CARES Act

Treasury wants CARES Act programs to expire. Fed says not so fast.

11/19/20

Treasury Secretary Steven Mnuchin called on the Federal Reserve Thursday to let several of its emergency lending facilities expire at yearend and return unused funds provided by Congress. But the central bank wants the programs to continue.

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Fed lowers Main Street loan threshold in bid to boost interest

10/30/20

Underwhelming participation in the middle-market loan program has forced the central bank to reduce the minimum borrowing amount for the third time, to $100,000.

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Banks, PPP recipients caught in bind between two SBA rescue programs

10/26/20

Businesses that received Paycheck Protection Program loans and Economic Injury Disaster advances discovered later they can't get full forgiveness. Lenders want the rules changed.

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Leveraged lending has avoided pandemic hit. Will that last?

10/15/20

Defaults have been milder than expected thanks to government relief and stricter underwriting. But with the crisis dragging on and policymakers unable to agree on a stimulus plan, loans to highly indebted companies remain at risk.

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Stalled stimulus talks put bankers on edge

10/13/20

Executives are urging Congress and the White House to prioritize another round of help for businesses amid concerns that the continuing restrictions on reopening could lead to more loan defaults.

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Murky economy complicates credit outlook at JPMorgan Chase

10/13/20

The banking giant may be sitting pretty with plenty of money reserved for bad loans — or it could have to set aside billions more in coming quarters. It hinges on an ongoing U.S. recovery and the passage of a new stimulus package.

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SBA streamlines forgiveness for PPP loans of $50,000 or less

10/09/20

Lenders welcomed the move as a helpful first step but are still urging policymakers to develop a broader, simpler process for expediting the approvals of loans extended to troubled small businesses under the Paycheck Protection Program.

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Fed’s Wells Fargo review should consider forbearance snafu: Warren

10/01/20

Customers suffered when they were placed in mortgage relief plans without their consent, the Massachusetts senator says. She urged the Federal Reserve to take the blunder into account as it weighs when to lift other sanctions against the bank.

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Powell, Mnuchin urge more congressional action to deliver pandemic aid

09/24/20

Capping a series of appearances on Capitol Hill this week, the Federal Reserve chair and Treasury secretary emphasized that they don’t have the authority to reallocate CARES Act funds to assist small businesses on their own.

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Lawmakers urge Fed, Treasury to let CRE borrowers tap Main Street loans

09/22/20

Commercial real estate companies are among those left out of the Federal Reserve’s middle-market relief program, but House members said they need government-backed financing to navigate the pandemic as much as anyone.

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