SBA’s dedicated access to community financial institutions helped underserved small businesses Today, the U.S. Small Business Administration announced that it has approved approximately 60,000 PPP loan applications submitted by nearly 3,000 lenders, for over $5 billion, between the program’s re-opening on Monday, Jan. 11, at 9 a.m. ET through to […]
Public Comments Due by February 18, 2021 The U.S. Small Business Administration invites public comment on a proposed rule designed to remove regulatory provisions that exclude certain faith-based organizations from seven business loan and disaster assistance programs. These programs include the Intermediary Lending Program (ILP), Business Loan programs (7(a), Microloan and 504 […]
Foreclosure moratorium applies to Enterprise-backed mortgages; eviction moratorium applies to Enterprise-owned properties Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will extend the moratoriums on single-family foreclosures and real estate owned (REO) evictions until February 28, 2021. The foreclosure moratorium applies to […]
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.7 million CARES Act Recovery Assistance grant to California Coastal Rural Development Corporation (CCRDC), Salinas, California, to establish and administer a Revolving Loan Fund (RLF) in support of coronavirus-impacted small businesses in […]
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until February 28, 2021. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on January 31, 2021. Extended […]
The Federal Housing Finance Agency (FHFA) and the U.S. Department of the Treasury (Treasury) today announced amendments to the Preferred Stock Purchase Agreements (PSPAs). The amendments allow Fannie Mae and Freddie Mac (the Enterprises) to continue to retain earnings until they satisfy the requirements of the 2020 Enterprise capital rule. “Today’s […]
The Office of the Comptroller of the Currency (OCC) today released its finalized rule to ensure fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. The rule codifies more than a decade of OCC guidance stating that […]
Lenders with $1 Billion or Less in Assets Will be Able to Submit First and Second Draw PPP Applications on Friday – Continuing Dedicated Access for Community-Based Lenders The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible […]
Small borrowers make up vast majority of forgiveness applicants The U.S. Small Business Administration has already forgiven more than 1.1 million Paycheck Protection Program (PPP) loans for over $100 billion, providing an extraordinary amount of critical relief to America’s small businesses just 3 months since the earliest PPP borrowers’ covered periods ended. […]
Community Financial Institutions get dedicated access starting January 11, 2021 The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal today at 9 am ET. SBA is continuing its dedicated commitment to underserved small businesses and to addressing potential access to capital barriers […]