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The two largest U.S. banks, JPMorgan Chase & Co and Bank of America, said on Thursday that they submitted almost half a million applications worth nearly $46 billion to the Small Business Administration’s Paycheck Protection Program for small businesses hurt by the coronavirus shutdown.

So far, fewer than 30,000 loan applications in total from both banks have been approved by the SBA, the banks said just one day after the government temporarily shut the program to big banks in order to create “fair access” for smaller lenders.

Continue reading “Biggest U.S. banks says they submitted $45.8 billion in loans for emergency aid program”

Industrial conglomerate 3M Co said on Friday it sued five vendors for allegedly attempting to target government officials with fraudulent offers to sell billions of nonexistent N95 respirators.

The vendors tried to sell respirators to officials in Florida, Wisconsin and Indiana at highly inflated prices, 3M said, adding that they were not connected with the company.

Continue reading “3M sues five vendors for attempting to sell nonexistent N95 respirators”

Missouri became on Tuesday the first U.S. state to sue the Chinese government over its handling of the coronavirus, saying that China’s response to the outbreak that originated in the city of Wuhan brought devastating economic losses to the state.

In Beijing, a spokesman for China’s foreign ministry dismissed the accusation on Wednesday as “nothing short of absurdity” and lacking any factual or legal basis.

Continue reading “In a first, Missouri sues China over coronavirus economic losses”

The U.S. Senate on Tuesday unanimously approved $484 billion in fresh relief for the U.S. economy and hospitals hammered by the coronavirus pandemic, sending the measure to the House of Representatives for final passage later this week.

The bill, approved on a voice vote by the handful of senators present in the near-empty chamber, was hurried along shortly after congressional leaders and the White House brokered an agreement.

The House is expected to vote on Thursday on what would be the fourth coronavirus-response law. Taken together, the four measures amount to about $3 trillion in aid since last month to confront a crisis that has killed more than 43,000 Americans.

Continue reading “$500 billion coronavirus aid package passes U.S. Senate, headed to House”

A U.S. appeals court ruled on Tuesday that Texas could enforce limits on the ability of women to obtain abortions as part of the state’s policy requiring postponement of non-urgent medical procedures during the coronavirus pandemic.

The appeals court action allows state officials to continue to enforce the restrictions that were part of an emergency order issued by the state’s Republican governor, Greg Abbott. The state says abortion providers are covered under a provision requiring postponement of non-urgent medical procedures as healthcare providers focus on battling COVID-19, the respiratory illness caused by the novel coronavirus.

Continue reading “U.S. appeals court allows abortion curbs in Texas during coronavirus outbreak”