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Justice Department Sees Early Fraud Signs in SBA Loan Flurry

(Bloomberg) — The Justice Department has begun a preliminary inquiry into how taxpayer money was lent out under the Paycheck Protection Program and has already found possible fraud among businesses seeking relief, a top official said.Assistant Attorney General Brian Benczkowski, who runs the department’s criminal division, said prosecutors have contacted 15 to 20 of the largest loan processors and the Small Business Administration, which oversees one relief program, as part of an effort to police the trillions of dollars in federal aid being pushed out hastily to blunt the economic impact of the coronavirus pandemic.The review has already turned up …read more […]

Healthcare

CytoDyn (OTC: CYDY) Reports Strong Results from eIND COVID-19 Patients Treated with Leronlimab; Majority of Patients Have Demonstrated Remarkable Recoveries

54 eINDs approved by FDA and 49 patients have been treated with leronlimab thus far VANCOUVER, Washington, Apr 30, 2020  — CytoDyn Inc. (OTC.QB: CYDY), (“CytoDyn” or the “Company”), a late-stage biotechnology company developing leronlimab […]

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Boeing set to raise $25 billion in massive debt sale: sources

Boeing’s capital raise, first reported by Reuters earlier this week, would be the sixth-largest investment-grade bond offering of all time and the biggest year-to-date, according to Refinitiv data. The Federal Reserve’s intervention in the credit market has boosted prospects for troubled borrowers such as Boeing. While it has not yet snapped up any corporate bonds such as Boeing’s, its openness to doing so has buoyed credit markets. …read more […]

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Apple tops Q2 expectations, but provides no forecast

Apple beat on both top and bottom lines in its second quarter earnings report, which it announced after hours on Thursday. The tech company saw a record amount of sales in its wearables section, but other products such as iPhones and iPads were down compared to the year prior. Yahoo Finance’s Myles Udland breaks down Apple’s earnings report. …read more […]

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Business News

Amazon sees $4 billion in COVID-19-related costs, may not make second-quarter profit

Amazon.com Inc on Thursday said it could post its first quarterly loss in five years because it is spending at least $4 billion in response to the coronavirus pandemic, including plans to test its workers for COVID-19 and providing them with protective gear, and paying higher wages.

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Apple Shares Slip After Company Issues No Forecast

(Bloomberg) — Apple Inc. reported quarterly revenue that grew 1%, but didn’t provide a forecast for the first time in more than a decade, sparking concern about performance later this year. The shares slipped 1.5% in extended trading.Chief Executive Officer Tim Cook said Apple experienced a “very depressed” period in late March and early April, in the depths of the Covid-19 pandemic, but saw a “pickup” in the second half of this month. The company also increased its share buyback plan by $50 billion.Fiscal second-quarter sales came in at $58.3 billion, compared with $58 billion a year earlier. That beat …read more […]

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Business News

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

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.

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