Tag: loans
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SBA & Treasury Will Increase Transparency of Paycheck Protection Program Loans
On June 19th, 2020, the U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury made a joint announcement that they will make additional data public regarding the Paycheck Protection Program (PPP), in agreement with leaders of the U.S. Senate Small Business Committee. In doing so, they will make a concerted effort to…
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SBA Reopens Economic Injury Disaster Loan and Advance Program for Small Businesses, Non-profits
The U.S. Small Business Administration (SBA) announced today that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible U.S. small businesses, private non-profit organization or 501(c)(19) veterans organizations, who are experiencing economic impacts due to COVID-19. The EIDL program, established by the CARES Act, offers long-term, low…
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Americans Owe about $1.5 Trillion in Student Loans
According to the Pew Research Center’s data analysis of the Federal Reserve Board’s 2018 Survey of Household Economics and Decisionmaking, Americans owed about $1.5 trillion in student loans in March of this year, which is two times higher than what they owed ten years ago. The increase in student loan debt across the nation is…
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California Wildfires: Eligibility for SBA Disaster Loans and Disaster Recovery Centers
While we still await updates, these California fires are being named the deadliest in the state’s history. At time of writing, the number of deaths from the Camp Fire in Northern California has risen to 77 while over 900 people remain missing. According to recent updates by Cal Fire, the Camp Fire has burned approximately…
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SBA Disaster Assistance Available for Residents Affected by Hurricane Michael
The U.S. Small Business Administration (SBA)’s Administrator Linda McMahon announced that the SBA will provide disaster loan assistance to Florida businesses, homeowners and renters affected by the recent Hurricane Michael, following the Presidential disaster declaration for Mexico Beach, Florida and nearby areas.
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Post-Crisis Small Business Bank Lending at a Slow Crawl
A recent report from the U.S. Small Business Administration (SBA)’s Office of Advocacy assesses changes in bank lending to small businesses in comparison to levels during the financial crisis. Following a review of banks of varying sizes and financial health, findings reveal a slow recovery in the small business loan market and a more pronounced…
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Democrats and Republicans Introduce Legislation to Nullify CFPB Rule
House Democrats and Republicans have introduced legislation to stop the recently finalized Consumer Financial Protection Bureau (CFPB) small dollar lending rule. The rule, which was issued by former CFPB Director Richard Cordray, aimed to protect consumers from the negative consequences of “payday loans” which are usually small-dollar amounts that are due in full before the…
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Reducing Losses on FHA Defaulted Loans
Servicing FHA Loans continues to be challenging and, in many instances, includes high losses on default liquidated loans. While FHA delinquencies have greatly improved compared to post crisis delinquency, there are still over 7.8 million outstanding FHA insured loans with delinquency rates that rose as high as 11.25 percent according to the FHA Single Family…