EDA: $2 Million Invested to Support Economic Development Planning and Disaster Resiliency Efforts in Arkansas
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2 million grant to Southeast Arkansas Economic Development District, Inc., (SEAEDD) of Pine Bluff, Arkansas, to establish a new headquarters facility in Pine Bluff. The EDA grant will be matched with $399,000 in local investment. “The Trump…
ABA: Foundation Encourages Banks to Submit Nominations for Annual Community Commitment Awards
The ABA Foundation is seeking submissions for its eighth annual Community Commitment Awards. The awards, one of the industry’s highest honors for extraordinary bank commitment to communities, recognizes innovative, high-impact programs that improve the quality of life for the customers and communities banks serve. The entry period ends July 1. “Now more than ever, America’s banks…
FEMA: Crisis Counseling due to COVID-19 Approved for 30 States
Today, FEMA announced approval of 30 states and the District of Columbia for its Crisis Counseling Assistance and Training program. The program helps fund state-provided crisis counseling services to residents struggling with stress and anxiety as a result of the coronavirus (COVID-19) pandemic. FEMA previously funded crisis counseling in six states: $1.6 million to California…
FEMA: President Trump Approves Major Disaster Declaration for South Carolina due to Severe Storms
FEMA announced that federal disaster assistance has been made available to the state of South Carolina and ordered federal aid to supplement state, tribal, and local recovery efforts in the areas affected by severe storms, tornadoes and straight-line winds from April 12 to April 13, 2020. The President’s action makes federal funding available to affected…
HUD: Second Wave of Relief Funds, Over Half a Billion Dollars, Allocated to Protect Low-Income Americans
Funds can be used for personal protective equipment, childcare costs, travel costs to receive testing, among other actions U.S. Department of Housing and Urban Development Secretary Ben Carson today announced his Department will allocate $685 million in COVID-19 relief funding to help low-income Americans residing in public housing. The funding, made available by the CARES Act legislation…
CFPB: Report Shows Substantial Decline in Credit Applications in March 2020
A Consumer Financial Protection Bureau (Bureau) report examining the effects of the COVID-19 pandemic found that consumer credit applications declined substantially in March. Applications are measured by the number of credit pulls or “hard inquiries” that lenders perform when a consumer applies for new credit. The report found that between the first and last week…
Federal Reserve: Expanded Scope and Eligibility for the Main Street Lending Program Announced
The Federal Reserve Board on Thursday announced it is expanding the scope and eligibility for the Main Street Lending Program. As part of its broad effort to support the economy, the Federal Reserve developed the Main Street Lending Program to help credit flow to small and medium-sized businesses that were in sound financial condition before…
EDA: $550,280 Invested to Support Disaster Resiliency Efforts in Midwest States
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $550,280 grant to the International Economic Development Council (IEDC), of Washington, D.C., to provide disaster recovery technical assistance to states across the Midwest that were impacted by natural disasters in 2018 and 2019. The EDA grant will be matched with $137,570 in…
SBA: Joint Statement on Establishing Dedicated Hours for Small Lender Submissions of PPP Applications
U.S. Small Business Administration Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the Paycheck Protection Program (PPP) amid continuing efforts to aid small community lenders, their small business customers, and ensure SBA’s systems run efficiently: “In order to ensure special access to the PPP loan program for…