Small business COVID-19 relief program runs out of money
As of Sunday, the Paycheck Protection Program had given out nearly 10.8 million loans worth more than $780 billion since April of last year.
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Steak n Shake’s lenders say restaurant chain still owes millions
The Indianapolis-based company has declared itself debt-free, but the lenders say they’re owed more than $8.5 million.
IMF upgrades forecast for 2021 global growth to record 6%
The rollout of COVID-19 vaccines and vast sums of government aid will accelerate global economic growth to a record high this year in a powerful rebound from the pandemic recession, the International Monetary Fund says in its latest forecast.
U.S. consumers eased off credit card borrowing in January
Consumer borrowing is closely watched for indications about Americans’ willingness to take on more debt to finance their spending, which accounts for two-thirds of U.S. economic activity.
Auto dealer financing firm in Carmel gets fast start
A veteran of a specialty auto-industry sector called floor-plan financing has launched a lending company that promises independent car dealers funding wherever they buy vehicles.
Sitting on billions, Catholic dioceses amassed taxpayer aid
Overall, the nation’s nearly 200 dioceses and other Catholic institutions received at least $3 billion. That makes the Roman Catholic Church perhaps the biggest beneficiary of the Paycheck Protection Program
Late regulation would make religious businesses eligible for taxpayer-backed SBA loans
If the rule were finalized, it would open up seven SBA loan programs to a range of religious-affiliated businesses such as Christian publishers and for-profit schools affiliated with religious organizations.
More than half of PPP funds went to larger businesses, new data show
According to data on the government’s Paycheck Protection Program, about 600 mostly larger companies, including dozens of national chains, received the maximum amount allowed under the program of $10 million.
U.S. consumer borrowing increases by $16.2 billion
The increase included a $3.98 billion increase in credit card borrowing, the first rise since February. Credit card use had fallen for six straight months as households cut back on use of credit cards once the pandemic hit.
Hotels’ vacancy woes cause debt headaches
With travel and convention business continuing to stagnate and COVID-19 cases on a steep rise, many properties find themselves scrambling for long-term loan solutions and pleading for help from lenders.
Study finds inequities in lending in majority-Black neighborhoods
Although redlining—discrimination in banking and lending based on someone’s race or where they live—has been illegal since the Fair Housing Act passed in 1968, analysts at Indiana University’s Public Policy Institute found that inequities in home-loan lending still exist.
JPMorgan Chase puts $30B toward fixing banking’s ‘systemic racism’
JPMorgan Chase said Thursday it will extend billions in loans to Black and Latino homebuyers and small business owners in an expanded effort directed at “widespread economic inequality.”
U.S. consumer spending experiences $7.2 billion monthly drop
Consumer borrowing is closely followed for signals it can send about households’ willingness to take on more debt to support their spending, which accounts for 70% of economic activity.
Fed aims to revamp laws ensuring access to credit for low, moderate income families
Changes to the CRA laws are considered long overdue among banking experts, especially given the rise of online banking.
Consumer borrowing shows second straight monthly gain
U.S. consumer borrowing rose by a solid 3.6% in July, the second monthly gain after the coronavrius pandemic had sent consumer borrowing down sharply in the previous three months.
Powell edges toward loosening the Fed’s stance on inflation
Behind the Fed’s new thinking is an ailing economy in the grip of a viral pandemic and a stubbornly low inflation rate that has long defied the Fed’s efforts to raise it.
Plainfield mall facing foreclosure for 2nd time after owner misses $30M payoff
The owners of the Shops at Perry Crossing had been hoping to sell the shopping center before a May deadline to pay off the property’s loan balance, but the pandemic ruined those plans.
Fed’s Main Street pandemic loan program off to slow start
The Federal Reserve says that its Main Street Lending Program designed to help small and medium-sized companies get through the pandemic has managed to make just eight loans in its first month of operations.
Pandemic puts small hospitals in peril over Medicare advance payments
Indiana’s weakest and often smallest hospitals, usually with just a few dozen beds, might be only months from beginning the process of shutting their doors, industry leaders say.
Banks brace for bad-loan barrage by socking away millions
Amid the economic uncertainty—even though some banks express reasons for optimism—Indiana-based financial institutions are preparing themselves now for the losses that likely lie ahead.