Economy

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

Senate Passes $2T Coronavirus Relief Stimulus Package

The Wall Street Journal reported that the senate passed a $2 trillion package designed to provide economic stimulus in response to the coronavirus pandemic. read more

WSJ: COVID-19 Makes Fed’s Banking Stress Tests Look Easy

The Wall Street Journal reported that as U.S. bankers prepare for their annual stress tests, many are realizing that the impact of COVID-19 is far worse. read more

Study: Small Businesses Already Feeling Huge Drop in Demand from COVID-19

A just-released national study found that 69% of U.S. small businesses have already experienced a large drop in demand due to the coronavirus pandemic and 60% believe demand will continue to decline. read more

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Terry Mulreany
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