SBA: Eligibility of Faith-Based Organizations to Participate in Paycheck Protection and Economic Injury Disaster Loan Programs

SBA Administrator Jovita Carranza today announced that SBA issued guidance clarifying that all faith-based organizations impacted by Coronavirus (COVID-19) are eligible to participate in the Paycheck Protection Program and the Economic Injury Disaster Loan program, without restrictions based on their religious identity or activities, to the extent they meet the eligibility criteria outlined in […]

SBA: Paycheck Protection Program for Small Businesses Affected by the Coronavirus Pandemic Launches

One of Multiple Economic Relief Provisions to Protect Workers and Small Businesses The U.S. Small Business Administration Administrator Jovita Carranza today launched the Paycheck Protection Program, a $349 billion emergency loan program created last week with the President’s signing of the Coronavirus Aid, Relief, and Economic Security Act (CARES). The program provides forgivable loans up […]

CFPB: Video Released on How Mortgage Forbearance Works under the CAREs Act

 The Consumer Financial Protection Bureau (Bureau) has released a video on how struggling homeowners can obtain mortgage forbearance if their finances are impacted due to the COVID-19 pandemic. The Bureau has also issued additional information for consumers on mortgage and student loan payment relief and how to avoid scams. Below […]

HUD: $200 Million in COVID-19 Relief Funding Available to Help Native American Communities Across the Nation

Recovery funding will help American Indian Communities respond to COVID-19 U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced $200 million in Indian Housing Block Grants (IHBG) to American Indian Tribes and Tribally Designated Housing Entities (TDHEs) across the country to respond to COVID-19. This funding […]

FDIC: MVB Bank, Inc. of Fairmont, West Virginia, Acquires The First State Bank, Barboursville, West Virginia

The First State Bank, based in Barboursville, West Virginia, was closed today by the West Virginia Division of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with MVB Bank, Inc. (MVB Bank) of Fairmont, […]

Federal Agencies Encourage Mortgage Servicers to Work with Struggling Homeowners Affected by COVID-19

The federal financial institution regulatory agencies and the state financial regulators issued a joint policy statement providing needed regulatory flexibility to enable mortgage servicers to work with struggling consumers affected by the Coronavirus Disease (referred to as COVID-19) emergency. The actions announced today by the agencies inform servicers of the […]

EDA: $15.67 Million Invested to Provide Critical Water Infrastructure Near South Carolina Opportunity Zone

Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $15.67 million grant to the city of Walterboro, South Carolina, to make critical water infrastructure improvements needed to protect businesses from severe weather events. The EDA grant, to be located near an […]

EDA: $6.8 Million Invested to Improve Water Infrastructure in Lumberton, NC

Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $6.8 million grant to the city of Lumberton, North Carolina, to make critical infrastructure improvements needed to improve drainage and maintain business continuity during flood events. The EDA grant, to be matched […]

CDFI Fund: FY 2020 Funding Round of BEA Program Is Now Open

​Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2020 funding round for the Bank Enterprise Award Program (BEA Program). Application materials are now available on the BEA Program page of the CDFI Fund’s website in anticipation of the publication of the […]