SBA: Lending Limit for COVID-19 Economic Injury Disaster Loans Increased
The U.S. Small Business Administration is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the COVID-19 EIDL program from 6-months of economic injury with a maximum loan amount of $150,000…
EDA: $600,000 Invested to Capitalize Revolving Loan Fund to Provide Capital to Businesses in Lee and Russell Counties, AL
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $600,000 grant to Lee-Russell Council of Governments, Opelika, Alabama, to capitalize a revolving loan fund that will provide critical gap financing to new and existing small and medium-sized businesses in Lee and Russell counties. This EDA grant will be matched with $150,000…
ABA: New Report Shows Credit Market Conditions Improve Sharply for Consumers and Businesses
The chief economists from North America’s largest banks anticipate substantial improvement in both consumer and business credit market conditions over the next six months, according to a new report from the American Bankers Association. The Q2 2021 ABA Credit Conditions Outlook highlights the results of the ABA Credit Conditions Index. The report summarizes a suite of indices…
SBA: Deferment Period Extended for all COVID-19 EIDL and Other Disaster Loans until 2022
The U.S. Small Business Administration announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022. All SBA disaster loans made in calendar year 2020, including COVID-19 EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note. All SBA disaster…
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…
CFPB: Delay of Mandatory Compliance Date for General Qualified Mortgage Final Rule Proposed
The Consumer Financial Protection Bureau (CFPB) today released a notice of proposed rulemaking (NPRM) to delay the mandatory compliance date of the General Qualified Mortgage (QM) final rule from July 1, 2021 to October 1, 2022. The CFPB is proposing to extend the compliance date to ensure homeowners struggling with the financial impacts of the…
ABA: Radio Advertising Campaign Encouraging Small Businesses to Apply for PPP Loans Launched
The American Bankers Association has launched a radio advertising campaign airing on 60 stations in 14 states and the District of Columbia encouraging small businesses that still need help weathering the pandemic to reach out to local banks and apply for a forgivable Paycheck Protection Program loan. The ads, which begin airing today in select markets, specifically…
FHFA: More than $1 Billion in Affordable Housing Funds Authorized
Largest amount ever disbursed to Housing Trust Fund and Capital Magnet Fund, more than double 2019 amounts FHFA Director Mark Calabria announced today that he has authorized the disbursement of $1.09 billion for Fannie Mae and Freddie Mac’s (the Enterprises) affordable housing allocations for 2020. This is the largest amount ever disbursed and more than…
FHFA: COVID-19 Forebearance Period and Foreclosure and REO Eviction Moratoriums Extended until June 30, 2021
Aligns COVID-19 mortgage relief policies across the federal government Today, the Federal Housing Finance Agency (FHFA) announced extensions of several measures to align COVID-19 mortgage relief policies across the federal government. 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…