CARES Act

Fed expands middle-market loan relief to attract more interest

06/08/20

The central bank will increase support for credit issued through the Main Street Lending Program while providing midsize firms with more flexibility on the amounts they receive.

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States try to help borrowers left out of federal forbearance plans

06/04/20

One criticism of the CARES Act is that it provides relief only to borrowers with government-backed loans. Bills in New York and California would cover the remaining 30% of homeowners.

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Fed urged to widen eligibility for pandemic loan programs

06/02/20

Members of both parties raised concerns that the requirements for participating in the Municipal Liquidity Facility and Main Street Lending Program are too restrictive to benefit smaller localities and certain midsize firms.

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Coronavirus still a threat to credit scores despite congressional relief

06/01/20

The rescue bill enabled banks to protect loans in forbearance from an immediate hit to a borrower’s credit report, but experts say affected consumers may have trouble getting loans after the pandemic ends.

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Fed takes big step toward launch of Main Street Lending Program

05/28/20

The Federal Reserve Bank of Boston published details on the terms for lenders and borrowers to participate in the facility intended to provide coronavirus relief funds to middle-market firms.

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Paycheck Protection Program: Loan Forgiveness Estimator Workbook

05/28/20

Below please find a link to the Sheppard, Mullin, Richter & Hampton LLP (Sheppard Mullin) Paycheck Protection Program (PPP) Loan Forgiveness Estimator Workbook (the Workbook), which was created by and is the property of Sheppard Mullin.

COVID-19, Workbook

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Senate bill would ban garnishment of relief funds by debt collectors

05/24/20

The new legislation directs the Treasury Department to protect electronic payments that Americans receive through the pandemic rescue package.

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Paycheck Protection Program: Key Features of the Loan Forgiveness Application

05/19/20

On May 15, 2020, the U.S. Department of Treasury (Treasury) and U.S.

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4 takeaways from Senate grilling of Mnuchin, Powell on relief plans

05/19/20

Members of the Banking Committee pressed the Treasury secretary and Fed chief to ensure CARES Act funds are deployed as Congress intended. They also debated the need for more stimulus to ease the economic effects of the coronavirus.

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Cheat sheet: 7 measures in House coronavirus bill that matter to banks

05/15/20

Democrats’ latest proposal to back debt collectors, enable loans for nonprofits and provide other relief could help steer negotiations with the Senate on more stimulus.

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