Coronavirus

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.

The Small Business Administration wants to vet Paycheck Protection Program loans of $2 million or more, but lenders have grown tired of waiting for months with no updates.

For years, many companies have spoken about becoming more digital, transforming their business and reducing waste, but always in the context of those journeys being multiyear projects.

The move will force the Pennsylvania company to report a bigger loss for its fiscal fourth quarter and restate its annual report with the Securities and Exchange Commission.

Banks have diverted resources from traditional Small Business Administration lending to make Paycheck Protection Program loans, but many are taking steps to rev up 7(a) and 504 lending once the PPP winds down.

The majority of Paycheck Protection Program loans are being approved for borrowers in industries that have yet to regain their footing.

House Financial Services Committee members were at odds over whether to have support for homeowners and the State Small Business Credit Initiative, both included the $1.9 trillion stimulus plan, expire when the pandemic ends or later.

The Philadelphia-based institution will host free coronavirus screenings for the public this month as part of a partnership with the Greater Bustleton Civic League.

Homeowners still deferring payments on federally backed loans as of Feb. 28 will be permitted to request an additional three months of relief.

The working group's final report is still forthcoming, but the trade association has already begun assembling a new team focused on the industry's digitization efforts in the wake of the pandemic.

Visa and partners fast-tracked the big game's digital overhaul as the pandemic caused a sharp spike in demand for contactless payments.