On Wednesday, May 20, 2020, Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams released a statement regarding the agency’s joint proposed rulemaking with the Office of the Comptroller of the Currency (OCC) to modernize the... Read more
The new Interim Final Rules consist of 26 pages that build upon the Loan Forgiveness Application and Instructions, which cleared up several items, and resulted in several questions, and now some have been answered. A second set of Interim Final... Read more
As businesses who received a Paycheck Protection Program (PPP) loan look forward to maximizing their loan forgiveness, this tool outlines the steps to take for PPP loan forgiveness. Look over these steps now to prepare for maximum loan... Read more
U.S. Department of Housing and Urban Development Secretary Ben Carson announced Friday, May 1, 2020, his Department will allocate $685 million in COVID-19... Read more
CapNexus sponsor, Hope Enterprise, published the article "Closing the CDFI Asset Gap" to address the disparities that persist in the amount of funding and... Read more
The Grow with Google Small Business Fund is a $125 million fund that will enable CDFIs to support both the short-term recovery and long-term financing needs of America's small businesses, including nonprofits--especially those in distressed... Read more
A non-bank lender now meets the criteria to be a PPP lender and may be approved to make PPP loans if it has originated, maintained, or serviced more than $10 million in business loans or other commercial financial receivables during a 12-month... Read more
The Small Business Administration (SBA), in consultation with the Department of Treasury, is providing this guidance to assist businesses in calculating their payroll costs for purposes of determining that amount of a Paycheck Protection Program... Read more
On April 24, 2020, President Donald Trump signed a $484 billion supplemental relief bill that adds $310 billion to the Paycheck Protection Program (PPP), the program intended to help small businesses and nonprofits survive the economic shutdown.... Read more
Congress created the Paycheck Protection Program as part of last month's $2 trillion economic relief package, intending it as a lifeline for small shops so they could keep paying workers even if they had no customers. The money, which ultimately... Read more