Wells Fargo has launched a new program to provide relief to small businesses, reports KUTV.

Wells Fargo announced an approximately $400 million effort to help small businesses impacted by the ongoing COVID-19 pandemic.

According to the Washington Post, the federal government is considering removing the requirement that companies prove how they used the Payroll Protection Loan money. 

Treasury Secretary Steven Mnuchin suggested Friday that the government should consider forgiving all taxpayer-backed small loans under the federal Paycheck Protection Program without verifying how the funds were used, a decision that could wipe away debt for millions of small businesses but would also substantially increase the risk of fraud.

The pandemic has caused small businesses to eliminate the employer matching portion of their retirement program, reports the Kenosha News. 

Saving for retirement is important. Without independent savings, seniors risk struggling financially when they attempt to live on Social Security alone, especially when we consider that the average recipient today collects just around $1,500 a month, or $18,000 a year, in benefits.