be bolstered by the Federal Reserve through supplying liquidity to participating financial institutions with term financing …

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Fox Factory suspends non-essential operations, lowers earnings guidance

BRASELTON, Ga. (BRAIN) — Fox Factory Holding Corp. has suspended non-essential operations at its North American factories due to COVID-19. The company also has lowered its earnings guidance for its first fiscal quarter and suspended full-year guidance. Fox said its manufacturing facilities in North America have been affected by local and state “shelter in place” or …

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