EDA: $800,000 Invested to Establish Revolving Loan Fund to Serve Small Businesses in Seven Disaster-Impacted South Dakota Counties
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $800,000 grant to the West River Foundation for Economic and Community Development in Sturgis, South Dakota, to establish a Revolving Loan Fund (RLF) to assist small businesses impacted by natural disasters in Bennett, Butte, Custer, Fall River, Meade, Pennington, and Perkins counties….
SBA: Treasury and SBA Release Paycheck Protection Program Loan Forgiveness Application
Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES…
Census Bureau: First Results of Experimental Small Business Pulse Survey Released
The Census Bureau today released the first results from its Small Business Pulse Survey. The results represent data collected between April 26 and May 2, 2020 and are available at <www.census.gov/businesspulsedata>. The experimental Small Business Pulse Survey (Business Pulse) measures the changes in business conditions on our nation’s small businesses during the coronavirus (COVID-19) pandemic in…
SBA: New Regulations Issued for Women-Owned Small Business Federal Contracting Program
The U.S. Small Business Administration today published Women-Owned Small Business Federal Contracting program regulations that will provide a free, online certification and eligibility application process for women-owned small businesses and economically-disadvantaged women-owned small businesses. The timeline for implementation of changes to SBA’s WOSB program has been delayed to accommodate those affected by the current pandemic. Starting July 15, 2020, SBA will…
CFPB: FAQs Issued to Support Small Businesses Applying for PPP Loans
The Consumer Financial Protection Bureau today issued clarifying FAQs to support small businesses who have applied for a loan from their financial institution under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Creditors are generally required under the Equal Credit Opportunity Act and Regulation B to notify applicants within 30 days of receiving a…
Federal Reserve: Expanded Scope and Eligibility for the Main Street Lending Program Announced
The Federal Reserve Board on Thursday announced it is expanding the scope and eligibility for the Main Street Lending Program. As part of its broad effort to support the economy, the Federal Reserve developed the Main Street Lending Program to help credit flow to small and medium-sized businesses that were in sound financial condition before…
SBA: Joint Statement on Establishing Dedicated Hours for Small Lender Submissions of PPP Applications
U.S. Small Business Administration Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the Paycheck Protection Program (PPP) amid continuing efforts to aid small community lenders, their small business customers, and ensure SBA’s systems run efficiently: “In order to ensure special access to the PPP loan program for…
EDA: $13 Million Invested to Build Disaster Resilient Business Incubator in Puerto Rico Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $13 million grant to the University of Puerto Rico in Ponce to establish a disaster resilient research and business facility to support high-growth businesses focused on the health and medical tourism industries. The EDA grant, to be…
SBA: Joint Statement on the Review Procedure for Paycheck Protection Program Loans
U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administrator Jovita Carranza issued the following statement today on the Paycheck Protection Program (PPP): “The Paycheck Protection Program is providing critical support to millions of small businesses and tens of millions of hardworking Americans. “We have noted the large number of companies that have appropriately…
EDA: $1 Million Invested to Establish Revolving Loan Fund to Serve Small Businesses in Eastern Idaho
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the East-Central Idaho Planning & Development Association (ECIPDA) of Rexburg, Idaho, to establish a Revolving Loan Fund (RLF) to assist the growth of small businesses in Butte, Clark, Custer, Fremont, Jefferson, Lemhi, Madison…