Lenders Score Small Business Relief, Accounting Help in Pandemic Package 1490wosh.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from 1490wosh.com Daily Mail and Mail on Sunday newspapers.
U.S. lenders score small business relief, accounting help in pandemic package Pete Schroeder ,
By Pete Schroeder and Michelle Price
WASHINGTON (Reuters) - The long-awaited $900 billion U.S. pandemic aid package will help banks by boosting borrowers finances and easing a key small-business lending program s rules, lobbyists and analysts said.
In addition, they said, it will grant accounting relief to help banks sustain loan forbearance programs.
After months of partisan wrangling, the U.S. Congress over the weekend struck a deal on another pandemic aid package, including one-time $600 checks for most Americans, extended unemployment benefits of $300 per week and $284 billion more for the small business Paycheck Protection Program (PPP).
US Lenders Score Small Business Relief, Accounting Help in Pandemic Package
WASHINGTON The long-awaited nearly $900 billion U.S. pandemic aid package will help banks by boosting borrowers’ finances, easing a key small-business lending program’s rules and by granting accounting relief on deferred loan payments, lobbyists and analysts said.
After months of partisan wrangling, the U.S. Congress over the weekend struck a deal on another pandemic aid package, including one-time $600 checks for most Americans, extended unemployment benefits of $300 per week, and $284 billion more for the small business Paycheck Protection Program, or PPP.
Passed by lawmakers late on Dec. 21, the package includes a number of measures that the industry, potentially facing more than $300 billion in losses on souring loans through 2022, according to consultancy Deloitte, had lobbied for aggressively to bolster their books and help their customers.
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WASHINGTON (Reuters) - The long-awaited nearly $900 billion U.S. pandemic aid package will help banks by boosting borrowers’ finances, easing a key small-business lending program’s rules and by granting accounting relief on deferred loan payments, lobbyists and analysts said.
FILE PHOTO: A staff cleans the lobby inside Wells Fargo bank in New York City, U.S., March 17, 2020. REUTERS/Jeenah Moon
After months of partisan wrangling, the U.S. Congress over the weekend struck a deal on another pandemic aid package, including one-time $600 checks for most Americans, extended unemployment benefits of $300 per week and $284 billion more for the small business Paycheck Protection Program, or PPP.
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