Economy
PPP reopens Tuesday for second round of small-business loans
The Paycheck Protection Program, a vital lifeline that helped keep pandemic-ravaged small businesses afloat, fully reopened to all participating lenders on Tuesday after initially limiting who was eligible.
In an attempt to rectify past criticisms that the program favored larger borrowers, the rescue fund – which provides forgivable loans to businesses if they maintain their payroll – had initially only been available to first-time borrowers, according to new guidance from the Small Business Administration and the Treasury Department.
Two Million People Have Died Worldwide Due To COVID-19
The global death toll from COVID-19 topped 2 million Friday as vaccines developed at breakneck speed are being rolled out around the world in an all-out campaign to vanquish the threat.
The milestone was reached just over a year after the coronavirus was first detected in the Chinese city of Wuhan.
ECB Is Capping Bond Yields But Don’t Call It Yield Curve Control
The European Central Bank is emulating its Asia-Pacific peers by controlling government borrowing costs, just in a uniquely European way.
The ECB is buying bonds to limit the differences between yields for the strongest and weakest economies in the euro zone, according to officials familiar with the matter, with one person saying the central bank has specific ideas on what spreads are appropriate. An ECB spokesman declined to comment.
Ice Cream In Northeastern China Tests Positive For COVID-19
If infecting more than 93 million people across the globe wasn’t enough, COVID-19 has now been found in ice cream.
Three ice cream samples — chocolate, strawberry and taro — tested positive for traces of the coronavirus after they were submitted for a food inspection in northeastern China’s Tianjin municipality, according to a report from local Chinese media on Friday.
Biden aims for best stock-market rally in 92 years ahead of inauguration
Former Vice President Joe Biden will be sworn in as the 46th U.S. president on Wednesday, and his to-do-lists will run extraordinarily long as he attempts to drag the country out of the worst pandemic in a century, and mend fractures in American politics.
But by at least one measure, Biden supporters might point to the incoming president’s bullish impact on the stock market since the Nov. 3 election as one early accomplishment, even if it’s hard to pin all of the recent gains on the change in regime from Donald Trump to Biden.
The number of global cases of the coronavirus-borne illness COVID-19 rose above 95.9 million on Tuesday, and the U.S. surpassed 400,000 deaths, with California becoming the first state with more than three million confirmed cases.
Things are so dire in the Golden State that air quality regulators in hard-hit Los Angeles County have lifted limits on how many cremations can be performed to help clear a backlog of bodies.
How Parler is trying to get back online
Parler tried to seek a hosting alternative to Amazon Web Services from at least six different potential providers once it became clear Amazon would no longer work with the social media platform — but was turned away, according to a court filing.
CEO John Matze said in Monday’s filing that Parler does not have the resources to host itself on its own servers. Amazon (AMZN)’s ban forced it to seek alternative providers, he said in the filing — which is part of an ongoing lawsuit between the two companies.
U.S. regulator finalizes rule banning banks from refusing loans to some business sectors
A leading U.S. bank regulator finalized a rule Thursday that prohibits large banks from refusing to lend to certain business sectors, after Republicans voiced frustration at what they saw as a reluctance by banks to finance gunmakers and energy firms.
The rule, proposed in November by the U.S. Comptroller of the Currency, has been fiercely contested by banks, which call it unworkable and politically motivated. It applies to banks with more than $100 billion in assets and stipulates that they must show legitimate business reasons for not providing services to certain borrowers.
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