It took some last-minute wrangling and a letter as well, but the Senate late Wednesday passed a bill easing conditions for small businesses tapping the government’s Paycheck Protection Program. The House had passed the bill by an overwhelming 417-1 tally last week and senators had been discussing earlier in the week whether to make a few tweaks to it — which would have necessitated another House vote — or passing it unanimously and finding ways to fix what some saw as problems later.
The Federal Reserve’s unprecedented Main Street Lending Program (MSLP) is set to kick off any day now. The program is designed to provide financial support to companies that have been hurt by the coronavirus pandemic but were too big to qualify for loans in the Paycheck Protection Program (PPP).
IRVINE, Calif., June 4, 2020 /PRNewswire/ — Americans received just under 3.0 billion robocalls in May, a 3% increase from April. However, the number of calls per day in May was almost identical to the number of calls per day in April, again averaging just over 95 million calls per day, or roughly 1,104 calls per second. This means the slight increase was simply due to one more day in the month of May versus April. The calls are still 48% below the all-time monthly peak of 5.7 billion calls in October 2019.
Consumer Financial Protection Bureau Takes Action to Help Consumers Receive Relief from Credit Card Issuers
It was easy to lose track of it in the midst of all the impacts of the novel coronavirus, but a crucial federal lawsuit filed six months ago still hangs over the payments industry, carrying far-reaching implications for nearly all players. It’s PayPal Holdings Inc.’s action against the Consumer Financial Protection Agency over the CFPB’s final prepaid rule, and while it very much hasn’t gone away, some experts are worried its eventual resolution could hold very different implications from those they were expecting before PayPal brought its suit.
The Consumer Bankers Association and Bank Policy Institute, in a co-signed letter, have called on Congress to automatically forgive Paycheck Protection Program (PPP) loans under $150,000. Although that would cover around 85 percent of the loans, it would only cover about 26 percent of PPP loan dollars, the two groups said. Businesses would still be required to verify that their PPP funds were used in the correct ways the program mandated, to keep employees on the payroll. But they would not have to fill out lengthy forgiveness applications, which would save them time and money.
Attorney General Becerra Sues Secretary DeVos and U.S. Department of Education for Failing to Implement Temporary Expanded Public Service Loan Forgiveness Program
Join Josh Weiss with Brinks Home Security and Todd Johnsen with Snap Finance as they discuss:
Title: Path to the New Normal: Reimagining Collections
Date: Thursday, June 11, 2020
Time: 12:00 PM Eastern Daylight Time (30 minutes)
Registration page: https://tinyurl.com/y75ssyrx