The newly passed stimulus package includes plenty of provisions which will be important to lenders, especially those who have borrowers in sectors under distress during the COVID-19 pandemic. Paul H. Shur of Becker & Poliakoff walks us through the most important provisions and what they mean for lenders.
Biz2Credit launched Biz2X Accelerate SBA, a platform aimed to help banks and other financial institutions respond to loan requests from small businesses seeking to take advantage of the Paycheck Protection Program (PPP) of the CARES Act stimulus package.
CIT outlined a $1 million community commitment to support those affected by COVID-19. These resources will provide some immediate relief to New York City and L.A. County, the respective headquarters for the company and its bank subsidiary.
According to the 22nd edition of the EY Global Capital Confidence Barometer, 73% of C-Suite executives expect COVID-19 to have a severe impact on the global economy in the form of supply chain disruption, as well as declining consumption.
ABN AMRO will extend its previously announced credit facility payment deferral program to commercial banking clients with a credit facility with a principal and/or a limit of up to €50 million ($55.05 million).
Jobless claims reached a new record in the week ending March 21, as 3.283 million applicants filed for unemployment benefits, an increase of 91.4% from the previous week, according to data from the U.S. Department of Labor.