ABA: Additional PPP Funds Needed for Small Businesses, Employees
Leading financial services trade associations today wrote Congressional leadership calling for Congress to quickly authorize additional funds for the Paycheck Protection Program. Funds from the original $349 billion authorization are expected to be fully obligated soon, leaving out countless small business owners and their employees still awaiting access to the program. “The Small Business Administration’s…
Federal Bank Regulators Issue Interim Final Rule for Paycheck Protection Program
The federal bank regulatory agencies today announced an interim final rule to encourage lending to small businesses through the Small Business Administration’s Paycheck Protection Program, or PPP. The PPP was established by the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, and provides loans to small businesses so that they can keep their…
EDA: $700,000 Invested to Support Business-Focused Disaster Recovery and Resiliency Efforts in Arkansas
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $700,000 grant to the University of Arkansas, Fayetteville, Arkansas, to expand trade, export and commercialization opportunities for Arkansas businesses and agribusinesses. The EDA grant will be matched with $175,000 in local investment. “The Trump Administration is working diligently to help communities impacted…
SBA: Eligibility of Faith-Based Organizations to Participate in Paycheck Protection and Economic Injury Disaster Loan Programs
SBA Administrator Jovita Carranza today announced that SBA issued guidance clarifying that all faith-based organizations impacted by Coronavirus (COVID-19) are eligible to participate in the Paycheck Protection Program and the Economic Injury Disaster Loan program, without restrictions based on their religious identity or activities, to the extent they meet the eligibility criteria outlined in the CARES Act that was…
SBA: Paycheck Protection Program for Small Businesses Affected by the Coronavirus Pandemic Launches
One of Multiple Economic Relief Provisions to Protect Workers and Small Businesses The U.S. Small Business Administration Administrator Jovita Carranza today launched the Paycheck Protection Program, a $349 billion emergency loan program created last week with the President’s signing of the Coronavirus Aid, Relief, and Economic Security Act (CARES). The program provides forgivable loans up to $10 million to small…
SBA: Public-Private Mobilization Effort to Distribution $349 Billion in Emergency Small Business Capital Begins
Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need. The CARES Act establishes a…
Federal Agencies Encourage Banks, Savings Associations and Credit Unions to Offer Responsible Small-Dollar Loans to Consumers and Small Businesses Affected by COVID-19
Five federal financial regulatory agencies today issued a joint statement encouraging banks, savings associations, and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19. The statement of the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration,…
EDA: $2.5 Million Invested to Establish New Business Incubator in Valdosta, GA Opportunity Zone
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.5 million grant to the Valdosta and Lowndes Chamber of Commerce in Valdosta, Georgia to fund the construction of a new business incubator. The EDA grant, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will…
SBA: Automatic Deferment on Existing SBA Disaster Loans Implemented Through End of 2020
Today, U.S. Small Business Administration Administrator Jovita Carranza announced changes to help borrowers still paying back SBA loans from previous disasters. By making this change, deferments through December 31, 2020, will be automatic. Now, borrowers of home and business disaster loans do not have to contact SBA to request deferment. “The SBA is looking at every option…
SBA: Updated Criteria on States for Requesting Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)
Today, as part of the Trump Administration’s aggressive, whole-of-government efforts to combat the Coronavirus outbreak (COVID-19) and minimize economic disruption to the nation’s 30 million small businesses, U.S. Small Business Administration Administrator Jovita Carranza issued revised criteria for states or territories seeking an economic injury declaration related to Coronavirus (COVID-19). The relaxed criteria will have two immediate…