Business

Monday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Monday’s business headlines.

Bank donations

JPMorgan, the biggest U.S. bank by assets, is pausing contributions for both Republicans and Democrats for “at least’ the next six months.

Citigroup is also pausing political donations to all lawmakers during the first quarter.

Bank of America says it is factoring in recent events such as the attack on Capitol Hill and shut down of social media for conservatives when it makes political donations.

Paycheck Protection Program

Some businesses can begin applying for the new round of PPP fund Monday.

Only community financial instituations will be able to make loans Monday to first-time borrowers. Second-time borrowers will be able to apply Wednesday.

Businesses can apply for a second loan if they used, or will use, the full amount, have fewer than 300 employees and can demonstrated at least a 25% drop in gross receipts in 2020.

Mortgage rates

Mortgage rates failed to fall to an 18th record low in the current downtrend, with 30-year-old fixed rates on the decline in the first week of the year.

Thirty-year fixed rates fell to 2.65% in the week. This time last year rates stood at 3.66%.

Weather damage

A record $22 billion weather disaster struck the U.S. in 2020.

It was by far a record number of such events in any year, according to a report by NOAA.

The 22 disasters with damage estimates of at least $1 billion obliterated the previous record number in any year, 16 in both 2011 and 2017.

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