(Bloomberg) -- The Trump administration said firms that took loans they didn’t need from a small business aid program will be allowed to repay the money without legal consequences, reversing an earlier threat that the government could pursue them criminally.New guidance issued Wednesday for the Paycheck Protection Program by the Small Business Administration and the Treasury Department also said that companies that took loans of less than $2 million will automatically be determined to have done so in good faith because they’re less likely to have access to other resources.The SBA has said it will review all loans above $2 million to check whether firms properly certified they were necessary. If the SBA determines the company couldn’t justify the need, the loan won’t be forgiven -- and if the borrower repays it, no further action will be taken, according to the new guidance.Assuming that loans of less than $2 million were...
In recent sessions, markets have reversed gains built on optimism that U.S. states could slowly end the lockdowns that have crushed the economy. Meanwhile, one major vaccine player, has said the U.S. would have first preference if and when its candidate succeeds....
The Federal Reserve says nearly 40% of people in households making under $40,000 a year lost their jobs in March, illustrating the damage the COVID-19 crisis has inflicted on low-income families. Yahoo Finance’s Brian Cheung joins Zack Guzman to discuss....
Fed Chair Jerome Powell said the coronavirus is the biggest shock to the economy in modern times, but that negative interest rates are currently not being considered. Yahoo Finance’s Brian Cheung joins Zack Guzman to break down the details....
