Banking & Financial Services

Mnuchin: PPP Funding Has Helped Businesses

The Paycheck Protection Program is working, said  Small Business Administration Administrator Jovita Carranza and U.S. Secretary of the Treasury Steven Mnuchin. Their joint statement reads: “The Paycheck Protection Program is providing critical support to millions of small businesses and tens… more

KS, MO Hospital COVID Aid Hits $800 Million

Kansas and Missouri hospitals are reportedly receiving about more than $800 million in combined funding from the federal government to help combat economic financial hardships due to the COVID-19 pandemic. On the Missouri side, hospitals will be receiving $412.5 million,… more

More PPP Funding Might Occur

A third round of Paycheck Protection Program funding might from the Small Business Administration might be needed soon, according to the head of the National Economic Council. “We waited a little bit too long, I thought, when the last tranche… more

KS Ranks High on PPP, MO Average

About 10.3 percent of Kansas small businesses have received loans from the Paycheck Protection Plan, which might seem like a small number, but it ranks the state in the top 10 percentile of states that have gotten funding. At 8.7… more

Polsinelli: Chapter 11 Bankruptcies Rise

Kansas City-based law firm is seeing the highest rate of Chapter 11 bankruptcies in seven years, according to its Polsinelli-TrBK Distress Indices Report.  “It’s actually quite common to not see an immediate increase in bankruptcies during an economic crisis. With… more

Mortgage Applications Continue Decline

Week-over-week mortgage applications declined 3.3 percent week-over-week, according to the Mortgage Bankers Association. Meanwhile, refinancing declined seven percent from the prior week, according to the trade group.  But despite that, purchases increased 12 percent from the prior week, MBA says.… more

Feds Keep Interest Rates at Zero

The Federal Reserve Bank is keep interest rates between zero and one-quarter of percent as a result of negative economic impact caused by COVID-19. "The Committee expects to maintain this target range until it is confident that the economy has… more

GDP Sees Biggest Drop Since Recession

Gross Domestic Product fell 4.8 percent during the first quarter, which reportedly the first quarterly decline since 2014 and the biggest drop since the first quarter of 2008, when it dropped 8.4 percent. The U.S. Bureau of Economic Analysis says… more

UMB Posts Rare Quarterly Loss

UMB Financial Corp. reported a loss of $3.4 million during its first quarter, a sharp contrast from its other recent financial periods. During last year's fourth quarter, the bank's earnings were $66.5 million, and it brought it $57.7 million over… more

Euronet Worldwide Expands in U.S. With Acquisition

Euronet Worldwide might be based in Leawood, but most of the consumer financial services it provides, such as banking ATMs, are found overseas. That is changing with its acquisition of Dolphin Debit, a full-service ATM outsourcing company with 1,900 of… more