President Trump signed a bill to give recipients of government small business loans during the coronavirus more flexibility in how they spend the money. The measure eases the conditions small businesses have to meet to get the Paycheck Protection Program loans forgiven, as some struggled to meet key thresholds during the pandemic.

Cook County Board President Toni Preckwinkle on Monday announced that applications have opened for the Community Loan Recovery Fund – which offers one-time, zero-interest loans of up to $20,000 for small businesses and up to $10,000 for independent contractors based in suburban Cook County.

A measure that will assist rural hospitals in financial distress at a time when the state is battling COVID-19, which would allow the Cabinet for Economic Development to provide loans to struggling hospitals, has become law and is codified.

The city, county, Wayne County Revolving Loan Fund Board, Economic Development Corporation of Wayne County, and the Economic Growth Group have come together to create a $900,000 pool of money to be doled out in loans of up to $25,000 to eligible small businesses.

Approved by county commissioners this week, the Rise Miami-Dade program uses community groups to screen applicants for the low-interest loans capped at $30,000. The loans are limited to Miami-Dade businesses with less than $2 million in sales and fewer than 25 employees.

Governor Jim Justice and West Virginia Department of Commerce Secretary Ed Gaunch have recommended 12 projects totaling more than $11.7 million in grants from the Appalachian Regional Commission Investment Program. Gaunch says he's enthused about the funding, some of which will impact small businesses affected by the recent COVID viral outbreak.

This Bill containing only 7 pivotal provisions which will forever change how PPP borrowers can make expenditures to facilitate the maximization of forgiveness of their loans, and best position themselves to survive the economic tsunami that we find ourselves in. Here are more details on the 7 provisions of this laser-tuned new law that is expected to be signed by the President soon.

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.

NY Governor Andrew Cuomo announced over the weekend the launch of the $100M New York Forward Loan Fund to provide flexible and affordable loans to help small businesses, focusing on minority and women owned small businesses, that did not receive federal COVID-19 assistance. He says the state will focus on businesses with 20 or fewer employees and less than $3 million in gross revenues.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Rural Healthcare
Tuesday, June 16, 2020 - 1:00 PM Eastern

CDFA Federal Financing Webinar Series: Recovery Resources from the USDA
Friday, June 19, 2020 - 1:00 - 3:00 PM Eastern

>>> VIEW THE RLF RESOURCE CENTER   

In this webinar, CDFA convened financing experts from the EDA to discuss how their respective financing and grant programs can aid with COVID-19 recovery efforts as well as preparedness for the future.

>>> MORE RLF RESOURCES