By Huw Jones

LONDON (Reuters) – The safety buffers of banks in the European Union would swell by billions of euros under proposed rules that allow lenders to include the value of software investments like cybersecurity in capital calculations.

Currently a bank must deduct the value of software from its capital buffer upfront, adding 36 basis points to its core ratio or mandatory measure of stability.

The European Banking Authority (EBA) said banks will be allowed to “amortise” or taper the value of software for capital purposes over three years.

That would boost capital by about 20.2 billion euros in 2020 across a sample of 64 banks, and by 20 billion euros in 2021, it said.

“The proposed approach is designed to be simple to implement and applicable to all institutions in a standardised manner, as is the case today with the deduction treatment,” the EBA said in a statement

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“The pandemic has created financial challenges for many individuals and families who are struggling with rent payments,” Baker said in a statement. “This strategy has been designed to be user friendly and easily accessible for tenants and landlords in need.”

The move comes as Massachusetts’ strictest-in-the-nation ban on evictions is set to expire Saturday. That measure, which blocks nearly all evictions during the COVID-19 pandemic, has likely forestalled thousands of evictions since lawmakers passed it, as the state’s economy has shed more than 400,000 jobs since March. But it has drawn mounting complaints from landlords, who say it forces them to provide housing essentially for free, and the federal judge hearing a lawsuit challenging the ban said last month that he’d likely overturn it if it goes on much longer.

But the rental crisis, many housing advocates warn, is nowhere near over. And if Baker hopes to blunt it, they

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Senate Majority Leader Mitch McConnell announced Tuesday that he plans to bring up a bill to fund the small business loan program next week.

He said the bill will include new funding for the popular small business Paycheck Protection Program.

“There is no excuse for Democrats to keep blocking job-saving funding for the Paycheck Protection Program while other conversations continue,” Mr. McConnell, Kentucky Republican, said in a statement. “Democrats have spent months blocking policies they do not even oppose. They say anything short of their multi-trillion-dollar wish list, jammed with non-COVID-related demands, is ‘piecemeal’ and not worth doing.”

“Republicans do not agree that nothing is better than something for working families,” he added.

With Republicans having only a narrow majority in the Senate, they’d need a handful of Democrats to join them in order to overcome another filibuster on this proposal.

The last time Senate Republicans brought up coronavirus relief

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Happy Tuesday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.



a man and a woman wearing a suit and tie: On The Money: Pelosi, citing 'leverage' over Trump, holds strong to $2.2T in COVID-19 aid | McConnell to force vote on 'targeted' relief bill next week | Trump again asks court to shield tax records


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On The Money: Pelosi, citing ‘leverage’ over Trump, holds strong to $2.2T in COVID-19 aid | McConnell to force vote on ‘targeted’ relief bill next week | Trump again asks court to shield tax records

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THE BIG DEAL-Pelosi, citing ‘leverage’ over Trump, holds strong to $2.2T in COVID-19 aid: Speaker Nancy Pelosi (D-Calif.) on Tuesday shot down entreaties from some Democrats to cut a $1.8 trillion

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  • Senate Majority Leader Mitch McConnell said Senate Republicans would vote on “targeted relief” with a focus on small business aid later this month.
  • “Our first order of business will be voting again on targeted relief for American workers, including new funding for the PPP,” McConnell said in a statement.
  • The statement carried few specifics and it was unclear whether the proposal would contain federal unemployment benefits or $1,200 direct payments for taxpayers.
  • Trump is increasing his calls for another large stimulus package ahead of the election, and it may put the president and Senate Republicans on a collision course.
  • Visit Business Insider’s homepage for more stories.

Majority Leader Mitch McConnell announced on Tuesday the Senate will vote on a “targeted relief” plan for people with an emphasis on small business aid shortly after they reconvene later this month. But that may put Senate Republicans on a collision course with President

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(Reuters) – Sylvia Padilla spent last Thursday checking food pantries in Lubbock, Texas for groceries to feed herself, her daughter and three-year-old grandson.

Sylvia Padilla poses for a photo outside St. John’s United Methodist Church in Lubbock, Texas, U.S. on October 8, 2020. REUTERS/Brad Brooks

Some places were closed, others had nothing available. Outside the shuttered St. John’s United Methodist Church, Padilla, 50, recounted her struggle to survive during the economic disaster that the novel coronavirus pandemic had dumped upon her, choking words out through tears of fear and frustration.

“This is like a nightmare I can’t wake up from,” Padilla said, resting her face in her hands. “It really feels like a nightmare, but it’s our reality.”

Like many Americans, Padilla is barely getting by and says she desperately needs government help. She received a $1,200 check in April from the Coronavirus Aid, Relief and Economic Security Act passed

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MEDIA, PA — Some small businesses we stayed away from last spring finally got a boost, with many salons, spas, gyms, and our favorite diners benefiting from federal funding dispersed in the most recent Pennsylvania state budget.

Quite a few small business in Media have received assistance from the federal CARES Act to help them weather the pandemic, including tattoo parlors, saloons, wellness centers, and chiropractic offices.

To qualify, businesses had to have had 25 or fewer employees in February 2020, and annual revenue of less than $1 million prior to COVID-19’s impact, among other requirements.

The COVID-19 Relief Pennsylvania Statewide Small Business Assistance program provides grants ranging from $5,000 to $50,000. The department released a list of recipients who’d received funds or signed a grant agreement as of Oct. 3.

The recently enacted Pennsylvania state budget included $2.6 billion in federal stimulus funds through the Coronavirus Aid, Relief, and

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By David Lawder

WASHINGTON (Reuters) – Some G20 creditor countries are reluctant to broaden and extend another year of coronavirus debt service relief to the world’s poorest countries, so a six-month compromise may emerge this week, World Bank President David Malpass said on Monday.

Malpass, speaking to reporters as the World Bank’s and International Monetary Fund’s virtual annual meetings get under way, said G20 debt working groups have not reached agreement on the two institutions’ push for a year-long extension of the G20 Debt Service Suspension Initiative (DSSI).

“I think there may be compromise language that may be a six-month extension (and) that it can be renewed depending on debt sustainability,” Malpass said.

Finance ministers and central bank governors from the G20 major economies are scheduled to meet by videoconference on Wednesday. In May, they launched an initiative to allow poor countries to suspend payments on official bilateral debt owed

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LANSDALE, PA — Small businesses throughout the Lansdale area are getting some much needed assistance from the coronavirus shutdowns.

Federal funding has been allocated to 21 different businesses around Lansdale in the most recent Pennsylvania state budget.

Many of the businesses included nail salons, barbershops, sandwich shops, and more.

To qualify, businesses had to have had 25 or fewer employees in February 2020, and annual revenue of less than $1 million prior to COVID-19’s impact, among other requirements.

The COVID-19 Relief Pennsylvania Statewide Small Business Assistance program provides grants ranging from $5,000 to $50,000. The department released a list of recipients who’d received funds or signed a grant agreement as of Oct. 3.

The recently enacted Pennsylvania state budget included $2.6 billion in federal stimulus funds through the Coronavirus Aid, Relief, and Economic Security Act (CARES). Within this allocation, the state Department of Community and Economic Development has been allocated

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Everything you need to know about economic stimulus checks, right here.


Angela Lang/CNET

Negotiators continue to debate the contents of a stimulus package that both sides want despite their sharp differences, complicating the timeline for receiving a second stimulus check. As of Monday, the White House administration continues to push for a stimulus package to include a second $1,200 stimulus payment to individuals, while also calling on Congress to pass a standalone bill using unused funds from the March CARES Act.

Amidst the dizzying back-and-forth negotiations are some universal questions we can help answer today about the first and potentially the second check — including who was and could be eligible, when a new check could arrive and how dependents could affect your total sum. And if you don’t normally file federal income taxes, you may be one of the millions who still qualify for

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