Indiana-based banks didn’t cede PPP loans to big rivals
Of the 20 banks issuing the most PPP loans to Indiana borrowers, 11 were headquartered in the state—many of which went to extraordinary lengths to extend as many loans as they could.
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Federal Reserve expands lending program to not-for-profit groups
The Fed said Friday that its Main Street Lending Program, which is targeted to mid-sized businesses, will now extend credit to not-for-profits with at least 10 employees and endowments of less than $3 billion.
U.S. consumers reduced borrowing by $18.3B in May
May’s decline marked the first time in a decade that overall consumer borrowing has fallen for three straight months.
Search the PPP list: Indiana colleges, not-for-profits, small and big firms receive loans
In Indiana, more than 90% of federal loans topping $150,000 went to companies, according to the Treasury Department data. About 6% of the loans went to not-for-profit organizations.
Senate reaches deal to extend Paycheck Protection Program
Prospects for the legislation in the House, however, were uncertain. Both chambers are set to adjourn for a two-week recess by week’s end.
Fed’s program for loaning to Main Street off to slow start
Fed officials say more than 200 banks have signed up to participate since the program began two weeks ago, but that’s a small slice of the nation’s roughly 5,000 lenders. None have made any loans yet.
Federal banking agencies ease Volcker Rule restrictions
The announcement of the easing of regulations know as the “Volcker Rule” gave an immediate boost to bank stocks because the rule change could free up billions of dollars in capital in the banking industry.
Arts Council launches $10M restart fund for local arts not-for-profits
The Indy Arts & Culture Restart & Resilience Fund, underwritten by Lilly Endowment Inc., will provide eligible entities with one-time grants ranging from $5,000 to $500,000.
Banks snared in race conversation, confronted by bleak legacy
On the sidelines of protests, organizers are spreading the word about the role of banks in some of the worst chapters of U.S. history, from financing slaveholders to systemic discrimination in 20th century mortgage lending.
Federal Reserve acts to broaden appeal of Main Street Lending Program
The Federal Reserve is expanding the range of companies that will qualify for its soon-to-begin Main Street Lending Program, in which the Fed will lend directly to individual companies for the first time since the Great Depression.
Trump administration still garnishing wages of student loan borrowers during pandemic
The Trump administration is fighting a class-action lawsuit for continuing to garnish the wages of defaulted borrowers in violation of a federal order.
Under pressure, Calumet returns $31.4M in federal COVID-19 relief loans
The Indianapolis-based maker of oils, lubricants and fuels was among the nation’s largest recipients of Paycheck Protection Program loans, which for the most part were intended for small businesses.
Survey: Oil, mining, manufacturing businesses had best luck with pandemic loans
Utilities fared the worst of all sectors, with less than a quarter of small businesses in that sector getting loans, according to the survey.
Indiana-based public firm Escalade returns pandemic rescue loan
The sporting and recreational equipment manufacturer said it repaid its loan to comply with a rule change in the Paycheck Protection Program.
Indiana banks OK $7.5 billion in Paycheck Protection loans
The banks approved 35,990 individual loans for companies and organizations in Indiana before the program ran out of money.
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.
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.
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.
Fed slashes rate to near zero, eases lending rules
The central bank said the effects of the outbreak will weigh on economic activity in the near term and pose risks to the economic outlook.
Sen. Rand Paul offers bill to combat student loan debt with retirement savings
The Kentucky Republican introduced federal legislation late Monday that would allow students to dip into retirement accounts to help pay for college or make monthly debt payments.