COVID EIDL Program Ends on Friday
The Economic Injury Disaster Loan program for small businesses affected by COVID-19, a key financing option throughout the pandemic, will close on Friday.
SBA Increases EIDL Loan Limit
The U.S. Small Business Administration has increased the borrowing limit for the COVID Economic Injury Disaster Loan (EIDL) program and made other changes to help small businesses affected by the Delta variant.
SBA to Launch PPP Forgiveness Portal for Smaller Loans
The U.S. Small Business Administration will launch a portal next week that will let borrowers with Paycheck Protection Program loans of $150,000 or less apply for forgiveness directly through the SBA.
CFPB: Consumers Confused by Overdraft Policies on Stimulus Payments
Initiatives by banks to give customers access to the federal government’s economic impact payments have caused confusion for some customers with overdrawn accounts, according to the Consumer Financial Protection Bureau’s latest consumer complaint bulletin.
Most Mass. Restaurants Did Not Receive RRF Grants
The Restaurant Revitalization Fund has closed, and three-quarters of the Massachusetts restaurants that applied to the federal grant program did not receive funds.
CFPB Finalizes Rules to Delay Foreclosures
The Consumer Financial Protection Bureau has finalized temporary rules that will delay most foreclosures until next year, though the agency did create some exceptions that will allow mortgage servicers to begin the foreclosure process this year.
FHFA Extends Multifamily Forbearance Again
Multifamily property owners with mortgages backed by Fannie Mae or Freddie Mac can continue to receive COVID-19-related forbearance through Sept. 30, the Federal Housing Finance Agency said in a statement today.
Mass. Business Received Nearly $6.9B in PPP Loans This Year
The Paycheck Protection Program came to an end on Monday with small businesses affected by the pandemic receiving another $277.7 billion in forgivable loans this year.
Study: Missed Housing Payments at Lowest Level in Pandemic
The number of households missing rent and mortgage payments reached the lowest level in March since the start of the COVID-19 pandemic, according to a study from the Mortgage Bankers Association’s Research Institute for Housing America (RIHA).
CFPB Ends Policies that Provided Flexibility for Lenders
The Consumer Financial Protection Bureau on Wednesday rescinded seven policies that had been issued in 2020 to provide financial institutions with temporary flexibilities during the pandemic.
SBA Increases EIDL Loan Limit
The U.S. Small Business Administration will more than triple the maximum amount that small businesses and nonprofit organizations can borrow through the COVID-19 Economic Injury Disaster Loan (EIDL) program. The loan limit will increase from $150,000 to $500,000 starting the week of April 6, and the time frame for economic injury will increase from six months to 24 months.
Survey: More Small Businesses Considering Online Lending
With economic uncertainty as their top challenge, more than half of small businesses would consider taking an online loan if they need capital this year, according to a new survey from JPMorgan Chase.
Two Sets of Rules for Latest PPP Funding
When the next round of Paycheck Protection funding begins, lenders will have separate rules to follow based on whether a business owner received a PPP loan last year.
COVID Legislation Extends TDRs, Adjusts SBA Programs
After threatening last week to veto the bipartisan COVID-19 relief package, President Donald Trump signed the bill Sunday evening, paving the way for $600 economic aid payments and other provisions affecting banking and lending.
Bill Allows Second Draw PPP Loans
The COVID-19 aid bill passed by Congress on Monday will allow small businesses hit hardest by the pandemic to take a second Paycheck Protection Program loan.
CDFIs, MDIs Would Receive $12M in Investments and Support
Along with reviving the Paycheck Protection Program, the COVID-19 aid bill that Congress is expected to vote on today would provide additional funding for MDIs and CDFIs.
Survey: Most Consumers Satisfied With Bank Support
Most consumers have been satisfied with the level of support provided by U.S. banks during the COVID-19 pandemic, according to a new study by global analytics software provider FICO.
Eastern Bank Reduces Loans With COVID Modifications
Eastern Bank has further reduced the loans in its portfolio subject to COVID-19 modifications over the past two months, according to an SEC 8-K report issued today.
BofA Survey: More than Half of Small Businesses Sought Pandemic Funding
More than half of small business owners surveyed in Greater Boston plan to apply for or have already sought funding to address the impact of the pandemic on their business, according to a recent report from Bank of America.
COVID-19 Surge Drives Bank Lobby Closings
With the surge in coronavirus cases continuing, some Massachusetts banks and credit unions have once again started shutting down their lobbies.
