The city is projecting a $100 million deficit in its current budget once the public health crisis caused by COVID-19 eases, Mayor Mike Duggan said.
The Financial Accounting Standards Board plans to propose that private companies and nonprofits get an extra year to implement the lease accounting standard while also giving private franchisor companies an extra year for revenue recognition.
The agency overhauled its system for the Paycheck Protection Program on Wednesday. Lenders hope it addresses the access issues and a crash that bedeviled the effort’s first week.
The American Institute of CPAs has posted a set of frequently asked questions and answers aimed at helping CPAs and their clients with tax filing and tax relief in response to the novel coronavirus pandemic, while pointing out the various shortcomings in the federal government’s response.
The deal to buy 200 million masks a month will help California's medical workers while pressuring its state budget.
Community advocates would like to see changes to the 1977 Community Reinvestment Act, but say regulators should suspend such efforts until the coronavirus pandemic has passed.
Lenders and community groups say it's a mistake for the banking agencies to move forward during a national crisis. But Comptroller of the Currency Joseph Otting says updated Community Reinvestment Act rules would speed relief to neighborhoods and small businesses.
Leading Democrats support Mitch McConnell's $250 billion for small businesses and want another $250 million for hospitals and state and local governments.
While reports of toilet paper and hand-sanitizer shortages may be common stories on the nightly news, one consumer goods category is flying off the shelves at an even faster pace, one never seen before – guns and ammunition, increasing payments volume for gun shops, a merchant category financial service providers traditionally avoid.
The coronavirus has accelerated a move toward a public option for digital wallets that would tie government authentication to payment transactions. If successful, this could be the catalyst for a national digital identity system.