The Small Business Administration today clarified that its Paycheck Protection Program direct forgiveness portal remains optional for lenders and borrowers, although SBA encouraged lenders to opt-in to the program, which it said has accepted more than 600,000 applications in under a month.
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The Alternative Reference Rates Committee today published a set of frequently asked questions addressing its recent best practices recommendations related to scope of use for the SOFR Term Rate.
By considering the unique aspects of healthcare financing, the associated risks can be factored into the pricing and structure of the credit facility, resulting in fewer surprises.
In a letter to nonfinancial corporations today, the heads of the Treasury Department, Federal Reserve, Securities and Exchange Commission and Commodity Futures Trading Commission addressed the ongoing Libor transition, noting that “a smooth transition will be best supported if financial institutions offer alternatives to USD Libor that meet borrower needs and if this is done in a timely fashion.”
Community banks look to the senior loan market for solutions to liquidity, competition, yield and growth.
The Alternative Reference Rates Committee today welcomed the prototype publication launch of its recommended spread adjustments and spread adjusted rates for cash products by Refinitiv—which it selected in March to publish Libor cash fallback spreads and rates.
Non-employer firms—those without full-time or part-time employees on payroll—that sought Paycheck Protection Program funding most frequently did so from large or small banks over online lenders, credit unions, or nonbank finance companies, according to findings from the Federal Reserve’s Small Business Credit Survey’s non-employer report released earlier this week.
The Consumer Financial Protection Bureau today issued a long-awaited interpretive rule providing clarity on how the newly enacted Juneteenth holiday affected the timing of disclosures required for mortgage transactions in process.
Between 2019 and 2020, traditional financing declined among both non-employer and employer firms as the COVID-19 pandemic began, according to Small Business Credit Survey figures released today by the Federal Reserve Banks.