PPP Funds Exhausted; SBA No Longer Accepting Loan Applications
The $349 billion authorized for Paycheck Protection Program loans has been exhausted, the Small Business Administration said today, and the...
Economy
Treasury Confirms PPP Lenders May Use Scanned Documents, E-Sign
The Treasury Department today updated its frequently asked questions on the Small Business Administration’s Paycheck Protection Program to confirm that...
Consumer Delinquencies Rise in Q4 Ahead of Coronavirus
Consumer delinquencies rose in the fourth quarter of 2019, mostly due to increases in auto and home-related delinquencies, according to...
The Spanish Flu Pandemic and the U.S. Economy
The Spanish flu was inherently more lethal, and medical technology was far less advanced a century ago. But the flu,...
CNBC Story Spotlights Banks’ Efforts to Complete PPP Loans
A CNBC story published today documents the herculean efforts by many banks to process, approve and fund loans through the...
Nichols to Small Businesses: Reach Out to Your Lender for Coronavirus Assistance
Despite a choppy start to the Small Business Administration’s Paycheck Protection Program over the past week, ABA President and CEO...
Fed Unveils $2.3 Trillion More in Lending Capacity, Details ‘Main Street’ Program
The Federal Reserve is deploying its emergency lending powers to “an unprecedented extent,” Federal Reserve Chairman Jerome Powell said in...
FOMC Members: Coronavirus Pandemic ‘Not Directly Comparable’ with 2008 Financial Crisis
The near-term U.S. economic outlook “deteriorated sharply” and became “profoundly uncertain,” prompting the Federal Open Market Committee to drop interest...
Registration for Participation in Fed’s Commercial Paper Funding Facility Now Open
The Federal Reserve Bank of New York today opened the registration process for the new commercial paper funding facility that...
Fed to Establish Facility for Financing SBA PPP Loans
In order to facilitate loans being made through the Small Business Administration’s Paycheck Protection Program, the Federal Reserve today said...
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