President Signs Executive Orders To Extend COVID-19 Economic Relief
President Trump has signed executive orders to extend economic relief after lawmakers were unable to reach an agreement on a new stimulus package. The orders include extending enhanced unemployment benefits and the federal eviction moratorium, imposing a payroll tax holiday, and further suspending federal student loan payments.
HUD Awards $472M to Public Housing Authorities to Help Keep Residents Housed
HUD announced $472 million in CARES Act funding to help low-income families during the coronavirus pandemic. This funding can be used by Public Housing Authorities to help families assisted by Housing Choice Vouchers and Mainstream vouchers prevent, prepare for, and respond to the coronavirus. The funding, made available by the CARES Act, will be awarded to Public Housing Authorities across the Nation.
Small Businesses Got Emergency Loans, but Not What They Expected
The SBA's disaster relief program allows for loans of up to $2 million. But now they're capped at $150,000 — and agency officials are saying little about why. For nearly 70 years, the Small Business Administration's disaster relief program has helped companies recover from catastrophes including wildfires, hurricanes, and earthquakes. But it has never faced anything like the coronavirus crisis.
SBA Issues Additional PPP Loan Forgiveness Guidance
The SBA has published additional guidance regarding the forgiveness of Paycheck Protection Program (PPP) loans. The new FAQs clarify previous SBA guidance, provisions of the CARES Act, and the PPP loan forgiveness application.
Amid Pandemic, Baltimore's Black-owned Businesses Struggle, but Some Are Finding New Support
At a time when many businesses are struggling because of the pandemic, Black business owners, in particular, are wrestling with how to keep going. There's a long history of discrimination in this country in access to capital and loans, and today, the rules and structure of the federal Paycheck Protection Program made it difficult for many Black businesses to get the assistance, analysts have found.
Minnesota Gets S&P Warning As It Plots Fixes to Coronavirus-Driven Budget Hole
Minnesota's top rating from S&P Global Ratings is at risk over its COVID-19 budget hole and how the state might close the potential three-year, $7 billion gap. S&P moved the outlook on the state's AAA rating to negative from stable this week in a report ahead of a $1.2 billion new money and refunding general obligation sale set for next week.
EDA Invests $35.5M in CARES Act Funding to Capitalize RLF in Pennsylvania
The Economic Development Administration is awarding $35.5 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds (RLFs) that will provide critical gap financing to small businesses and entrepreneurs that have been adversely affected by the coronavirus pandemic across Pennsylvania.
Many Restaurants Have Closed, Others Aren't Sure How Long They Can Weather Coronavirus
As the pandemic drags on, many businesses have outlasted federal financial relief and initial enthusiasm to adapt to a stay-at-home way of life. Recovery appears further away than many restaurants believe they can hold on. The restaurant industry already had a reputation as a challenging market with low margins and high turnover. The latest survey by the Colorado Restaurant Association found that 56% of restaurant members fear that if coronavirus conditions don't improve, they'll permanently close within three months.