HUD: FHA Expands Mortgage Eligiblity for Borrowers Previously Affected by COVID-19
Updated guidance issued today provides new flexibility for lenders when calculating “effective income” for borrowers with previous employment gaps or loss of income due to a COVID-19 economic event. The Federal Housing Administration (FHA) announced on Thursday new flexibility for lenders when qualifying borrowers who experienced previous employment gaps or loss of income due to…
EDA: Last Week, Over $15 Million in American Rescue Plan Funds Invested
Last week, the following grants were made under the American Rescue Plan Funds program and the CARES Act Recovery Assistance program: July 6, 2022 – U.S. Department of Commerce Invests $2.5 Million in American Rescue Plan Funds to Establish Business Incubator in Fairhope, Alabama July 5, 2022 – U.S. Department of Commerce Invests $7.2 Million in American…
CDFI Fund: Apply Now for the Brand New CDFI Equitable Recovery Program
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) opened the fiscal year (FY) 2022 funding round for the CDFI Equitable Recovery Program (CDFI ERP) today. The program will provide approximately $1.73 billion in awards, which was included in the Consolidated Appropriations Act, 2021 (Pub. L. 116-260), to Certified Community Development…
Census Bureau: Household Pulse Survey Phase 3.5 Monthly Data Released
The U.S. Census Bureau today released new data from phase 3.5 of the experimental Household Pulse Survey (HPS). Phase 3.5 includes new questions on timing of positive coronavirus test, use of coronavirus treatments, the experience of long-COVID symptoms, amount of monthly rent and changes in monthly rent, children’s mental health and difficulty with self-care and communicating. Questions…
EDA: Last Week, Over $17 Million in American Rescue Plan Funds Invested
Last week, the following grants were made under the American Rescue Plan Funds program and the CARES Act Recovery Assistance program: June 21, 2022 – U.S. Department of Commerce Invests $3 Million in American Rescue Plan Funds to Support Manufacturing Expansion in Orange County, Indiana June 21, 2022 – U.S. Department of Commerce Invests $3.7 Million in…
Census Bureau: New Business Trends and Outlook Survey Announced to Replace the Small Business Pulse Survey
The U.S. Census Bureau today announced the launch of a new experimental survey to measure business conditions on an ongoing basis. The Business Trends and Outlook Survey (BTOS) is the successor to the Small Business Pulse Survey, a high-frequency survey that measured the effect of changing business conditions during the coronavirus pandemic and other major events like…
EDA: Last Week, Over $19 Million in American Rescue Plan Funds Invested
Last week, the following grants were made under the American Rescue Plan Funds program of the CARES Act Recovery Assistance program: June 14, 2022 – U.S. Department of Commerce Invests $8 Million in American Rescue Plan Funds to Support Tribal Enterprises on the Fort Independence Reservation June 14, 2022 – U.S. Department of Commerce Invests $2.4 Million…
SBA: Four Million Hard-Hit Businesses Approved for Nearly $390 Billion in COVID Economic Injury Disaster Loans
SBA delivered an unprecedented level of economic aid to small businesses impacted by the pandemic As the country continues to transition from a historic economic recovery to stable, steady growth that works for families and small businesses, Administrator Isabella Casillas Guzman, the voice for America’s 32.5 million small businesses in President Biden’s Cabinet, highlighted the impact…
EDA: Over $29 in American Rescue Plan Funds Invested
Last week, the following grants were made under the American Rescue Plan Funds program of the CARES Act Recovery Assistance program: June 9, 2022 – U.S. Department of Commerce Invests $1.7 Million in American Rescue Plan Funds to Increase High-Speed Internet Connectivity in Monticello, New York June 7, 2022 – U.S. Department of Commerce Invests $8.4 Million…
ABA: Bank Economists Foresee Economic Soft Landing, But Downside Risks Challenge Outlook
The U.S. economy will continue to expand through 2024, but at a slower pace than its long-term potential, according to the latest forecast of the American Bankers Association’s Economic Advisory Committee. The economists also expect inflation to gradually slow toward the Federal Reserve’s objective of 2% over the next two years. The committee, made up…