With certain tenors of Libor set to sunset at the end of 2021, the Commodity Futures Trading Commission’s Interest Rate Benchmark Reform Subcommittee today announced that it has voted to recommend that beginning July 26, interdealer brokers replace trading of Libor linear swaps with trading of U.S. dollar linear swaps tied to the Secured Overnight Financing Rate, the Alternative Reference Rates Committee’s preferred Libor alternative.
Browsing: commercial lending
The variety of forward-looking term rates now available means that banks will have choices to offer when transitioning from Libor.
As banks prepare for the cessation of Libor—certain tenors of which are set to begin phasing out at the end of 2021—the Financial Stability Board today published an updated global transition roadmap identifying steps firms should take to ensure an orderly transition prior to the end of the year.
In a significant move today, the Alternative Reference Rates Committee—of which the American Bankers Association is a member—said it plans to recommend CME Group as the administrator for a Secured Overnight Financing Rate term rate, once market indicators outlined earlier this month are met.
The Alternative Reference Rates Committee—of which the American Bankers Association is a member—today released a new guide to published Secured Overnight Finance Rate averages.
The Small Business Administration over the weekend updated its Paycheck Protection Program FAQs and calculation guidance documents to reflect new options available to Schedule C-filing PPP applicants, including self-employed individuals, sole proprietors and independent contractors, to use gross income to calculate their loan amount.
The Small Business Administration has just issued an interim final rule implementing recent changes to the Paycheck Protection Program.
With the Paycheck Protection Program set to close at the end of March, the American Bankers Association today launched a multi-state radio advertising campaign encouraging eligible small businesses still struggling financially from the pandemic to reach out to banks in their area for a Paycheck Protection Program loan.
The Small Business Administration tonight issued an updated procedural notice regarding the reporting process through while lenders report on Paycheck Protection Program loans and collect processing fees.
The Internal Revenue Service this week instructed lenders that had, in accordance with previous Small Business Administration guidance, filed or furnished to borrowers form 1099-MISC for subsidies paid by the SBA to file and furnish corrected forms that exclude these subsidized loan payments.