EDA: $1 Million in CARES Act Recovery Assistance Invested to Aid Reopening of Tourism Economy in Utah
Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million CARES Act Recovery Assistance grant to the Governor’s Office of Economic Development (GOED) in Salt Lake City, Utah, to support Utah’s Safe To Stay Open campaign in response to the economic impacts caused by the…
EDA: $956,858 in CARES Act Recovery Assistance Invested to Support Economic Diversification Efforts in Michigan Opportunity Zone
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $956,858 CARES Act Recovery Assistance grant to Lake Superior State University, Sault Ste. Marie, Michigan, to purchase lab equipment to build capacity at the Center for Freshwater Research and Education. The project, to be located in a Tax Cuts and Jobs Act Opportunity Zone,…
EDA: $892,000 in CARES Act Recovery Assistance Invested to Support Pandemic-Related Medical Technology Production in Omaha, NE
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $892,000 CARES Act Recovery Assistance grant to the University of Nebraska, Omaha, Nebraska, to create UNeTech Deploy!, a program to produce and deploy pandemic-related medical technology products. The project, to be located in a Tax Cuts and Jobs Act Opportunity Zone, will be matched…
Census Bureau: Small Business Pulse Survey Phase 3 Weekly Data Released
The U.S. Census Bureau today released new data from the third phase of the Small Business Pulse Survey. Data collection began November 9, 2020. Results will be released weekly starting November 19, 2020, through January 14, 2021. No changes were made to the questionnaire for this phase. Data are available through the Small Business Pulse Survey Interactive…
FHFA: COVID-Related Loan Flexibilites Extended Until February 28, 2021
The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will extend several loan origination flexibilities until February 28, 2021. The changes are to ensure continued support for borrowers during the COVID-19 national emergency. The flexibilities were set to expire on January 31, 2021. Extended flexibilities include: Alternative appraisals on…
ABA: Bank Economists See Strengthening Economic Recovery Ahead
The U.S economy will grow at a robust pace of about 4% over the four quarters of 2021, the strongest growth in nearly two decades after the deepest recession since the Great Depression, according to the latest forecast of the American Bankers Association’s Economic Advisory Committee. However, the economy remains in the grip of the…
SBA: PPP Re-Opened to Small Lenders on January 15th and All Lenders on January 19th
Lenders with $1 Billion or Less in Assets Will be Able to Submit First and Second Draw PPP Applications on Friday – Continuing Dedicated Access for Community-Based Lenders The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or…
SBA: 1.1 Million PPP Loans Forgiven So Far Totaling Over $100 Billion
Small borrowers make up vast majority of forgiveness applicants The U.S. Small Business Administration has already forgiven more than 1.1 million Paycheck Protection Program (PPP) loans for over $100 billion, providing an extraordinary amount of critical relief to America’s small businesses just 3 months since the earliest PPP borrowers’ covered periods ended. “Today’s news is a key…
SBA: PPP Re-Opened to Community Financial Institutions First
Community Financial Institutions get dedicated access starting January 11, 2021 The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal today at 9 am ET. SBA is continuing its dedicated commitment to underserved small businesses and to addressing potential access to capital barriers by initially granting PPP access…
SBA: PPP Re-Opening and New Guidance Announced
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday,…