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Treasury points the finger at lenders over errors in PPP loan database

The U.S. Treasury Department is pointing the finger at lenders for errors discovered in Monday's PPP data disclosure.What they're saying: "Companies listed had their PPP applications entered into SBA’s Electronic Transmission (ETran) system by an approved PPP lender. If a lender did not cancel the loan in the ETran system, the loan is listed," a senior administration official said.This explanation…

HMRC and Treasury accused of ‘direct interference’ in independent loan charge review

Loan Charge All-Party Parliamentary Group report pours scorn on claims that December 2019 review of government’s disguised renumeration policy was conducted independently By Caroline Donnelly, Senior Editor, UK Published: 30 Jun 2020 14:38 The independent Morse Review into the government’s controversial disguised remuneration policy was subject to outside interference by HM Revenue & Customs and…

Treasury sent almost $1.4 B in stimulus payments to dead people: report

The Treasury Department and IRS sent almost 1.1 million coronavirus stimulus payments, totaling almost $1.4 billion, to dead people as of April 30, a Government Accountability Office (GAO) paper released Thursday reported."Treasury and IRS did not use the death records to stop payments to deceased individuals for the first three batches of payments because of…

Treasury, SBA cavern to needs for bailout openness

“I am pleased that we have been able to reach a bipartisan agreement on disclosure which will strike the appropriate balance of providing public transparency, while protecting the payroll and personal income information of small businesses, sole proprietors, and independent contractors,” Mnuchin said in the release. The compromise comes amid growing concern from lawmakers of…

Treasury yield return is real, and the 10-year might strike 1.5%within months, Wells Fargo states

Wells Fargo Securities' Michael Schumacher sees the Treasury yield rally picking up momentum.With the Federal Reserve policy meeting on interest rates underway, the benchmark 10-year Treasury Note yield is edging closer to striking 1%."We think in the next month, maybe two on the outside, you'll see the 10-year top 1% and it should be comfortably above…

Treasury yields rise as coronavirus vaccine hopes drive risk-on sentiment

U.S. government debt prices were lower on Tuesday in a holiday-shortened week, with mounting optimism about a coronavirus vaccine driving some risk-on sentiment from investors.At around 4:25 a.m. ET, the yield on the benchmark 10-year Treasury note was up at 0.6949% and the yield on the 30-year Treasury bond rose to 1.4129%. Yields move inversely to…

Treasury Secretary Mnuchin, Fed Chairman Powell to face Senate grilling on stimulus programs

Washington (CNN)Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will give their first report on the economic stimulus programs implemented by the $2.2 trillion CARES Act when they testify before the Senate Banking Committee on Tuesday. The hearing comes on the heels of a report from the new Congressional Oversight Commission that found…

$500 billion Treasury fund suggested for coronavirus relief has provided hardly any money up until now, oversight commission discovers

President Trump on Monday intensified his push for businesses to reopen as quickly as possible, but companies and cities continued to wait for the disbursement of unspent bailout funds and remain unsure what to expect as rules and programs continue to shift.In tweets and during a meeting with restaurant executives at the White House, Trump…

Treasury yields slide after Fed comments, ahead of new US jobless claims data

Treasury yields fell on Thursday as the latest unemployment data showed the coronavirus pandemic continues to hammer the labor market.The yield on the benchmark 10-year Treasury note was lower at 0.6202% and the yield on the 30-year Treasury bond was down at 1.3157%. Yields move inversely to prices.New filings for unemployment claims totaled 2.981 million…

Trump’s treasury secretary attacks Axl Rose’s patriotism however mixes up US and Liberian flags

Steve Mnuchin, with members of the coronavirus taskforce. Photograph: Shawn Thew/EPA It has been said that people in glass houses should not throw stones. But that didn’t stop Steve Mnuchin, the US treasury secretary, from shooting straight at Axl Rose yesterday. The Guns N’ Roses frontman (real name William Bruce Rose Jr) has recently aired…

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Golden Globe awards held off to February 2021 due to coronavirus

FILE PHOTO: 77th Golden Globe Awards - Photo Room - Beverly Hills, California, U.S., January 5, 2020 - The cast of "Once Upon A Time...In Hollywood" poses backstage with their award for Best Motion Picture - Musical or Comedy. REUTERS/Mike BlakeLOS ANGELES (Reuters) - The Golden Globes on Monday postponed its 2021 ceremony for film…

Google’s U.S. advertisement earnings to take a hit due to pandemic: report

FILE PHOTO: A 3D printed Google logo is seen in this illustration taken April 12, 2020. REUTERS/Dado Ruvic/Illustration(Reuters) - Google Inc’s U.S. advertising revenue will drop 5.3% as brands pare spending during the coronavirus pandemic, according to an eMarketer report on Monday, the first decline since 2008 when the research firm began estimating the Alphabet…

Wall Street flat as virus cases increase; tech stocks advance

NEW YORK (Reuters) - Wall Street’s three major indexes closed higher on Monday with the biggest gains in technology stocks as investors focused on the potential for more government stimulus measures even as they worried about an increase in coronavirus cases in the United States and other countries. Nasdaq registered its fourth record closing high…

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