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…
SBA and Treasury: New and Revised Guidance Regarding the Paycheck Protection Program Announced
The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, issued new and revised guidance for the Paycheck Protection Program (PPP). This guidance implements the Paycheck Protection Program Flexibility Act (PPPFA), signed into law by President Trump on June 5, 2020, and expands eligibility for businesses with owners who have past…
FHFA: COVID-Related Loan Processing Flexibilities for Fannie Mae and Freddie Mac Customers Extended Through July
The Federal Housing Finance Agency (FHFA) is extending several loan origination flexibilities currently offered by Fannie Mae and Freddie Mac (the Enterprises) designed to help borrowers during the COVID-19 national emergency. Flexibilities extended until at least July 31st include: Alternative appraisals on purchase and rate term refinance loans; Alternative methods for verifying employment before loan…
HUD: Remaining $2.96 Billion in CAREs Act Funding Provided for Homeless Populations Amid Coronavirus Recovery
$4 Billion total in Emergency Solutions Grants (ESG) targeted toward communities with high homeless populations or individuals at risk of becoming homeless U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced the allocation of $2.96 billion in Emergency Solutions Grants (ESG) funding to support homeless Americans and individuals at risk of…
SBA: Joint Statement Regarding Enactment of the Paycheck Protection Program Flexibility Act
SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today following the enactment of the Paycheck Protection Program (PPP) Flexibility Act: “We want to thank President Trump for his leadership and commend Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working on a bipartisan basis to pass this legislation for small businesses participating in the…
Federal Reserve: Main Street Lending Program Expanded to Allow More Small- and Medium-Sized Businesses to Receive Support
The Federal Reserve Board on Monday expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years, providing…
HUD: FHA Announces Temporary Guidance for Insuring Single Family Homes in Forebearance
Temporary policy provides FHA insurance safeguards for borrowers and lenders Today, the Federal Housing Administration (FHA) announced a new, temporary policy that provides guidance for lenders to obtain FHA insurance endorsements on mortgages where the borrower has requested or obtained a COVID-19 forbearance. This policy will ensure that the safeguards of the FHA program continue to work…
CFPB: Consumer Actions for Relief from Credit Card Issuers During the Pandemic
The Consumer Financial Protection Bureau (Bureau) today took action to help consumers receive relief during the pandemic more quickly from their credit card issuer. Regulation Z requires that creditors provide written disclosures to consumers for account-opening and temporary rate or fee reduction. During the pandemic, consumers may seek to open a new account or request…
OCC: Warning About Effects of COVID-19 “Lockdown” on Banking System
Acting Comptroller of the Currency Brian P. Brooks today expressed concerns about the effects of regional and local responses to COVID-19 on the federal banking system. In letters to the National League of Cities, the U.S. Conference of Mayors, and the National Association of Governors, the Acting Comptroller of the Currency urged mayors and governors…