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Federal Reserve Chair Jerome Powell acknowledged Friday that the Fed faces a major challenge with the launch in the coming days of a program that will lend to companies other than banks for the first time since the Great Depression. The Fed’s Main Street Lending is geared toward medium-sized companies that are too large for …
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Last month Zagg Inc, a Utah-based company that makes mobile device accessories, received more than $9.4 million in cash from a US government program that has provided emergency loans to millions of businesses hit by the coronavirus. The money was part of the $660 billion Paycheck Protection Program (PPP) — a linchpin of President Trump’s …
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The U.S. birthrate fell to the lowest level since the federal government began compiling statistics in 1909. In 2019, the U.S. saw a rate of 58.2 births per 1,000 women ages 15–44, according to statistics from the Centers for Disease Control and Prevention’s National Center for Health Statistics. The number of births in 2019 was …
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The US economy’s may not recover from the coronavirus crisis until the end of 2021, Federal Reserve chairman Jerome Powell warned. While he rejected the idea that the pandemic will lead to a second Great Depression, the nation’s top central banker said it’s unclear just how quickly the economy will get back on its feet …
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Online retailer Amazon, criticized for not acting quickly enough to curb sellers who charged hundreds of dollars for high-demand hand sanitizer during the early phase of the new coronavirus pandemic, urged Congress on Wednesday to pass a law against price gouging during times of national emergency. Price-gouging is not usually illegal but can be in …
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US stocks tumbled Wednesday as Federal Reserve boss Jerome Powell warned the coronavirus could leave the economy with lasting scars. The Dow Jones industrial average fell as much as 292.48 points, or 1.2 percent, to 23,472.30 in early trading after Powell said the pandemic poses “significant downside risks” to the nation’s economic recovery. The S&P …
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The US Justice Department on Tuesday brought its first criminal charges against people it accused of defrauding the $660 billion Paycheck Protection Program aimed at dulling the coronavirus pandemic’s heavy hit on the economy. The small-business loan program is part of an unprecedented $2.2 trillion coronavirus economic package meant to reimburse businesses and households for …
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A federal appeals court ruled against a Trump administration policy to withhold millions in federal grants for law enforcement from “sanctuary” cities on Thursday, contradicting a prior ruling from a different appeals court earlier this year to set up a possible Supreme Court case. The 7th U.S. Circuit Court of Appeals in Chicago ruled against …
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The US Federal Reserve on Thursday widened a key program to nurse the “Main Street” economy through the coronavirus pandemic, agreeing to lend to even larger firms, taking on more risk in participation with banks, and hinting at some form of dedicated help for nonprofits. The central bank said it would expand its “Main Street …
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Banks trying to submit applications for thousands of small businesses seeking coronavirus relief loans have hit a bottleneck for a second day at the Small Business Administration. Banking industry groups said Tuesday the SBA’s loan processing system is still unable to handle the volume of loan applications from business owners trying to get aid under …
Federal Reserve Chair Jerome Powell acknowledged Friday that the Fed faces a major challenge with the launch in the coming days of a program that will lend to companies other than banks for the first time since the Great Depression. The Fed’s Main Street Lending is geared toward medium-sized companies that are too large for …
