Kabbage Makes Short Term Furloughs Due to Crisis

Online small business lender Kabbage as furloughed a significant number of the 500 employees in the U.S.; the company hopes the employees will only be furloughed for a short period of time; the lender also closed down their office in Bangalore, India and executive staff is taking a considerable pay cut; Co-Founder and CEO Rob Frohwein wrote in a memo according to TechCrunch, “The economic fallout of this virus has rattled the small business community to which Kabbage is directly linked. It’s painful to say goodbye to our friends and colleagues in Bangalore and to furlough a number of U.S. team members.”; the company is well positioned to help extend loans through the stimulus package and is in deep discussions with the Fed on being an approved lender. Tech Crunch

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