SBA: Simpler PPP Forgiveness for Loans of $50,000 or Less Announced
The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars. “The PPP has provided…
CFPB: Report Finds Continued Decline in the Market for Certain Kinds of College Credit Cards
The Consumer Financial Protection Bureau (Bureau) issued a report today on agreements between credit card issuers and institutions of higher education, as well as certain organizations affiliated with such institutions. The report finds that in 2019 the number of total agreements in effect, as well as the number of accounts open under the agreements, continues…
EDA: Over $24 Million in CARES Act Funding Invested to Support Recovery from Coronavirus Pandemic
The U.S. Department of Commerce’s Economic Development (EDA) administration has awarded millions in CARES Act Funding to support economic development and economic recovery in response to the coronavirus pandemic. Investments include: October 1, 2020 – U.S. Department of Commerce to Invest $15 Million in CARES Act Recovery Assistance to Aid Reopening of Economy in Washington State…
EDA: $10.3 Million in CARES Act Funding to Capitalize Revoling Loan Fund Across West Virginia
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $10.3 million EDA CARES Act Recovery Assistance grant to the West Virginia Economic Development Authority, Charleston, West Virginia, to capitalize and administer a Revolving Loan Fund (RLF) that will provide critical capital financing to small businesses and…
FHFA: Buying Loans in Forbearance and COVID-Related Loan Processing Flexibilities Further Extended
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend buying qualified loans in forbearance and several loan origination flexibilities until October 31, 2020. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on September 30,…
FHFA: Second Quarter Foreclosure Prevention and Refinance Report Released for Fannie Mae and Freddie Mac
The Federal Housing Finance Agency (FHFA) today released its second quarter 2020 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 252,014 foreclosure prevention actions in the second quarter of 2020, bringing to 4.68 million the number of troubled homeowners who have been helped during conservatorships. Of…
Federal Reserve: FAQs Updated to Clarify Board and Treasury’s Expectations Regarding Lending Underwriting for the Main Street Lending Program
The Federal Reserve Board on Friday updated its frequently asked questions (FAQs) to clarify the Board and Department of Treasury’s expectations regarding lender underwriting for the Main Street Lending Program. The revised FAQs emphasize that lender underwriting should look back to the borrower’s pre-pandemic condition and forward to their post-pandemic prospects. The FAQs also clarify…
EDA: Over $53 Million in CARES Act Funding Invested to Support Recovery from Coronavirus Pandemic
The U.S. Department of Commerce’s Economic Development (EDA) administration has awarded over $10 Million in CARES Act Funding to support economic development and economic recovery in response to the coronavirus pandemic. Investments include: September 11, 2020 – U.S. Department of Commerce Invests $68,250 in CARES Act Recovery Funds to Support Entrepreneurial Growth Efforts in West Michigan…
CFPB: New Podcast Series Announced Focused on Paying for Higher Education
The Consumer Financial Protection Bureau (Bureau) today released the first episodes of a two-part podcast series for students, parents, and practitioners on managing finances before, during, and after college. The podcast series, Financial inTuition, will include interviews with experts in financial aid, student loans, financial coaching, and planning. The podcasts also will highlight the Bureau’s…
EDA: Over $33 Million in CARES Act Funding Invested to Support Recovery from Coronavirus Pandemic
The U.S. Department of Commerce’s Economic Development (EDA) administration has awarded over $10 Million in CARES Act Funding to support economic development and economic recovery in response to the coronavirus pandemic. Investments include: September 3, 2020 – U.S. Department of Commerce Invests $7.2 Million in CARES Act Funding to Boost Economic Development Programs Critical to Helping…