Small Business

SBA: New Members Appointed to the National Small Business Development Center Advisory Board

SBA Administrator Jovita Carranza today announced the appointment of six new members to the National Small Business Development Centers (SBDC) Advisory Board. “We are delighted to welcome new board members who bring with them a strong business acumen and extensive knowledge to the SBDC Advisory Board,” said SBA Administrator Jovita Carranza.  “The SBDC Advisory Board has played an…

OCC: Agency Highlights Key Risks for 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 Spring 2020. Banks entered the national health emergency related to COVID-19 in sound condition but face weak economic conditions…

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…

EDA: $800,000 Invested to Establish Revolving Loan Fund to Support Business Recovery Near Opporunity Zone in South Dakota

Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $800,000 grant to the South Eastern Development Foundation, Sioux Falls, South Dakota, to capitalize a Revolving Loan Fund (RLF) that will provide gap financing to businesses in a six-county region impacted by 2019 floods and storms. The EDA grant project, to be…

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)….

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…

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…

OCC: $800,000 Invested to Grow Revolving Loan Fund Serving Businesses in Tallahassee, FL Opportunity Zone

Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $800,000 grant to the Apalachee Regional Planning Council (ARPC) in Tallahassee, Florida, to support business recovery and resilience efforts in the wake of Hurricane Michael by capitalizing a second loan pool under the ARPC Revolving Loan Fund. The investment, located in a Tax…

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…

EDA: $600,00 Invested to Establish Revolving Loan Fund to Serve Businesses in Northern Montana

Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $600,000 grant to the Bear Paw Development Corporation of Northern Montana, Havre, Montana, to capitalize a Revolving Loan Fund that will provide businesses in Northern Montana with the financing they need to meet working capital needs and address potential debt restructuring. This…