The industry’s fight to save the Paycheck Protection Program
April 17, 2020
In today’s Daily Download episode, HW+ Managing Editor Brena Nath discusses the mortgage industry’s determination to revive the Paycheck Protection Program, a landmark piece of the CARES Act designed to help small businesses continue functioning while the coronavirus has the country shut down. On Thursday morning, the federal government’s rescue program ceased accepting new applications, leaving countless businesses without an alternative to secure funding to continue paying their employees. The Paycheck Protection Program provided nearly $350 billion to help small businesses, but just over two weeks after lenders were first able to accept loan requests, the Small Business Administration said the program’s funding has been exhausted.
Following the main story, HousingWire Digital Producer Alcynna Lloyd touches on a new call from a housing and civil rights coalition that includes the CEO of Mountain Lake Consulting and former Mortgage Bankers Association chief executive David Stevens, along with national and regional civil rights organizations and minority-focused real estate trade associations like the NAACP, the Asian American Real Estate Association and the National Association of Hispanic Real Estate Professionals. The groups came together to push for the creation of a federal liquidity facility for U.S. mortgage servicers.
Additionally, Lloyd covers a new survey published by the National Association of Realtors, which details the housing market’s evaporation of homebuyer interest, and JP Morgan Chase’s temporary pausing of home equity lines of credit.
The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.
Check back next week for updates on the Paycheck Protection Program and the latest pulse on the top news stories.
HousingWire articles covered in this episode:
