Small to midsize business seeking relief from economic woes due to the Covid-19 pandemic have tapped $247.5 billion from the government’s Paycheck Protection Program through April 13, according to data released by the Small Business Administration on Tuesday. … READ MORE >
What lenders know about the Main Street Lending Program, and the questions that remain
Within moments of the announcement of the Main Street Lending Program, many lenders began to pour through the term sheets published by the Federal Reserve. While some answers were provided, further details are needed. Here is what we know. … READ MORE >
How banks can help their customers navigate the coronavirus shock
Even though the CARES Act provides a stimulus package of $2.39 trillion, or 11.4% of gross domestic product — along with a relaxing of rules surrounding payment deferrals and loan modifications by banking regulators — that may not be enough to blunt the continued decline in economic activity. … READ MORE >
How to become a qualified lender under the Paycheck Protection Program
The Paycheck Protection Program, an ambitious $349 billion loan program designed to quickly give relief to small businesses, represents an unusual opportunity for lenders to expand their client base with loans that are fully guaranteed by the federal government. … READ MORE >
The coronavirus impact on the financial services sector
The disruption has led senior leaders at financial services firms to ask some basic questions, from how do we keep our employees safe, to what does our near-term financial health look like, to what if this crisis continues over the long-term. … READ MORE >
As the coronavirus spreads, bond markets take notice
Fears over the outbreak of the coronavirus in China have combined with moderated corporate earnings and continued delays over the Boeing 737 Max to suppress yields on 10-year Treasuries. … READ MORE >
As American farmers struggle, lenders become advisers
As painful as this year has been for American farmers, it is also forcing a reckoning among lenders and should prompt a rethinking of their role, one that goes beyond primarily being a source of financing, and instead becoming more as a trusted adviser. … READ MORE >
Declining demand for commercial loans points to continued uncertainty
Demand for commercial loans softened dramatically in the third quarter, the Federal Reserve Bank of New York reported, signaling that businesses continue to be cautious amid simmering trade tensions and slowing economic growth. … READ MORE >
Buzz on pot legislation fades as focus turns to vaping
In addition to shielding banks and credit unions, the Secure and Fair Enforcement Banking Act is also designed to make it easier for cannabis-related enterprises, like dispensaries and growers, as well as business that serve them, like law firms and real estate companies, to access the banking system with funds derived from cannabis products. … READ MORE >
Low rate environment poses challenge for banks
The Fed recently cut its lending rate by 25 basis points and is expected to cut again later this year. Meanwhile, as longer-term rates continue to decline, banks will be faced with further pressure on their net interest margins. … READ MORE >