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Face masks, temperature checks and packaged sandwiches could all become part of the daily routine for bankers as their employers work out how to get them safely back into the office. While a growing number of countries are starting to ease lockdowns to contain the coronavirus pandemic, the threat of a new wave of infections …
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Small businesses in New York and New Jersey may have gotten shortchanged on federal coronavirus loans because of bad “logistics” as local banks struggled to meet demand, according to a new study. The COVID-19 pandemic has ravaged New York and New Jersey, killing more than 20,000 people and crippling the world’s most productive local economy, …
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WASHINGTON – The US government will cap how much each bank can lend under the emergency loan program designed to keep workers on payrolls amid the coronavirus pandemic, according to a memo seen by Reuters hours ahead of the reopening of the lending program. The Small Business Administration (SBA) will impose a maximum dollar amount …
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New money for loans to small businesses battered by the coronavirus crisis could reportedly dry up almost as soon as it arrives. The US Senate approved $310 billion in extra funds this week for the feds’ Paycheck Protection Program, which exhausted its initial $349 billion budget in two weeks. But banking groups say so many …
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Small businesses shut out of the government’s paycheck protection loan program last week are fuming at their banks for fumbling their applications. Dan Abrams, who owns The Mermaid Inn and five other eateries in Manhattan, had all of his loan documents at the ready when the Small Business Administration launched the $350 million stimulus program …
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Banks raked in $10 billion in fees for handing out US-backed loans to shore up small businesses battered by the coronavirus — despite taking on little to no risk on the deals, a new report says. The feds paid banks for serving as intermediaries for the $349 billion Paycheck Protection Program, which allowed any federally …
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If you can’t pay your credit card because you lost your job owing to the coronavirus pandemic, your card company might help. Depending on the card, the issuer might let you skip a month, waive fees or extend your credit line. Banks, the big credit card issuers, are “working to identify and assist affected clients …
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Fraud alerts are going out from U.S. banks in the wake of the coronavirus pandemic. In an email sent out earlier this week, Bank of America advised its customers not to respond to unsolicited requests for their account or personal information such as access codes, PINs or Federal Student Aid (FSA) IDs. The Charlotte, N.C.-based …
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Some Americans’ coronavirus stimulus checks are reportedly disappearing because their banks are pocketing the money. Some banks are putting customers’ deposits from the federal government toward negative balances in their accounts — leaving those unfortunate taxpayers with nothing, The New York Times reported Thursday. USAA — a financial-services company that serves people in the military …
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Goldman Sachs chief executive David Solomon signaled on Wednesday he’s working on the “assumption” that the coronavirus-driven recession will continue at least through the end of this year. After seeing the $80 billion bank’s first-quarter profit nearly cut in half by the pandemic, CEO Solomon kicked off Goldman’s earnings call on a somber tone, making …
Face masks, temperature checks and packaged sandwiches could all become part of the daily routine for bankers as their employers work out how to get them safely back into the office. While a growing number of countries are starting to ease lockdowns to contain the coronavirus pandemic, the threat of a new wave of infections …
