It's Back: Paycheck Protection Program 2.0
On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act was signed into law. Among other things, the Act restarts the Paycheck Protection Program with some updated guidelines. It provides borrowers with greater flexibility in using PPP loan proceeds and expands the types of expenses eligible for loan forgiveness.
Illinois Finance Authority, State EPA Close $500M Clean Water Initiative Green Bonds
The Illinois Environmental Protection Agency and the Illinois Finance Authority closed their joint $500 million Clean Water Initiative State Revolving Fund Revenue Bonds. The bonds maintained the highest rating, "AAA" from both Fitch and S&P. The proceeds of the Green Bonds will be used to deliver clean water and fund wastewater treatment at a lower cost while putting people to work.
USDA Opens Loan, Grant Applications to Support Rural Microenterprises
The USDA has opened a call for applications for loans and grants to support rural microenterprises through its Rural Microentrepreneur Assistance Program. The program provides loans and grants to a nonprofit entity or institution of higher education to establish revolving loan funds. These funds then provide loans or training and technical assistance to rural microloan borrowers and microentrepreneurs.
Minority Businesses: Wounded by COVID, But Key to Inclusive Revival
Black-owned businesses, which are vital to inclusive growth, have taken a much harder hit from the pandemic than companies overall. If states are to achieve an inclusive recovery from the crippling pandemic, minority-owned businesses must be a part of it and many communities are rising to the challenge.
HUD Announces $10M in Capacity Building Grants for Rural America
HUD has awarded $10 million in capacity-building grants to five national non-profit organizations which will, in turn, fund rural housing development organizations, Community Development Corporations, Community Housing Development Organizations, local governments, and Indian tribes to carry out affordable housing and community development activities in rural areas for hard-working, low-income families and individuals.
Building a Deeper Toolbox to Help Beginning Farmers and Ranchers
During a panel at the virtual Emerging Research on Beginning Farmers and Ranchers Conference hosted by Farm Foundation and the USDA's Economic Research Service, information was shared for some of the tools passed along from earlier generations. But what happens when a prospective agricultural producer is the first generation to have an interest in farming or ranching? What if a farmer or rancher doesn't have land to inherit or family members to learn the business from?
Resilience Loan Fund Measure Passes in Congress
Both houses of Congress passed a measure long sought by flood-vulnerable towns and rivers bordering the Mississippi River: the Resilience Revolving Loan Fund Act. The bill authorizes the Federal Emergency Management Agency (FEMA) to enter into agreements with any state or Indian tribal government to make capitalization grants for the establishment of hazard mitigation revolving loan funds.
Green River Area Development District in Kentucky Streamlines Microloan Process
The Green River Area Development District (GRADD) has streamlined its microloan process geared toward aiding small businesses and nonprofits affected by COVID-19. GRADD was awarded $3.3 million through the U.S. EDA as part of a total of $11.6 million announced by the department in to address the woes of small businesses impacted by the pandemic.