CARES Act

A race against the clock to extend credit unions' liquidity backstop

12/07/20

Thousands of institutions could lose a safety net on New Year's Day if Congress fails to act before leaving for the holidays.

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As Congress weighs new stimulus, senators spar over old one's demise

12/01/20

Tuesday's hearing on the CARES Act was dominated by bickering over Treasury's decision to shut down the Fed's emergency lending facilities, drowning out pleas from some lawmakers for more aid.

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Additional PPP funding included in $908 billion stimulus proposal

12/01/20

The latest bipartisan plan to accelerate the economic recovery would appropriate roughly $300 billion for the Paycheck Protection Program, but the legislative package still faces long odds in the divided Congress.

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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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