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.
Black Farmers Look to Next Congress, Biden to Dismantle 'Culture of Discrimination'
Black farmers are hoping for a major boost in their decades-long struggle for racial and economic equity next year, anticipating that aggressive measures by the incoming Biden administration and Congress could expand their access to credit and address their discrimination complaints.
The Effects of U.S. Federal Payments on the Agriculture Sector
U.S. federal aid payments were estimated to account for 40 percent of total net farm income in 2020. But many farmer organizations say that the federal aid is insufficient and does not support long-term sustainable solutions. Instead, these organizations are advocating for revenue-based payments, greater loan forbearance, and climate change mitigation.
Will Restaurants Survive Winter with New Loans from U.S. Government?
A new iteration of the Paycheck Protection Program for small businesses has special provisions for long-suffering independent restaurants that have had to revamp their business models just to stay alive throughout the coronavirus pandemic. But even with more generous terms, many independent restaurateurs fear the loans could fail to carry them through the winter.
New York Creates $3M Restaurant Survival Fund
Several companies and Empire State Development have teamed together to offer $3 million in pandemic recovery grants to restaurants in the state. Restaurants will be eligible for grants of up to $5,000 apiece. The National Development Council, a national economic development nonprofit, will administer the program.
The New Jersey Economic Recovery Act of 2020 Explained
The New Jersey Economic Recovery Act of 2020 includes legislation for programs and policies related to jobs, property development, food deserts, community partnerships, small and early-stage businesses, State procurement, wind energy, and film production. It appropriates over $55.5 million and provides in excess of $14.3 billion in potential tax credits.
Significant Investment in Rural Communities Seen in 2020
Throughout 2020, a record number of $40 billion of investment was made in rural communities to help bolster their local economies. Investments were made in areas of water infrastructure, high-speed broadband, and business development. The U.S. Department of Agriculture (USDA) helped to provide rural areas with a substantial amount of support to strengthen rural businesses and communities.
Reinvestment Fund Awards $3M to Improve Healthy Food Access in Underserved Communities
Reinvestment Fund today announced $3 million in financial assistance awards to 20 projects through the 2020 round of America's Healthy Food Financing Initiative's (HFFI) Targeted Small Grants Program. Funding for the HFFI grants program is provided by the United States Department of Agriculture (USDA), authorized by the 2014 Farm Bill. The program supports projects that are designed to improve access to fresh, healthy food through food retail.
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