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At its inaugural hearing, the committee appointed by lawmakers to oversee CARES Act implementation pressed for answers about why the Main Street Lending Program is off to such a slow start.August 7
![“Why [have] relatively few borrowers ... participated in this program?” said Sen. Pat Toomey, R-Pa. He added that he was interested in knowing "why it appears not to have a tremendous amount of demand."](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)
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Just eight loans had been made as of late July, six of them through a single community bank in Florida, according to new data on the federal rescue program for small and midsize companies hurt by the pandemic.August 6
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Credit card balances declined most sharply as consumers cut back their spending due to the coronavirus pandemic and associated shutdown orders, the New York Fed said Thursday. But delinquencies also fell across all debt categories, thanks to government and lender relief efforts.August 6
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As Senate Republicans consider a new coronavirus relief package, the Federal Reserve chairman said easing the so-called Collins amendment would help financial institutions support the economy.July 29
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The enhanced jobless benefits in the coronavirus relief law enacted in March helped limit delinquencies and maintain consumer spending, analysts say. In their follow-up stimulus plan, Senate Republicans want to cut those benefits from $600 to $200 a week.July 28
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The three-month extension for the central bank's lending programs is one of several recent steps by policymakers to stabilize the economy as the coronavirus pandemic stretches through the summer.July 28
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The Senate Republicans' coronavirus relief package, known as the HEALS Act, would continue to make the loan program available to businesses, but any final bill would need to be negotiated with House Democrats.July 27
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The legislation, which has yet to pass the House, is meant to ensure coronavirus relief funds go to consumers and are not diverted to debt collectors.July 24
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The House Financial Services Committee chair vowed to stay focused on the HEROES Act after the panel's top Republican said lawmakers should instead debate bills with bipartisan support.July 23
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Many commercial property owners are locked out of existing coronavirus relief by financing terms that bar them from taking new loans. Under a House bill, they would receive government-backed equity investments.July 22
![“Why [have] relatively few borrowers ... participated in this program?” said Sen. Pat Toomey, R-Pa. He added that he was interested in knowing "why it appears not to have a tremendous amount of demand."](https://arizent.brightspotcdn.com/dims4/default/c075c11/2147483647/strip/true/crop/5441x3064+0+281/resize/460x259!/quality/90/?url=https%3A%2F%2Farizent.brightspotcdn.com%2Ffa%2F0d%2F81c080b543599e2611e02a1cf8cb%2Ftoomey-pat-bl-080720.jpg)
