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President Trump signs the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), April 24, 2020. The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self ...
The CARES Act created the $349-billion Paycheck Protection Program, which provided low-interest loans to small businesses that were forgivable if they maintained their employees and payroll. The $349 billion was fully allocated within 13 days. During those 13 days, 1.6 million loans were approved by nearly 5,000 banks and other lenders. [3]
This injects newly created money into a variety of financial markets including corporate bonds, exchange-traded funds, small business loans, mortgage-backed securities, student loans, auto loans, and credit card loans. The Fed also lowered its repurchase agreement interest rate from 0.1% to 0.0%. [287] [clarification needed]
BNL Technical Services, owned and operated by Wilson Pershing Stevenson, received nearly $494,000 in 2020 from a Paycheck Protection Program loan through the Coronavirus Aid, Relief and Economic ...
Keough reportedly transferred some of the loan funds to other bank accounts and used the money to pay for multiple credit cards, private jet travel, private school tuition and to have storm ...
Credit-card interest rates are at historic highs — the Consumer Financial Protection Bureau found in a recent report that the average annual percentage rate on credit cards surged to 22.8% in ...
The Coronavirus Aid, Relief, and Economic Security Act, [b] [1] also known as the CARES Act, [2] is a $2.2 trillion economic stimulus bill passed by the 116th U.S. Congress and signed into law by President Donald Trump on March 27, 2020, in response to the economic fallout of the COVID-19 pandemic in the United States.
Consumer Financial Protection Bureau Director Rohit Chopra tells Yahoo Finance that the high interest rates charged by credit card companies amount to price gouging.