EDA: $500,000 in CARES Act Recovery Assistance Invested to Support Safe Businesses Reopening Efforts in Redmond, WA
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $500,000 CARES Act Recovery Assistance grant to OneRedmond, Redmond, Washington, to provide technical assistance needed to help coronavirus-impacted small businesses reopen safely and successfully. This EDA grant, to be matched with $160,000 in local investment, is expected to create or retain 2,000…
CDFI Fund: Change in Deadline for Annual Certification and Data Collection and Compliance Reports
The Community Development Financial Institutions Fund (CDFI Fund) is extending the deadline to submit Annual Certification and Data Collection Reports (ACRs) and compliance reports for organizations with an upcoming reporting deadline between March 28 and 31, 2021. The new deadline to submit these reports is April 30, 2021. The ACR and compliance report submission deadline is…
SBA: American Rescue Plan Act Elevates Small Business Support in Response to COVID-19 Pandemic
Statement from SBA Senior Advisor Michael Roth Upon President Biden signing the American Rescue Plan Act of 2021 into law, the U.S. Small Business Administration’s Senior Advisor Michael Roth stated: “The American Rescue Plan Act enables the SBA to continue to lift up the cornerstones of our communities; the mom-and-pop businesses and nonprofits that provide essential services for…
FHFA: COVID-Related Loan Flexibilities Further Extended Until April 30, 2021
Some flexibilities expected to be retired on April 30, 2021 The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend temporary loan origination flexibilities until April 30, 2021. The temporary flexibilities are designed to ensure continued support for borrowers during the COVID-19 pandemic. All temporary flexibilities were…
CFPB: Abusiveness Policy Statement Rescinded to Better Protect Consumers
Today, the Consumer Financial Protection Bureau (CFPB) announced it is rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under the Dodd-Frank Act as established by…
SBA: Changes to Paycheck Protection Program by Biden-Harris Administration Increases Equitable Access to Relief
Early indications show program reforms and efforts to engage with communities authentically are working in meaningful ways. Two weeks ago, the Biden-Harris Administration made several reforms to the Paycheck Protection Program (PPP) to further ensure small businesses get the help they need, especially Mom-and-Pop businesses in underserved communities. Putting equity at the center of its policies and…
CFPB: Agency Clarifies that Discrimination by Lenders on the Basis of Sexual Orientation and Gender Identity is Illegal
Industry is on notice that Bureau will not tolerate illegal discrimination against the LGBTQ+ community Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B includes sexual orientation discrimination and gender identity discrimination. This prohibition also covers discrimination based…
FHFA: COVID-19 Multifamily Forbearance Extended Through June 30, 2021
Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will continue to offer COVID-19 forbearance to qualifying multifamily property owners through June 30, 2021, subject to the continued tenant protections FHFA has imposed during the pandemic. The programs were set to expire March 31, 2021. “COVID-19 continues to…
EDA: $5.5 Million in CARES Act Recovery Assistance Invested to Support Industrial, Tourism, and Manufacturing Growth and Resiliency Efforts in Tennessee
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding $5.5 million in CARES Act Recovery Assistance grants to help the state of Tennessee prevent, prepare for, and respond to coronavirus. “The Economic Development Administration is committed to helping communities across the nation implement strategies to mitigate economic hardships brought on by the…
EDA: $3 Million in CARES Act Recovery Assistance Invested to Support Coronavirus Pandemic Economic Recovery and Resiliency Efforts in Morganfield, KY
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $3 million CARES Act Recovery Assistance grant to Union County Fiscal Court, Morganfield, Kentucky, to make sanitary sewer infrastructure improvements needed to support business and job growth and to build economic resiliency in the face of the coronavirus pandemic. This EDA grant,…