Coronavirus

Lenders are preparing scores of Paycheck Protection Program applications to secure approval from the Small Business Administration by March 31, but unresolved error codes continue to hinder their efforts.

Like a lot of small restaurants, Ann Arbor's Zingerman's Deli saw its status as a social destination disappear at the start of the pandemic. The technology that helped it hang on will forge a new business model.

“We were already shifting to recruiting more problem solvers than people handling transactions,” said Robert Fisher, CEO of Tioga State Bank in New York and incoming chairman of the Independent Community Bankers of America. “That pace of change has accelerated.”

The largest banks have cut compensation or held it steady for their top executives. Many regionals, though not all, are expected to make similar decisions as boards balance the desire to reward strong leadership during the pandemic with lackluster financial performance and public relations concerns.

Credit investors are stepping into a void left by banks and insurance companies and providing debt financing for top-quality hotels in a bet on a post-pandemic recovery, according to a report from the real estate services firm JLL.

The backing from the Emergency Capital Investment Fund is meant to help financial institutions direct aid to lower-income communities struggling in the pandemic.

Technology is helping some institutions find new growth opportunities as lending contracts, but many CUs also were able to use data to assist members during the early days of the pandemic.

The industry quickly pivoted to remote work once the pandemic hit, but panelists who spoke during CUNA's online Governmental Affairs Conference predicted many institutions will utilize a mix of working from home and in the office once things return to normal.

Dr. Scott Gottlieb, a commissioner of the Food and Drug Administration under former President Donald Trump, said during CUNA's online Governmental Affairs Conference that now that many vulnerable populations have been vaccinated, the threat from the virus has lessened somewhat.

The U.S. economy expanded modestly in the first two months of the year and sentiment among business owners is picking up as vaccinations bolstered the prospects for economic growth, the Federal Reserve said.

The Small Business Administration is still writing rules for the Paycheck Protection Program two months after its relaunch. Lenders fear they may not have enough time to review those rules before the program’s March 31 expiration date.

JPMorgan Chase is marketing big blocks of office space in Manhattan as companies reevaluate their need for real estate amid the COVID-19 pandemic, according to people with knowledge of the matter.

In an analysis of the pandemic's impact on the housing market, the agency said nearly 10% of households could be at risk of eviction or foreclosure despite government programs to enable homeowners to delay their payments.

While JPMorgan Chase’s chief executive would like the bank’s employees to get the COVID-19 vaccine, he said it’s unlikely to require the shots at least for now.

There's no overstating the impact the pandemic has had on travel, but there are innovative products that can help the recovery, says Nuvei's Yuval Ziv.

Supermarkets and restaurants were already starting to go digital when the pandemic pushed hard on the gas. Expect more mobile and virtual experiences —and much less space for sit-down dining.

Community banks, which for years have relied heavily on commercial real estate lending, have been tightening underwriting standards, conducting more frequent loan reviews and stepping back from certain subsectors to minimize their credit exposure.

The Federal Reserve imposed the restrictions after conducting supplemental stress tests tied to the pandemic. But Vice Chair of Supervision Randal Quarles says it is now clear banks would have had sufficient capital regardless.

The agency will allow an additional three months of forbearance for loans backed by Fannie Mae and Freddie Mac, giving homeowners up to 18 months to suspend payments due to the pandemic.

About half of U.S. workers received an unexpected financial expense each month for 12 months overlapping most of the COVID-19 pandemic, with many resorting to bouncing checks or payday loans to cover the costs.