The Federal Reserve Board announced that it will make monthly data regarding CARES Act funding publicly available. Specifically, the agency will release the following information regarding participating liquidity and lending facilities:
- Names and details of participants in each facility;
- Amounts borrowed and interest rate charged; and
- Overall costs, revenues, and fees for each facility.
To view the full announcement, click here.
During an AXIOS small business webinar, Senator Tim Scott (R-SC) mentioned a number of challenging obstacles that small businesses are set to face following this national health crisis. Among other barriers, wide-spread workplace testing on COVID-19 and increased liability insurance will be critical challenges for the marketplace moving forward.
Following recent reports of large banks prioritizing borrower applications during the first round of PPP loans, Senate Small Business & Entrepreneurship Committee Chairman, Marco Rubio (R-FL) sent a letter to leading banks requesting certain loan application information. The letter requests answers to the following questions:
- Did your financial institution set up an application process for PPP that is based on a first-come, first-serve basis from within the pool of eligible applicants? If not, please describe why not.
- Did your financial institution include any filters in its application process that would prioritize certain borrowers over others? If so, please describe the factors for which those filters select.
- What practices and processes does your financial institution have in place to ensure neutral access to PPP loans for small business borrowers across relevant size, regional, and ownership categories?
To view the full letter, click here.