SBA: Lenders and SBA Take More Steps to Improve Paycheck Protection Program
Loan data shows 1.3 million loans and significant increase to underserved entrepreneurs Today, the U.S. Small Business Administration and lenders are taking more strides to improve the Paycheck Protection Program (PPP) so that small businesses can access much needed PPP funds to persevere through the pandemic, recover, and build back better. The Administration is working with the Agency to increase…
FHFA: COVID-Related Loan Flexibilities Further Extended Until March 31, 2021
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until March 31, 2021. The changes are designed to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on February 28, 2021. Extended flexibilities include: Alternative appraisals…
Census Bureau: 2019 County Business Patterns “First Look” Data Available
The U.S. Census Bureau today released the 2019 County Business Patterns (CBP) First Look data table. This preliminary tabulation includes the number of establishments, employment for the week of March 12, first quarter payroll, and annual payroll at the NAICS sector level (i.e., 2-digit NAICS) for the nation. The final CBP tables for the 2019 reference year,…
FHFA: Foreclosure and REO Eviction Moratoriums and COVID Forebearance Period Extended
Borrowers can now be in COVID forbearance for up to 15 months Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until March 31, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The…
Federal Reserve: Second Extension of Rule to Bolster Effectiveness of SBA’s Paycheck Protection Program Announced
The Federal Reserve Board on Tuesday announced the second extension of a rule to bolster the effectiveness of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Like the earlier extensions, this one will temporarily modify the Board’s rules so that certain bank directors and shareholders can apply to their banks for PPP loans for…
ABA: Report Shows Credit Card Spending Rebound in Third Quarter of 2020 as Record Number of Consumers Pay Balance in Full
Despite persistent challenges from the pandemic-induced recession, the credit card market continues to show resilience, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. Monthly purchase volumes rebounded strongly across risk groups in the third quarter of last year even as the ratio of credit card credit outstanding as a share of…
EDA: $11.2 Million Invested to Rehabilitate Roadway Infrastructure in Saipan, Northern Mariana Islands
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $11.2 million grant to the Office of the Governor, Commonwealth of the Northern Marianas Islands, to rehabilitate roadway infrastructure within a commercial district of Saipan. This EDA grant is expected to help create nearly 300 jobs and generate more than $1.3 million…
EDA $6.9 Million in CARES Act Recovery Assistance Invested to Establish Workforce Training Facility at College of Southern Nevada
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $6.9 million CARES Act Recovery Assistance grant to the Nevada System of Higher Education, Las Vegas, Nevada, to support workforce education and training at the College of Southern Nevada. This EDA grant is expected to help create 300 jobs. “EDA is pleased…
EDA: $2.4 Million in CARES Act Recovery Assistance Invested to Support Entrepreneurial Growth Efforts in Wyoming
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $2.4 million CARES Act Recovery Assistance grant to the University of Wyoming, Laramie, Wyoming, to expand services and support for entrepreneurs across the state of Wyoming. This EDA grant, to be matched with $600,000 in local investment, is expected to create 368…