July 7, 2020 Weekly Report

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Highlight of the Week

Treasury Names PPP Loan Recipients

  • Nearly 650,000 businesses received over $150,000 in forgivable loans through the SBA.
  • Average loan size for the entire program was $107,000.
  • Notable recipients include Planned Parenthood and businesses owned by Kanye West and Jared Kushner.

Rate Curves

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Rapid Report:

Abelian Brand Mark

Coronavirus updates (as of Monday night)

  • COVID-19 has registered 11.7 million cases and 541,521 deaths worldwide. There are over 6.7 million recovered cases.
  • The US has accounted for over 3.04 million cases and has surpassed 132,000 deaths. The US has registered over 1.3 million recovered cases.
  • Georgia has almost 97,000 cases and 2,878 deaths.

Fintech Startup nCino Files for IPO

  • nCino creates and operates cloud-based software for financial institutions.
  • The company plans to offer 7.6 million shares with the intent to raise $182 million, and would have an initial market cap of $2.14 billion.

University of Oxford’s COVID-19 Vaccine Shows Promise

  • The University of Oxford announced their latest results from vaccine trials, claiming that their experimental vaccine has been found to create antibody levels of up to three times more than patients who recovered from COVID-19. The vaccine, manufactured by AstraZeneca, will now move into another trial with over 14,000 patients.
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