Economy

Fed Ditches Plan to Promote SOFR in Main Street Lending Program

The Wall Street Journal reported that the Federal Reserve will not use the Main Street Lending Program to promote SOFR, its LIBOR replacement of choice. read more

Fed Expands Access to Paycheck Protection, Main Street Lending Programs

The Federal Reserve expanded access to its Paycheck Protection Program Liquidity Facility to additional lenders and expanded the collateral that can be pledged. The Fed also broadened the scope and eligibility for the Main Street Lending Program. read more

Citizens Business Conditions Index Shows Solid Q1 Start, Emerging Pandemic Pain

The Q1/20 Citizens Business Conditions Index showed only a slight decline (from 61.0 to 60.8) because the full economic impact of the COVID-19 pandemic emerged late in the quarter, but the modest directional shift reflected the gathering storm of the pandemic disruption. read more

COVID Loan Tracker: PPP Needs Additional $400B in Funding to Meet Small Businesses Needs

According to COVID Loan Tracker's estimates, at least $400 billion, in addition to the funds already allocated, will be needed to satisfy the outstanding financial need of small businesses as they navigate the current crisis. read more

WSJ: Bank Lending a Weak Channel for COVID-19 Recovery

The Wall Street Journal reported that bank’s aversion to risk in lending may make them a weak conduit for the Fed’s post-pandemic recovery plans. read more

House Passes $484B Small Business Aid Bill, Trump to Sign at Noon

The Wall Street Journal reported that the House passed a $484 billion bill that will replenish two aid programs for small businesses and provide relief to hospitals. read more

Tiger Capital Predicts Spike in COVID-19 Related Closures, Bankruptcies & Liquidations

Tiger Capital co-founder Dan Kane predicted that COVID-19 will cause a huge spike in asset dispositions across multiple sectors once the economic recovery begins. read more

Senate Passes $484B Bill to Aid Small Businesses, Hospitals

The Wall Street Journal reported that the Senate passed a $484 billion bill designed to deliver aid to small businesses and hospitals, with $320 billion allocated to replenish the Paycheck Protection Program. read more

Key Takeaways from ELFA/ELFF Webinar: Coronavirus & the U.S. Economy

Five key takeaways from the ELFA/ELFF webinar, which discussed the U.S. economy and equipment finance industry during COVID-19. read more

SBA Paycheck Protection Program Runs Out of Funding, Replenishment Stalled in Congress

The Wall Street Journal reported that lawmakers have disagreed about how to replenish the $350 billion small business loan program, which exhausted its funds after approving 1.6 million applications. read more

Wary of Future Repercussions, Banks Double Down on SBA Loan Due Diligence

The Wall Street Journal reported that banks are performing more due diligence than required for federal small business stimulus loans. read more

Survey: CFOs Say Normal Economic Activity Will Returns in Q3/20

Half of chief financial officers surveyed by CFO expect a "V-shaped" recovery or a return to normal economic activity in Q3/20. Despite this positive outlook, 35% indicated headcount reductions. read more

Customers Bank Increases PPP Commitment to $500MM With OakNorth

Customers Bank is partnering with OakNorth to process $500 million in small business loan applications under the federal Paycheck Protection Program. read more

Survey: 71% of Small Business Owners Fear They Will Never Recover from Pandemic Losses

A new LendingTree survey of more than 1,200 small business owners found that 71% worry they’ll never recover from the downturn. read more

New Fed Program Will Fund Small Business Loans

The Wall Street Journal reported that the Federal Reserve is working with the Treasury to create a new program designed to finance the loans that lenders make through the emergency small business lending program. read more

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Terry Mulreany
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