Fed extends Main Street Lending Program

UK coronavirus cases rise by record 53,000 amid calls for tougher lockdown

The UK has recorded a record 53,000 coronavirus cases – the highest daily total since the pandemic began,

It is the first time daily cases have surpassed 50,000 and is over 10,000 more than yesterday’s record high of 41,000.

The figures from the Department of Health show another 414 people have died.

It comes as Boris Johnson faces fresh calls to impose a third national lockdown.

More to follow

Stock Alert: Snap Climbs 10% After Goldman Sachs Raises Price Target

Shares of Snap Inc. (SNAP), the parent company of Snapchat, are rising almost 10 percent or $4.74 in Tuesday’s morning trade at $52.99.

According to reports, analysts at Goldman Sachs raised their price target for Snap to $70 per share from $47 per share, and said they expect the company to record fourth-quarter revenue growth above analysts’ estimates.

Snap has traded in a range of $7.89 to $54.71 in the past 52 weeks.

Herald morning quiz: December 30

Test your brains with the Herald's morning quiz. Be sure to check back on nzherald.co.nz at 3pm for the afternoon quiz.

Stock Alert: Lemonade Gains 8%

Shares of Lemonade Inc. (LMND), a New York-based online insurance company, are rising almost 8 percent or $8.33 in Tuesday’s morning trade at $116.00.

According to Lemonade’s IPO prospectus, about 44 million of the company’s shares will be eligible for sale on Tuesday as the lock-up period on insider sales expires. The shares are mostly held by insiders.

Lemonade has traded in a range of $44.11 to $137.30 in the past 52 weeks.

Fed Extends Main Street Program to Process Last Submitted Loans

The Federal Reserve has delayed the termination of the Main Street Lending Program to Jan. 8, from Dec. 31, in order to finish processing loans submitted by a Dec. 14 deadline to tap its funds.

The extension was approved by the secretary of the Treasury, the Fed said in a statement Tuesday.

The Treasury Departmentprovoked controversy in November when it ordered the Fed to close Main Street and some other emergency pandemic lending programs by Dec. 31. Secretary Steven Mnuchin said the order was driven by lawmakers’ intent when they crafted the Cares Act in March, legislation that provided taxpayer money to support the programs. The Fed had asked that they all be extended into 2021.

Main Street hasstruggled to live up to its initial promise, although borrowing picked up somewhat as the deadline approached and stood at $14.5 billion as of Dec. 23. The program was designed to provide as much as $600 billion in credit to mid-sized U.S. companies damaged by Covid-19.

Georgia Republicans Join Democrats for $2,000 Checks

Georgia’s two Republican senators now say they’ll support President Donald Trump’s push to increase stimulus payments to $2,000, breaking with most of their party just days before their re-election races.

Senator David Perdue said Tuesday that Trump is right to demand more than the $600 payments to individuals included in the round of virus relief signed into law Dec. 27. Perdue’s opponent in the Jan. 5 runoff race, Democrat Jon Ossoff, has been criticizing the incumbent senator for not embracing the proposal for larger payments.

Georgia Senator Kelly Loeffler said earlier Tuesday that she also backs sending out more stimulus money. She will face Democrat Raphael Warnock in her runoff race next week.

“I’ve said absolutely we need to get relief to Americans now and I will support that,” Loeffler said on “Fox and Friends.” She earlier said she would consider larger stimulus payments if other spending cuts were made.

A bipartisan majority on Monday passed a House bill to replace the $600 in the most recent round of virus relief with $2,000. It will now be up to Senate Majority Leader Mitch McConnell, who has resisted calls for larger checks, to allow a vote on the House bill, introduce different legislation to increase the payments or ignore the issue in the final days of this Congress.

NFL’s Russell Okung to Get 50% of His $13 Million Salary in Bitcoin

Russell Okung, a Pro Bowl tackle for the Carolina Panthers, tweeted back in May 2019 that he wanted to be paid in Bitcoin.

More than a year later, Okung let the world know that he’s become the first National Football League player to collect a portion of his check in the cryptocurrency.

The tackle will be receiving 50% of his $13 million salary in Bitcoin using Zap’s Strike product, according to areport from CoinDesk, a crypto and blockchain news site. Strike facilitates payments that are translated from ordinary currency into Bitcoin.

Okung has long been a proponent of the cryptocurrency. His Twitter bio reads “life, liberty and #bitcoin,” and he’s written about his talks with teammates about its virtues.

The largest cryptocurrency is on track for its longest monthlywinning streak and is setting all-time highs during a rally that has seen it gain more than 270% this year.

Fed extends Main Street Lending Program

Fed looking at incorporating nonprofits into Main Street lending

Federal Reserve Chairman Jerome Powell says more fiscal policy will result in faster economic recovery, but it is up for Congress to decide and the Fed is considering expanding lending to nonprofits.

The Federal Reserve announced on Tuesday that it has extended the termination date of Main Street Lending Program facilities to Jan. 8, 2021.

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The extension will allow the Fed more time to review fund loans that were submitted to the Main Street lender portal by Dec. 14, the Fed said in a press release.

WHAT IS THE FED'S MAIN STREET LENDING PROGRAM?

The lending program first announced in April is meant to help facilitate lending to small- and medium-sized U.S. businesses amid the coronavirus pandemic.

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