SBA: New Community Advantage Recovery Loans Proposed for COVID Relief
On July 15, 2020, SBA published a request for information and a notice on the establishment of a new, temporary community advantage (CA) loan in response to the coronavirus pandemic. The new loans, titled “Community Advantage Recovery Loans” are designed for eligible CA Lenders to provide technical and financial assistance to assist small businesses in…
Federal Reserve: Rule Change Extended to Bolster Effectivness of the SBA’s Paycheck Protection Program
The Federal Reserve Board on Wednesday announced an extension of a rule change to bolster the effectiveness of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Like the earlier rule, the extension will temporarily modify the Board’s rules so that certain bank directors and shareholders can apply to their banks for PPP loans for…
SBA: $20 Billion Provided to Small Businesses and Nonprofits through Economic Injury Disaster Loan Advance Program
Today, the U.S. Small Business Administration announced the conclusion and success of the Economic Injury Disaster Loan (EIDL) Advance program, which provided U.S. small businesses, non-profits and agricultural businesses a total of $20 billion in emergency funding. In order to assist the greatest number of small businesses, the EIDL Advance provided $1,000 per employee up…
EDA: $30 Million in CARES Act Funding Invested to Support Recovery from Coronavirus Pandemic
The U.S. Department of Commerce’s Economic Development (EDA) administration has awarded over $10 Million in CARES Act Funding to support economic development and economic recovery in response to the coronavirus pandemic. Investments include: $400,000 to help 13-county region in South Central Tennessee $400,000 to help Panhandle Region in Texas $400,000 to help New River Valley…
SBA: Paycheck Protection Program Loan Data Released
The U.S. Small Business Administration, in consultation with the Treasury Department, today announced it was releasing detailed loan-level data regarding the loans made under the Paycheck Protection Program (PPP). This disclosure covers each of the 4.9 million PPP loans that have been made. “The PPP is providing much-needed relief to millions of American small businesses,…
EDA: Over $21 Million in CARES Act Funding Invested to Support Recovery from Coronavirus Pandemic
The U.S. Department of Commerce’s Economic Development (EDA) administration has awarded over $10 Million in CARES Act Funding to support economic development and economic recovery in response to the coronavirus pandemic. Investments include: $4.4 million to help West Virginia $400,000 to help the Eastern Panhandle Region of Virginia $400,000 to help 10-county Southwestern Pennsylvania Region…
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…