The biggest U.S. banks have dialed back the portion of their balances they’re willing to use on loans to new lows, Bloomberg reported, citing data from the Federal Reserve. This is furthering a trend during the pandemic that has seen less and less faith extended...
A new report from the Small Business Administration (SBA) found that there were $72.7 billion in Paycheck Protection Program (PPP) loans distributed in the month of January, with 891,044 loans approved. The lender count comes out to 4,942. Broken down further, there were 226,336 first...
Former Treasury Secretary Steven Mnuchin and Texas Sen. Ted Cruz are the subjects of a pair of watchdog investigations, Bloomberg reported. Mnuchin is under investigation over his decision to roll back the U.S. Federal Reserve’s emergency lending programs late last year, according to Bloomberg. Democrats...
The European Central Bank (ECB) is concerned that regional banks are not setting aside as much money as other countries to cover loan losses stemming from the ongoing pandemic. The ECB’s Head of Banking Supervision Andre Enria said on Thursday (Jan. 28) that the central...
The U.S. Small Business Administration (SBA) has approved 400,000 more pandemic relief loans worth $35 billion, saying it is trying to repair operational problems in the program brought up by lenders, Reuters reported. The SBA launched the newest round of the Paycheck Protection Program (PPP)...
During the first week of the newly-reopened Paycheck Protection Program (PPP), some 60,000 loans were extended totaling $5 billion, the Wall Street Journal (WSJ) reported on Wednesday (Jan. 20). The Small Business Administration (SBA) relaunched the forgivable loans program on Jan. 11, with the first...
The second round of federal funds to small businesses is already on its way out the door, with the Paycheck Protection Program (PPP) opening up $284.5 billion for PPP loans, with $137 billion set aside for “second-draw” loans for firms that need help beyond their...
Figure Technologies, which works in blockchain-based finance tech transformations, has worked with J.P. Morgan and closed a $100 million financing facility to help with conforming and jumbo mortgages, according to a press release. This will mark Figure’s fifth online financing facility, in which the company...
Two weeks after its 11th-hour passage by Congress, the second round of the Paycheck Protection Program (PPP) administered by the Small Business Administration has begun accepting applications for forgivable loans aimed at helping small and medium-sized businesses weather the storm caused by the coronavirus. At...
