Singapore insurers receive thousands of applications to defer premiums

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Almost two months after the Singapore government released guidelines for the deferral of insurance premium payments for those impacted financially by the COVID-19 pandemic, thousands of policyholders have filed their applications.

According to a report by CNA, many individuals and businesses in Singapore have felt the financial crunch after the government implemented its ‘Circuit Breaker’ measures to stem the spread of the virus. This led to some surrendering policies and others applying to defer premiums, just to make ends meet.

The report said that AIA has received more than 6,100 applications to defer premiums payments. Great Eastern has received around

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Wells Fargo will no longer accept applications for home equity lines of credit

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A Wells Fargo logo is seen at the SIBOS banking and financial conference in Toronto

Chris Helgren | Reuters

Wells Fargo, one of the largest home lenders in the U.S., is stepping away from the market for home equity lines of credit because of uncertainty tied to the coronavirus pandemic.

The bank informed its mortgage personnel of the news Thursday in a conference call, according to a source, and the move was confirmed by company spokesman Tom Goyda.

“Wells Fargo Home Lending will temporarily stop accepting applications for all new home equity lines of credit after April 30,” Goyda said

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JPMorgan says it has $26 billion in small business applications left

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Pedestrians pass a JPMorgan Chase & Co. bank branch near the New York Stock Exchange in 2018.

Bloomberg | Bloomberg | Getty Images

JPMorgan Chase says it has closed more small business relief loans than any other bank, but it still has a huge mountain of applications from business owners who are now in limbo. 

The bank has disbursed $14 billion in loans for the government’s $350 billion coronavirus relief effort, according to the company. But it has about $26 billion worth of applications from hundreds of thousands of business owners that could go forward if Congress secures more funding

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JPMorgan says it’s not ready for small business loan applications

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A few hours before the expected launch of a federal program to dole out at least $350 billion in loans to small businesses struggling amid the coronavirus pandemic, none of the participating banks interviewed by CNBC are sure they’ll be ready.

From massive global institutions with trillion dollar balance sheets to regional banks and small local lenders, the companies all have one thing in common: They are awaiting key guidance from the Small Business Administration and Treasury on exactly how to administer the program.

“They’re not ready at all, they’re desperately awaiting guidance on how to do this,” said Ami

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