Federal Reserve: Financial Profiles of Workers Most Vulnerable to Coronavirus-Related Earnings Loss in the Spring of 2020
Abstract: In spring 2020, the COVID-19 pandemic and related shutdowns had huge effects on unemployment. Using data from the Survey of Consumer Finances, we describe the financial profiles of US families whose workers were most vulnerable to coronavirus-related earnings losses in the spring of 2020, based on whether a particular worker was deemed “essential” and…
EDA: $3 Million in CARES Act Recovery Assistance Invested to Support Manufacturing Expansion Near Opportunity Zone in Sharp County, AR
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3 million CARES Act Recovery Assistance grant to Sharp County, Arkansas, to renovate and rebuild a manufacturing facility and boost county economic diversification and resiliency efforts. The EDA grant, to be located near a Tax Cuts and Jobs…
OCC: Report on Key Risks, Effects of COVID-19 in Federal Banking System
The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Fall 2020. Banks remain in strong financial condition but profitability is stressed due to low interest rates and increasing…
FDIC: New Report Highlights the Contributions of Community Banks to the Paycheck Protection Program
An analysis of call report data from FDIC-insured banks finds that community banks are playing a vital role in supporting small businesses through the Small Business Administration’s Paycheck Protection Program (PPP). Community banks hold nearly a third of all bank-held PPP loans, compared to holding only 15 percent of all bank loans, according to a…
Census Bureau: Household Pulse Survey Phase 2 Biweekly Data Released
The U.S. Census Bureau today released new data from the second phase of the experimental Household Pulse Survey. The Household Pulse Survey is the result of an effort by the Census Bureau and other federal statistical agencies to document temporal trends in how individuals are experiencing business curtailment and closures, stay-at-home orders, school closures, changes in the…
EDA: $600,000 in CARES Act Recovery Assistance Invested to Support Regional Economic Recovery Strategies in Gallup, NM Opportunity Zone
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $600,00 grant to the city of Gallup, New Mexico, to support regional economic recovery strategies for healthcare and transportation industries. The project, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will be matched with $150,000 in local funds….
EDA: $500,000 in CARES Act Recovery Assistance Invested in Grant County, NM
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $500,000 grant to Grant County, New Mexico, to support economic recovery and expansion efforts in partnership with the Silver City Chamber of Commerce and Western New Mexico University. This EDA grant will be matched with $126,552 in local funds. “Helping our communities…
CDFI Fund: $650,000 in CARES Act Recovery Assistance Invested to Implement a Technical Assistance Program Near Fayetteville, AR Opportunity Zone
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $650,000 CARES Act Recovery Assistance grant to Community Venture Foundation, Fayetteville, Arkansas, to provide technical assistance to small businesses impacted by the coronavirus pandemic in Northwest Arkansas. The EDA grant project, to be located near a Tax Cuts and Jobs Act Opportunity Zone, will…
EDA: $1 Million in CARES Act Recovery Assistance Invested to Assist Oklahoma Manufacturers in Responding to Coronavirus
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million CARES Act Recovery Assistance grant to Oklahoma State University, Stillwater, Oklahoma, to assist Oklahoma manufacturers in Northeast and Central Oklahoma respond to the coronavirus pandemic. The EDA grant will be matched with $485,000 in local…
Census Bureau: Household Pulse Survey Phase 2 Biweekly Data Released
The U.S. Census Bureau today released new data from the second phase of the experimental Household Pulse Survey. The Household Pulse Survey is the result of an effort by the Census Bureau and other federal statistical agencies to document temporal trends in how individuals are experiencing business curtailment and closures, stay-at-home orders, school closures, changes in the…