In a recent Senate Banking Committee hearing, Sen. Pat Toomey (R-PA) asked Federal Reserve Chairman Jerome Powell whether there was likely to be “strong demand” for the three credit facilities that comprise the Federal...more
The April 30 changes to the Federal Reserve’s Main Street Lending Program (MSLP) broaden the Federal Reserve’s backstop for loans to small and medium-sized enterprises (SME), but also impose new non-credit-related...more
The CARES Act, which appropriated approximately $2 trillion to save the American economy, was written in just under a week, reflecting Congress’s bipartisan urgency in mitigating COVID-19’s economic toll on workers and...more
4/2/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Employee Retention ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Relief Measures ,
SBA ,
Small Business ,
Tax Credits ,
U.S. Treasury
The CARES Act appropriated $454 billion to the Treasury Department to be used in capitalizing Federal Reserve lending facilities. While that may sound like a lot of money, there is already intense competition for it among...more
4/1/2020
/ Banks ,
Business Closures ,
Business Interruption ,
CARES Act ,
Centers for Medicare & Medicaid Services (CMS) ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Loans ,
Federal Reserve ,
Financial Stimulus ,
Health Care Providers ,
Healthcare ,
Lenders ,
Lending ,
Liquidity ,
Medicaid ,
Medicare ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Tax Relief ,
Unemployment Insurance
On March 25, the Senate approved a $2 trillion stimulus package, the Coronavirus Aid, Relief, and Economic Security Act, to address the economic and health impacts of the COVID-19 pandemic. The bill now moves to the House for...more