Colorado Lending Source Secures $5M in Funding from ZOMALAB, Gates Family Foundation
Colorado Lending Source, in partnership with ZOMALAB and the Gates Family Foundation, has established the Eastern Colorado Small Business Loan Fund to protect jobs and invest in our communities in the short, medium, and long-term. This fund was created to offer affordable loans to rural Colorado businesses and non-profits in eastern Colorado affected by the COVID-19 crisis.
Michigan Strategic Fund Approves Initiatives to Help with Economic Recovery
The city of Detroit Downtown Development Authority is also supporting the project with a $2.2 million loan, reduction of the land acquisition price, approval of the local portion of the brownfield tax increment financing with an estimated value of $1.55 million, and anticipated approvals of Commercial Rehabilitation Act and Neighborhood Enterprise Zone tax abatements valued at more than $10 million.
CARES Act PPP Enforcement Escalates
Several government entities — including the Small Business Administration, the U.S. Securities and Exchange Commission, the Department of Justice and others — have begun review and enforcement actions related to the CARES Act Paycheck Protection Program loans.
FCC Grants Pandemic-Related Spectrum Usage to Washington Tribe
The FCC has granted the Makah Tribe of Washington State temporary use of broadband spectrum during the COVID-19 pandemic to help community members ensure access to remote health, education, work, and more.
Opportunity Zone Bill May Help Companies That Missed PPP Funds
Reps. John Curtis, R-Utah, and Henry Cuellar, D-Texas, introduced the Small Business Opportunity Zone Act in April, which would allow small businesses affected by the COVID-19 pandemic to be classified qualifying businesses in which investors can receive favorable opportunity zone tax benefits, regardless of location.
SBA, Treasury Announce $10B for CDFIs to Participate in the Paycheck Protection Program
Today the U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 funding for the Paycheck Protection Program (PPP) to be lent exclusively by CDFIs. CDFIs work to expand economic opportunity in low-income communities by providing access to financial products and services for local residents and businesses.
What Role Can Infrastructure Play in the COVID-19 Recovery Effort?
Given the state of the nation's infrastructure and the ability of infrastructure to assist in the economic recovery from the COVID-19 pandemic, many advocates have pushed for infrastructure funding to be included in the COVID-19 spending packages to date.
SBA Issues Final Interim Rules Providing PPP Guidance
SBA released two new interim final rules on the Paycheck Protection Program. One set covers the requirements for loan forgiveness, confirming and expanding upon the previously released loan forgiveness form and instructions; the other addresses the SBA's procedures for reviewing applications for loans and loan forgiveness. The guidance is effective immediately.
Muni Rally Isn't Over Yet, but Market Takes a Breather
The municipal market was flat to slightly firmer Wednesday, narrowly continuing its weeks-long rally. Investors in both equities and bond markets are sidelining concerns of the longer-term effects of the virus with the hopes that a vaccine and governments reopening can act as a cushion.
Issuers Look for More Clarity on Federal Spending and Disclosure
Municipalities are seeking clarity from the Treasury on how to spend federal relief dollars and are seemingly disappointed by recent guidance on how to disclose their financial concerns related to coronavirus.