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$2 Trillion Ear-marked to Help Americans Effected by the Virus, but the Cost Will Far Exceed the Benefit


Coronavirus Stimulus Package F.A.Q.: Checks, Unemployment and More

(summary from New York Times, March 27, 2020, plus other resources).

6 days 13 hours ago

The  United States Court of Appeals for the First Circuit’s  recent decision in Tristan Squeri et al. v. Mount Ida College et al.  upholds the dismissal of  claims brought by former students of Mount Ida College against both the College and certain officers and directors of the College.   The students instituted the action as a result of the sudden closure of the institution in the Spring of 2018.   The students sought relief on the following claims:

      • violation of privacy
      • fraud
      • negligent misrepresentation
      • fraud in the inducement
      • breach of fiduciary duty
      • breach of contract
      • unfair and deceptive practices

The First Circuit held that none of the claims could withstand the defendants’ motion to dismiss and affirmed the lower court decision from May 2019.

Read More from: Forward Thinking Advocate

6 days 14 hours ago

On March 16, 2020, California Governor Gavin Newsom released an Executive Order (N-28-20) aimed at protecting renters and homeowners from losing their homes or suffering further financial hardship as a result of the COVID-19 pandemic.

 Coronavirus, CARES Act

Shortly thereafter, on March 23, 2020, the State’s Business, Consumer Services and Housing Agency and the Department of Business Oversight (the “Department”) released additional guidance concerning the Executive Order for financial institutions, escrow agents, finance lenders and servicers, student loan servicers, residential mortgage lenders and servicers, and mortgage loan originators.  This guidance recognized the loss of income and other financial hardships already experienced by many Californians and encourages financial institutions and lenders to meet the financial services needs of customers and communities affected by the pandemic.

6 days 15 hours ago

The company once again lowered its outlook for quarterly revenue growth, saying the coronavirus pandemic has led to a sharp decline in cardholders’ overseas spending.

Read More from: BankThink

6 days 15 hours ago

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, or the “CARES Act” to provide nearly 2 trillion dollars in aid and relief to individuals, businesses, and other entities in the wake of the spread of COVID-19.  Included in the CARES Act are tax and loan provisions intended to provide financial relief to people and businesses suffering as a result of the disease.

The following summarizes certain key tax-related provisions in the CARES Act.

 Coronavirus, CARES Act

BUSINESSES

The following provisions are intended to provide immediate liquidity to businesses:

Employer Payroll Tax Payments.  Employers and self-employed individuals may defer payment of the employer share of Social Security taxes incurred between the date the CARES Act is enacted and December 31, 2020.  Such amounts are to be paid over the following two years, with half due on December 31, 2021, and the other half due on December 31, 2022.

6 days 15 hours ago

COVID-19 and Changing Eviction Policies Around the Nation


How federal and local agencies are trying to help tenants affected by the COVID-19 virus.

6 days 16 hours ago

Motivated by the entrepreneur and TV celebrity, Citizens Bank of Edmond is offering an overdraft line to give customers quick access to cash they will eventually receive from the federal government.

Read More from: BankThink

6 days 17 hours ago
As confirmed cases of the Covid-19 virus climbed across the country, bankruptcy courts and the U.S. Trustee's office have been seeking ways to adapt to the new normal.  This post will look at how the court system has rolled out its disaster preparedness through the lens of the Bankruptcy Courts for the Western District of Texas, Southern District of Texas and District of Delaware.
Here is a timeline of announcements from the Courts with a few random anecdotes thrown in.  All of the standing orders and announcements can be found on the respective websites of their courts.

6 days 17 hours ago

Hacker emails disguised as pleas for aid have surged in the past month, and they're targeting bank employees and the many others working from home.

Read More from: BankThink

6 days 18 hours ago

The regulator formally announced the 60-day delay on Monday after tweeting about it over the weekend.

Read More from: BankThink

6 days 18 hours ago

In a very short time, the COVID-19 pandemic has spread frightening levels of uncertainty all around the world. While many schools, businesses, and houses of worship have closed, the financial markets remain open. Like other markets, the secondary market for syndicated loans has experienced stomach-churning volatility and steep declines in asset prices in recent weeks. If you aren’t thinking about how COVID-19 could affect liquidity and settlements, you should be. Fortunately, the standard trading documents published by the Loan Syndications & Trading Association (the “LSTA”) already contain important concepts and tools aimed at promoting liquidity and pushing trades toward settlement, even during times as uncertain as these.

Click here for a brief refresher on some of the provisions that could prove critical in the months ahead.

6 days 19 hours ago

Commercial real estate lenders have to consider not only how they’ll weather the COVID-19 downturn, but whether worker and consumer habits have changed for good.

Read More from: BankThink

6 days 19 hours ago

With coronavirus presenting significant challenges for retailers and the technical challenges of imposing interchange fee changes in the networks, Visa, Mastercard, American Express and Discover are holding off on the updates.

Read More from: BankThink

6 days 20 hours ago


VitalPet Successfully Closes Sale to Destination Pet

Gordian Group as Investment Banker, The Claro Group as Financial Advisor

Read More from: Gordian Group

6 days 23 hours ago

Glass Lewis (GL) shared last Thursday more of its perspective and outlook of the effect that the coronavirus (COVID-19) pandemic may have on corporate governance for the 2020 proxy season. GL explains that it is issuing further updates because “it is important to provide the market with certainty and transparency on [GL’s] established approach” given that it believes that all governance issues and most proposal types will be impacted by the pandemic. Anticipating that the pandemic will continue for up to 18 months, GL states that the proxy advisor is monitoring the markets; the sentiments of institutional investors and shareholder proponents; disclosures by public companies; and the approaches and actions of public companies.
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6 days 23 hours ago

Some of the businesses most severely affected by the Covid-19 pandemic operate in the r

Read More from: eSQUIRE Global Crossings

6 days 23 hours ago

Gibbons had been in the position on an interim basis since September, when his predecessor, Charlie Scharf, left to become CEO of Wells Fargo.

Read More from: BankThink

1 week 18 min ago

Some corporations are willing to oblige, turning instead to new, pricier term loans or revolving credit lines rather than tapping existing ones, industry officials say.

Read More from: BankThink

1 week 29 min ago

Commercial real estate is facing another crisis as companies shift to work-from-home policies. Banks and regulators should brace themselves.

Read More from: BankThink

1 week 1 hour ago

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