Month: July 2021

Thomas forged tax forms and altered bank statements that she submitted to the lenders as part of the loan applications. The PUA program will provide income support to many workers who are shut out of the state UI systems in this country. Workers who are eligible for state UI are not eligible for the PUA program. Borrowers should expect to submit documentation such as payroll numbers demonstrating their eligibility to participate in the program. Additionally, the legislation explicitly requires contractors and sole proprietors to establish their eligibility with payroll tax filings, Form 1099-MISC, and documentation of income and expenses.

Settlement may also take place in an outdoor space instead of an office for your safety. Refer to your settlement agent for further guidance on their current procedures to determine the best option for you.

Group insurance payment can be included in your payroll costs when determining your maximum loan amount . Like original PPP loans, the amount of loan forgiveness can be reduced if Pandemic Relief Loans the borrower has reduced the number of employees or employee salaries by more than 25%. However, the same safe harbors that apply to original PPP loans apply to Second Draw loans.

Economic Policy

VIRGINIA – COVID-19 Small Business Grant – Grants to assist eligible businesses in York County, Williamsburg, and Poquoson that have 20 or fewer full-time employees. NEW YORK -NYC Small Business Continuity Fund – Up to $75,000 in interest-free loans to NYC businesses that have experienced at least a 25% reduction in revenue due to coronavirus.

India -COVID Resources Across India – A curated list of organizations and resources to help those impacted by the COVID crisis. NORTH CAROLINA – Chatham EDC Small Business Fund – Assists small businesses in Chatham County with their recovery from impacts of COVID-19 restrictions as well as to stimulate investment and business expansion in Chatham County.

Learn about the Paycheck Protection Program and other SBA coronavirus relief options for businesses. Ally Financialis allowing auto loan holders and existing mortgage customers to defer payments for up to 120 days with no late fees. In addition, fees for banking customers, including overdrafts and balance minimums, are also waived over the same time period. As a homeowner with a federally backed mortgage loan, you will need to contact your loan servicer to request forbearance. You do not need to submit extensive documentation, mainly only affirmation of your financial hardship, which you can do over the phone.

Resources

Nationwide list of community foundation relief efforts – An aggregated list by The Community Foundation Public Awareness Initiative. Funding for coronavirus (COVID-19) – Candid’s pop-up webpage shares information about philanthropy’s response to the pandemic. Check out our reports issued in July , and listen to our podcast with GAO’s small business program expert Bill Shear. For both programs, we found that SBA had not conducted formal fraud risk assessments. As a result, we recommended that SBA respond to risks now and in the future, and conduct a fraud risk assessment.

Minority Humanitarian Foundation launched the MHF Immigrant Relief Fund to provide grants of $250 for immigrants in San Diego County who have lost all or part of their income due to the coronavirus pandemic. American Rescue Plan Paid Leave Creditextended, through September 2021, the availability of Paid Leave Credits for small and mid-sized businesses that offered paid leave to employees who may take leave due to illness, quarantine, or caregiving. Businesses can take dollar-for-dollar tax credits equal to wages of up to $5,000, if they offer paid leave to employees who are sick or quarantining. On March 18, 2020, the City of San Diego outlined an economic relief package that reduces fees, provides certainty and offers support to local employers. More than 4,000 applications were received, and grant recipients are expected to be announced in mid- to late-November. Incentives and programs are available to help launch, grow and expand your business, and provide support for homeowners and contractors to get work done. The COVID-19 public health crisis has impacted every Pennsylvanian in every community.

The government’s creation of new interagency teams to combat fraud for fairly trivial loans signals that what appear to be relatively insignificant transgressions may still lead to years behind bars. Chamber of Commerce Foundation has compiled a list of programs providing financial assistance to small businesses. NATIONAL – DoorDash & Hello Alice Restaurant Relief Fund – Fund supports eligible restaurants impacted by natural disasters like fires, floods and hurricanes, and provides relief through $10,000 grants.

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TEXAS -City of McAllen Texas Emergency Mortgage Assistance Program – McAllen homeowners may be eligible for up to six months in mortgage assistance. PENNSYLVANIA -New Hope Ministries Emergency Response Fund – Helps with food, eviction prevention, emergency housing assistance and more for those that coronavirus has impacted within the communities served by New Hope Ministries . ILLINOIS – COVID HELP – Provides free, virtual legal assistance to people in Illinois who are facing housing and employment and other economic problems because of COVID-19. Help is available online, https://www.bookstime.com/ all day and every day, and it’s managed by a team of lawyers from nonprofit legal aid organizations across the state. GEORGIA -Fulton County COVID-19 Emergency Rental Assistance Program – Eligible Fulton County residents living outside the City of Atlanta can apply for emergency assistance for rent and utilities resulting from the COVID-19 pandemic. ARIZONA – Maricopa County Funeral Assistance – Maricopa County Funeral Assistance provides help for grieving Maricopa County families who have been affected by the COVID-19 pandemic and have recently lost a loved one.

This could include reducing your monthly payments or some other type ofloan modification. Landlords of multifamily units must have been current on payments as of Feb. 1, 2020, to be approved for forbearance relief. If applicable, landlords should submit an oral or written request to their servicer, who can approve the initial 30-day forbearance, with subsequent extensions of up to an additional 60 days. Providing more than $125 billion in low interest, long-term loans through the COVID EIDL program to more than 650,000 small businesses.

New Biden Legislation Offers Homeowners Additional Coronavirus Mortgage Relief

Rural Development will keep our customers, partners, and stakeholders continuously updated as more actions are taken to better serve rural America. Please bookmark this page and check back regularly as circumstances are changing daily and the width and depth of our responses to your questions and concerns will certainly increase. A PDF of all Immediate Actions to date is available in English and Spanish, and below you will find in-depth information on the immediate actions we are taking separated by program area. We’ve partnered with the City of Victoria, Texas – Government and created the Business Resiliency Microloan Program, a microloan program that helps Victoria businesses who have been impacted by COVID19. Pleaseclick hereto apply for the Small Business Relief Program with the City of Victoria.

NATIONAL – Grameen America Economic Relief and Recovery Fund – Microfinancing and essential capital to support Grameen’s members who are low-income women entrepreneurs. NATIONAL – Lowe’s-LISC Partnership Rural Relief Small Business Grants – Grants of $20,000 to help rural small businesses. Sweet Relief COVID-19 Fund- Limited number of funds for musicians and music industry workers affected by the Coronavirus. CALIFORNIA – Emergency Resources for Artists & Freelancers – A list of emergency resources in California and nationally, put together by the Center for Cultural Innovation . Artist Relief Project – grants for any artist in any discipline whose income has been impacted by COVID-19-related cancellations and closures. TENNESSEE – Nashville Emergency Cash Assistance – Up to two months of emergency aid for qualifying families in the Nashville area that lost a job as a result of the pandemic state of emergency. NEW YORK -Hebrew Free Loan Society Coronavirus Financial Impact Loan – Loans to support individuals with financial challenges caused by the coronavirus outbreak.

While loan amount is calculated based on payroll costs, the loan itself can be used for a variety of essential business expenses including payroll, rent, mortgage interest, interest on debts, and utilities. The program provides a ‘First Draw’ loan equal to 10 weeks of a company’s payroll, up to $10 million.

While many personal loan lenders have tightened approval requirements, others have introduced low-rate, small-dollar loans to consumers dealing with financial hardships. Lenders that previously had catchall hardship plans in place for customers affected by COVID-19 have switched to a more case-by-case approach. Enhances the microloan program to increase access to micro capital and technical assistance under the program for businesses impacted by the COVID-19 pandemic.

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For emergency rent assistance you may also call or search the website to find rent assistance near you. If you are unable to make your full rent payment, contact your landlord immediately and try to work out an agreement. MFH has processed over 4,000 deferral requests for its 514 and 515 programs. Evictions of borrowers from properties financed with a USDA direct home loan. USDA extended the application deadline for the Rural Business Development Grant program to no later than April 15, 2020.

• Established in 2011,MOTR GRAFXis a minority-owned, women-owned business in the Greater Chicago area.
• After you tap the “Filter Programs” button, scroll down to see a list of filtered programs your business might be eligible for.
• If you are a publicly traded company, you are now prohibited from receiving a loan.
• Your local CSO can provide you with details about these services and how to apply for them.
• You apply for these loans through the approved lender and agree to their terms and conditions.

Such grants shall be used for specified expenses such as payroll costs, rent, utilities, and personal protective equipment. Intuit Aid Assist—a free service for everyone—helps U.S.-based businesses, self-employed, contractors, freelancers, and gig workers understand different business relief programs available due to the COVID-19 crisis. Start with a loan eligibility assessment or get an estimate with loan calculators. The newly-launched Verizon Small Business Digital Ready program provides you a personalized curriculum including learning modules, expert coaching, networking opportunities, and more. Members are also eligible to apply for a $10,000 grant to help small businesses like yours move forward. The purpose of the Fruita Small Business Emergency Assistance Fund is to assist qualifying Fruita small businesses who are facing financial hardships due to the COVID-19 pandemic. The fund is a partnership between the City of Fruita and the Business Incubator Center.

Resources For Employers:

Additional information on how to apply will be available on grants.gov on April 14. For those borrowers where prior RUS consent would be needed, RUS waives the requirement of consent for any loan made by the SBA under the PPP as published in the Federal Register, provided RUS is notified of the SBA emergency loan before execution. Borrowers must continue to follow program requirements for additional debt requests and requests involving the subordination or parity of security. Navy Federal Credit Union has several options for eligible members who are struggling to make payments on their loans. These include loan extensions, deferred payments, and pandemic relief loans. LendingPoint is another financial institution offering assistance to customers who need extra time or flexibility with making loan payments.

If you already have a personal loan, you may need help making your payments. An Economic Injury Disaster Loan helps small businesses and nonprofits that are losing money during the coronavirus pandemic and that need funds for financial obligations and operating expenses. Provides $50 million in additional funding for Microloan Technical Assistance funding for lenders and $7 million to leverage about $64 million more in microloans to businesses. Resumes the payment of principal and interest (P&I) on small business loans guaranteed by the SBA under the 7, 504 and Microloan programs, established under the CARES Act. Establishes a special procedure in the bankruptcy process if the Administrator determines certain small business debtors are eligible for Paycheck Protection Program loans.

Second Round Of Financial Relief Through Economic Impact Payments

That dream is now known as Fern Street Circus, which produces shows in parks and communities in San Diego. Their offerings include a free after-school program for lower-income families, where kids learn performance skills with dedicated teachers. In spite of these challenges, Fresno BHC and its partners are turning the tide on multiple fronts.

The PUA provides emergency unemployment assistance to workers who are left out of regular state UI or who have exhausted their state UI benefits . Up to 50 weeks of PUA are available to workers who are immediately eligible to receive PUA. The PUA creates a series of new eligible groups, including those individuals who are self-employed or independent contractors, those who quit their job as a result of the virus , or those whose employer is forced to close due to the virus. Both benefits are limited to individuals directly affected by COVID-19, whether caring for themselves or others and are in effect through March 31, 2021.

Providing more than 600,000 of the small business hardest hit by the pandemic with more than $7.5 billion in small grants through the Targeted Economic Injury Disaster Loan Advance program. $28.5 billion to 100,000 restaurants, food trucks, street food vendors, breweries, and other food service businesses through the Restaurant Revitalization Fund. 27 percent of these businesses were located in LMI areas and 15 percent were from rural communities. Overall, these changes ensured that the 2021 round of the PPP – which consisted of more than $271 billion in forgivable loans to nearly 6.4 million businesses – reached more of the smallest businesses and those located in low and moderate income communities. Increase loans to rural small businesses by 40 percent.The number of PPP loans made to rural small businesses was up 40 percent from 2020, from 1 million in 2020 to 1.4 million loans made in 2021. The deferment period for any loan increase will be 24 months from the date the COVID-19 EIDL loan was first disbursed – not the date of the increase.

Extends covered period for Emergency EIDL grants through December 31, 2021. Requires Administrator to allow businesses in the 8 program to seek an enrollment extension of 1 year. Enhances the 504 refinancing rules in order to create reciprocity for refinancing between 504 and 7 programs. The Express Loan guaranty amount for loans of $350,000 and less is temporarily increased from 50 percent to 75 percent, and for loans above $350,000 the guarantee remains at 50 percent. On October 1, 2021, the guarantee reverts to 50 percent for all Express Loans.

Effective March 31, 2020, until September 30, 2020, lenders may offer 180-day loan payment deferrals without prior agency approval for Rural Energy for America Program Loan Guarantees. For additional information, see page of the March 31, 2020, Federal Register. However, the Department may assign priority points to projects if the demand for funds exceeds availability. RUS cannot provide an opinion or advise on whether PPP loans made to RUS borrowers will qualify for forgiveness. Multifamily borrowers should reach out to their assigned servicing staff if they are experiencing financial hardship due to COVID-19. Updated June 24, 2021 — USDA Rural Development has taken a number of immediate actions to help rural residents, businesses, and communities affected by the COVID-19 outbreak.

Principal and interest payments on federally held student loans are automatically suspended through September 30, 2021. We encourage owners to be as flexible as possible with tenants during this time. USDA opened a second application window for funding under the Distance Learning and Telemedicine grant program. Electronic applications for window two may be submitted through grants.gov beginning April 14, 2020 and are due no later than July 13, 2020. USDA announced the expanded B&I authorities in a notice published on page of the May 22 Federal Register. The Department will begin accepting applications for B&I loan guarantees on May 22, 2020.