The Federal Reserve Bank of New York today announced that the Primary Market Corporate Credit Facility (PMCCF) is operational and available for use beginning June 29. The New York Fed also released the relevant certification forms, other transaction documentation and related materials, and additional Frequently Asked Questions regarding access to this facility.
The PMCCF provides a funding backstop for corporate debt to eligible issuers and is available to (i) purchase qualifying bonds as the sole investor in a bond issuance and (ii)...
The Federal Reserve Bank of New York today announced that the Secondary Market Corporate Credit Facility (SMCCF) will begin buying corporate bonds on June 16. The New York Fed also released additional Frequently Asked Questions regarding the purchase strategy for these eligible assets.
As specified in the revised term sheet, the SMCCF will begin purchases of corporate bonds to create a portfolio that tracks a broad, diversified market index of U.S. corporate bonds. This index is made up of bonds trading in the...
The Federal Reserve wants to hear from you.
Now, more than ever, we need to elevate community voices to inform meaningful actions. We want to hear from you and learn how the pandemic is affecting your community.
In April, the Federal Reserve System conducted a survey to better understand the range of challenges facing under-resourced and low-income communities as an effect of COVID-19. The findings are available in Perspectives from Main Street: The Impact of COVID-19 on Communities and the Entities...
May 18, 2020 |
During the current COVID-19 crisis, over one million New Yorkers have applied for unemployment insurance (UI) and New York State has paid out over $7 billion in benefits. Despite these numbers, many employers do not understand the ins and outs of UI. Because of the COVID-19 UI enhancements, UI can be beneficial to both employers and employees.
The following Insight provides information for New York employers trying to understand UI benefits in general, as well as the...
“Perspectives from Main Street: The Impact of COVID-19 on Communities and the Entities Serving Them,” (CLICK HERE) summarizes a nationwide survey of nonprofit organizations, financial institutions, government agencies and other community organizations. The survey was conducted in April 2020 with nearly 3,900 respondents serving rural, suburban and urban communities.
Key findings include:
• Nearly 7 out of 10 respondents indicated that COVID-19 was a significant disruption to the economic conditions of the communities they serve and that recovery is expected to be...
April 26, 2020 |
• Plan Will Be Implemented in Phases and Based on Regional Analysis and Determinations
• State Will Closely Monitor Hospitalization Rate and Public Health Impact During Each Phase of Re-Opening and Will Adjust Plan and Make Other Decisions Based on Those Indicators
• Confirms 5,902 Additional Coronavirus Cases in New York State - Bringing Statewide Total to 288,045; New Cases in 48 Counties
Amid the ongoing COVID-19 pandemic, Governor Andrew M. Cuomo today outlined a phased plan to re-open New York and re-imagine a new...
With daily updates about the economic impact of the Coronavirus (COVID-19) on businesses and questions about the relief offered by the U.S. Government agencies, EACC has put together an overview of state and federal relief available to offset economic losses. American & European small and medium size businesses are facing an unprecedented economic disruption due to the COVID-19 outbreak Congress has put together various loan programs to help those businesses.
Concrete as a first step the U.S. President signed into...
April 3, 2020
As the COVID-19 pandemic continues to demand the attention of corporate leaders and the public at large, businesses have likely had little time to get up to speed on New York’s new data breach notification law, the Stop Hacks and Improve Electronic Data Security (SHIELD) Act. The SHIELD Act, which went into effect on March 21, 2020, significantly alters New York’s prior data breach notification law, both by expanding the reach of information covered and by imposing...
The Federal Reserve Bank of New York today opened the registration process for the Commercial Paper Funding Facility (CPFF) and released an expanded set of Frequently Asked Questions (FAQs) pertaining to the facility’s operations. The CPFF will begin funding purchases of commercial paper on April 14, 2020.
Commercial paper markets directly finance a wide range of economic activity, supplying credit and funding for auto loans and mortgages as well as liquidity to meet the operational needs of a range of businesses and municipalities. By...
March 30, 2020
The U.S. response to the COVID-19 outbreak has included rapid and dramatic changes in local, state and federal employment laws. Some New York employers are struggling to understand the new paid leave laws while others are facing the decision to conduct mass layoffs. This article will provide New York employers with a roadmap of important new COVID-19 developments, including how to determine whether their business operations qualify as “essential,” how to respond when their employees need sick...