Steven Mnuchin

The Senate had passed the bill Tuesday, shortly before the Small Business Administration was to stop accepting new loan applications.

Federal Reserve Chairman Jerome Powell said about 300 lenders have signed on to the program and that the central bank is committed to making adjustments that could attract more borrowers.

Members of the Small Business Committee signaled backing for broadening Paycheck Protection Program access for the smallest companies, encouraging participation by nonbank lenders and other improvements.

The funds include $3.2 billion in loans that community development financial institutions had already approved during the PPP's second phase.

The funds include $3.2 billion in loans that community development financial institutions had already approved during the PPP's second phase.

Members of the Banking Committee pressed the Treasury secretary and Fed chief to ensure CARES Act funds are deployed as Congress intended. They also debated the need for more stimulus to ease the economic effects of the coronavirus.

A small Texas company that profits from loan applications is using a web address so similar to the Trump administration's portal for small businesses that even Treasury Secretary Steven Mnuchin pitched the wrong one when outlining a pandemic-aid program.

The agency said Wednesday that as long as small businesses return funds they received through the Paycheck Protection Program, no action would be taken.

Treasury secretary says big firms that took PPP loans should apologize, not just return the money; German fintech’s shares drop 26% as audit fails to rebut accounting fraud allegations.

The Treasury secretary said recent government moves will help the firms get through the risk of millions of borrowers missing their loan payments.

The two sides say a deal to replenish the small-business loan program may be reached for a Senate vote early this week; big restaurant chains said to edge out small firms for loans.

The head of the Senate panel overseeing Federal Reserve and Treasury Department efforts to boost the U.S. economy urged the agencies to remember their disclosure requirements.

The letter written by Rep. Maxine Waters, D-Calif., and Sen. Sherrod Brown, D-Ohio, was seen as a boost to Wall Street lobbying efforts seeking to quell the fallout of the coronavirus crisis on the mortgage market.

The lending facility is for companies with more than 500 employees that are disqualified from the relief program for small businesses and too small for federal loans reserved for larger companies.

After budget cuts and a strategic transition, the interagency body conceived by Dodd-Frank to identify systemic threats has largely been silent as the pandemic roils the economy.

Details of the $2 trillion deal were still fluid Wednesday, but lawmakers were closing in on a plan that would aim to put lenders and consumers alike on stronger financial footing as they weather the coronavirus pandemic.

The $2 trillion deal passed by the Senate late Wednesday would aim to put banks and consumers alike on stronger financial footing as they weather the coronavirus pandemic.

Financial services personnel were among critical infrastructure groups that the Department of Homeland Security said were crucial for “public health and safety as well as community well-being” during the pandemic.

Financial services personnel were among critical infrastructure groups that the Department of Homeland Security said were crucial for “public health and safety as well as community well-being” during the pandemic.

The rush to unload mortgage-backed securities signals that a credit meltdown that began with corporate bonds is spreading to other corners of the market.