FDIC: Final Rule Issued to Mitigate the Deposit Insurance Assessment Effect of Participation in the PPP, the PPP Liquidity Facility, and the Money Market Mutual Fund Liquidity Facility
The Federal Deposit Insurance Corporation (FDIC) today approved a final rule that mitigates the deposit insurance assessment effects of participating in the Paycheck Protection Program (PPP) established by the U.S. Small Business Administration and the Paycheck Protection Program Liquidity Facility (PPPLF) and Money Market Mutual Fund Liquidity Facility (MMLF) established by the Board of Governors…
SBA: New Dedicated Tool Rolled Out to Connect Small Businesses with CDFIs, Small Asset Lenders Participating in PPP
Today, U.S. Small Business Administration Administrator Jovita Carranza announced the launch of a dedicated online tool for small businesses and non-profits to be matched with Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), Farm Credit System lenders, Microlenders, as well as traditional smaller asset size lenders in the Paycheck Protection Program (PPP)….
Census Bureau: Household Pulse Survey Weekly Data Released
The Census Bureau today released new data from 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 availability of consumer goods…
HUD: FHA Extends Foreclosure and Eviction Moratorium for Single Family Homeowners for Additional Two Months
Extension Through August 31, 2020, Provides More Security for Homeowners Impacted by the Coronavirus Outbreak Today, the Federal Housing Administration (FHA) announced a two-month extension of its foreclosure and eviction moratorium through August 31, 2020, for homeowners with FHA-insured Single Family mortgages. This extension provides additional security and peace of mind to homeowners that they will not…
SBA and Treasury: New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program Announced
Today, the U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new…
FHFA: Foreclosure and Eviction Moratorium Extended through August
Today, to help borrowers and renters who are at risk of losing their home due to the coronavirus national emergency, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will extend their single-family moratorium on foreclosures and evictions until at least August 31, 2020. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only….
OCC: Bank Preemption from COVID-19 Relief Programs
OCC Bulletin 2020-62| June 17, 2020 Summary Federal, state, and local governments have taken many actions to respond to the economic disruption caused by the spread of COVID-19. While the Office of the Comptroller of the Currency (OCC) recognizes that a wide range of stakeholders, including state and local governments, have an important role to play in…
FHFA: Translated COVID-19 Resources Now Available in Six Langugages
COVID-19 Servicing Scripts and Mortgage Assistance Application translations now available To help limited English proficiency (LEP) borrowers who are experiencing mortgage-related difficulties due to the coronavirus national emergency, today the Federal Housing Finance Agency (FHFA) added new translations to the Mortgage Translations website. Site visitors can now choose English, Spanish, traditional Chinese, Vietnamese, Korean, or Tagalog when accessing…
EDA: $400,000 Invested in CARES Act Funding to Boost Economic Development Programs in Eight Counties in Northeast Mississippi
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $400,000 CARES Act Recovery Assistance grant to the Three Rivers Planning & Development District, Pontotoc, Mississippi, to update economic development plans and fortify programs to assist communities in responding to the coronavirus pandemic. “The Trump Administration is eager to allocate these essential…
SBA: Economic Injury Disaster Loans and Advance Program Reopened to All Eligible Small Businesses and Nonprofits Impacted by COVID-19
To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today. “The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the small businesses…