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Facing year-end cut off, US banks scramble to extend COVID accounting relief Toggle share menu
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WASHINGTON: U.S. banks are scrambling to persuade Washington policymakers to extend the Dec. 31 expiry of an accounting waiver that has allowed lenders to give struggling borrowers more leeway on their loans, several bankers and lobbyists said.
If Congress fails to extend the relief as part of a new stimulus package being discussed by lawmakers, many lenders are likely to curtail loan modification programs, they said, making life much tougher for as many as 12 million Americans whose unemployment benefits are due to expire at around the same time.
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Small Banks Helped Businesses Win More PPP Loans
Jim Medeiros (left, with sunglasses), owner of Kuleana Consulting, and his work crew restore the ancient Ala Kahaki National Historic Trail on Hawaii’s Big Island. The cultural consulting company received $33,000 in Paycheck Protection Program loans after work stopped during the pandemic.
Jeremiah Valenzuela
Kuleana Consulting
As visitors disappeared from Hawaii’s beaches in late March and job losses reached historic highs, local employers worried they wouldn’t get their share of federal Paycheck Protection Program loans.
“We were paranoid,” said Rich Wacker, president of the American Savings Bank in Honolulu. The money to help with payroll and other bills was first-come, first-serve, and Hawaiians feared big mainland banks could get all the money first.
CUSIP Request Volume Slows in November
Municipal Volumes Cut in Half from October to November
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NEW YORK, Dec. 15, 2020 /PRNewswire/ CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for November 2020. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a significant decline in municipal and U.S. corporate debt volumes from October to November.
CUSIP identifier requests for U.S. corporate debt declined 41.3% in November, while requests for new U.S. equity identifiers fell 2.9%. Canadian requests were up 16.4% versus last month s totals. On a year-over-year basis, corporate CUSIP requests are up 3.4%, reflecting high volumes throughout the majority of 2020.
Facing year-end cut off, U S banks scramble to extend COVID accounting relief oann.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oann.com Daily Mail and Mail on Sunday newspapers.