Regulation and compliance

President Donald Trump said he’ll ask Congress to pass more economic stimulus, including a payroll tax cut, even after the government reported a surprise improvement in U.S. unemployment on Friday.

Small businesses have run into roadblocks trying to apply for PPP loans since the pandemic triggered mandatory closures.

The bill, which passed the House last week on a 417-1 vote, now heads to President Donald Trump’s desk for his signature.

The coronavirus pandemic has changed the way many industries conduct business — and that's especially true of the legal cannabis industry, which was already struggling in the U.S. to find the best way to handle noncash payments.

The payroll provider has been partnering with accountants to help them secure loans for their small businesses.

The changes being sought would benefit both small businesses and banks, which would avoid the cost of servicing many low-yielding loans.

An interagency notice meant to encourage lenders to offer small consumer loans also provides federal agencies too much say on what constitutes “reasonable” pricing.

Senate Majority Leader Mitch McConnell will attempt to expedite approval of changes to the popular Paycheck Protection Program aimed at giving small businesses more flexibility in using the money from the fund, according to Senate aides.

In addition to Apple and Google delivering smartphone apps that would alert users that they are near a person infected by the virus, various other government agencies and businesses are developing that type of technology to address the pandemic's spread.

Periods of significant loan defaults are tough on banks and force unpleasant choices. Here are steps to evaluate collateral in such uncertain times.

In the U.K., many policy researchers predict that the economic fallout of the pandemic in the U.S. could change attitudes toward the idea of basic income on both sides of the Atlantic.

The latest update adds a loan forgiveness estimator and PPP-specific reports to QuickBooks Online, among other tools.

Even after the Fed eased some limitations in April to promote emergency lending, the bank has had to make some “tough choices” to heed the $1.95 trillion growth ceiling set by regulators in the aftermath of its phony-accounts scandal.

Bill Smith, managing director of the National Tax Office of CBIZ MHM, discusses the loan forgiveness provisions of the PPP, along with the employee retention credit, net operating loss carrybacks and economic impact payments, along with the prospects for the next round of stimulus in Washington.

The takeaway from the PPP rollout is that bankers must protect their reputations and limit their risk appetites as they participate in further government-backed rescue programs.

The House voted Thursday to give small businesses financially strapped by the COVID-19 crisis more flexibility to spend forgivable loans for payrolls and expenses from the government’s popular Paycheck Protection Program.

Payouts continue to be relatively generous, but that could change if the Federal Reserve demands banks bolster capital or the economy worsens.

The measure, which garnered near-unanimous support, would triple the period during which businesses can spend their coronavirus relief funds and make it easier for loans to be forgiven.

Banks would be wise to dust off their Great Recession playbook and shed nonperforming loans while growing through M&A.

The SBA’s form clarifies some issues, but still leaves questions to be answered.