Banks expect deluge of desperate businesses seeking loans
Millions of small businesses are expected to apply for a desperately needed rescue loan Friday, a stern test for a banking industry that has had less than a week to prepare.
Banking & Finance
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IRS to start sending rescue checks April 9; some won’t get them until September
About eight in 10 taxpayers who have signed up for direct deposit payments for their past tax refunds are expected to receive the money within two weeks. Others could be waiting months.
Stocks rise as a bounce in oil prices lifts energy sector
Oil surged more than 30% immediately after President Donald Trump said he expects Saudi Arabia and Russia to back away from their price war.
Stocks fall, capping Wall Street’s worst quarter since 2008
The surge of coronavirus cases around the world has sent markets to breathtaking drops since mid-February, undercutting what had been a good start to the year.
Carmel auto finance firm calling it quits after 33 years, terminating 127 employees
Carmel-based auto finance company Coastal Credit LLC plans to end operations and terminate all of its employees by the middle of this year, the company said in a letter to the state.
Stocks surge for fourth time in five days amid tentative trading
Stocks were led by big gains for health care companies announcing developments that could aid in the coronavirus outbreak.
Banks say they’ll give commercial borrowers extra time
But the bankers also say it’s unclear how the pandemic might affect commercial customers—and the banks themselves—in the longer term.
Stocks soar after Senate passes $2 trillion stimulus bill
A dismal unemployment report failed to pop Wall Street’s buoyant mood on Thursday, with stocks running to their third straight day of gains following the federal government’s pledge to shower trillions of dollars on U.S. citizens and commerce.
Small businesses fear delays in $350 billion rescue program
Getting the $350 billion in loans for small businesses in the record U.S. stimulus package into business owners’ hands before a wave of closures will strain the nation’s network of lenders and regulators as never before.
Powell says Federal Reserve will provide nearly unlimited lending
Federal Reserve Chairman Jerome Powell said the Fed was “not going to run out of ammunition” when it came to helping the economy recover quickly once the threat from the virus has passed.
Madison County extends state’s pandemic restrictions to other industries
The county ordered liquor stores, banks and insurance companies to cease normal operations and shift to offering only drive-thru, delivery and curbside services.
UPDATE: Fed to buy as much government debt as needed to aid economy
The central bank’s all-out effort has now gone beyond even the extraordinary drive it made to rescue the economy from the 2008 financial crisis. Financial markets sharply reversed themselves after the announcement.
Herb and David Simon make $19M bet on Simon Property’s deflated stock
Since the start of 2020, Simon shares have lost 67.7% of their value—chopping $31 billion off the company’s market capitalization.
Dow pulls itself back above 20,000, rises 1% in choppy trading
U.S. markets remain testy as the Dow Jones industrial average Thursday extended its streak of 1,000-point swings to nine sessions.
SBA makes emergency loans available statewide to help businesses survive outbreak
The low-interest loans of up to $2 million are designed to provide working capital to Indiana businesses struggling to make it because of the COVID-19 outbreak.
Stocks tumble, investors dash for cash amid recession fears
Stocks sank more than 5% on Wall Street Wednesday, and the Dow erased virtually all its gains since President Donald Trump’s 2017 inauguration.
Federal Reserve launches $10B special fund to keep credit flowing in U.S. economy
Starting Tuesday, the central bank will buy significant amounts of commercial paper, the short-term loans that businesses rely on for funding to pay bills and other expenses.
Stocks move higher on Wall Street after worst drop since 1987
Markets around the world remain highly volatile as traders see a recession growing more likely and large sections of the economy come closer to shutting down due to the coronavirus outbreak.
IBJ Podcast: Pete the Planner talks about the virus, the impact on the economy and what to think about your portfolio
Peter Dunn talks with podcast host Mason King about what people can do to prepare for what he believes will soon be a recession. The goal, he said, is to “get lean.”
Stock futures sink after rate cut, new virus restrictions
Stocks are set for more turbulence following a dizzying week that saw the Dow twice fall by more than 2,000 points and also record it’s biggest point gain ever—1,985 points on Friday.