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More than $748M in Arizona Unemployment Assistance Issued Last Week, Highest Ever

Arizona Department of Economic Security

The Arizona Department of Economic Security (DES) announced the availability of Pandemic Emergency Unemployment Compensation (PEUC), which provides a 13-week extension of benefits to individuals who have exhausted their state unemployment insurance (UI) and remain unemployed. PEUC launched on June 7. “While Arizona is safely reopening, there is still a significant need for … [More]

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Loan Program Adjusted for Small and Medium-Sized Businesses

Federal Reserve Board

The Federal Reserve Board on Monday expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years, providing borrowers with greater flexibility … [More]

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Arizona Micro and Small Businesses Benefit from Local Grant Program

Local First Arizona

Small businesses across Arizona have lost federal dollars to larger companies in urban areas — that is no secret. Lack of access to SBA-partnered community banks limited opportunities for many. Local First Arizona is proud to join forces these three partners to distribute grants — not loans — to businesses across the state. BHP: $250,000 donated to provide immediate … [More]

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National Banking Groups Call for Automatic PPP Forgiveness on Loans under $150K

AQN Strategies

The Consumer Bankers Association and Bank Policy Institute today called on Congress to pass legislation automatically forgiving Paycheck Protection Program loans of $150,000 and less. Approximately 85 percent of all PPP loans would be eligible for this automatic forgiveness. Requiring the 3.7 million eligible PPP recipients in this category to simply verify funds were used … [More]

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Small Business Administration Updates on PPP and EDIL

Small Business Administration Arizona

The Small Business Administration Arizona, today, released the following updates for Arizona small businesses related to the PPP LOan and EDIL Loan programs SBA Releases PPP Loan Forgiveness Application and Instructions The SBA, in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application (Spanish … [More]

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Low-Income Communities Now Able to Access $10B in Funds as Part of PPP

U.S. Small Business Administration

The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, announced that it is setting aside $10 billion of Round 2 funding for the Paycheck Protection Program (PPP) to be lent exclusively by Community Development Financial Institutions (CDFIs).  CDFIs work to expand economic opportunity in low-income communities by providing access to financial … [More]

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$24.6M in Additional CARES Act Funding to Assist Low-Income Arizonans Impacted by COVID-19

Arizona Department of Economic Security

The Arizona Department of Economic Security (DES) announced today it has received $16.5 million and $8.1 million in additional CARES Act funding from the U.S. Department of Health and Human Services for the Low-Income Home Energy Assistance Program (LIHEAP) and the Community Services Block Grant (CSBG), respectively. “Additional funding for these programs is crucial, … [More]

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New Polls: Minorities Struggle to Secure PPP Loans

Alignable.com

Alignable.com, the largest online referral network for small businesses, has just compiled the results of several recent polls on the Paycheck Protection Program that show it has fallen short for many small-business owners. Some of the hardest hit include companies owned by minorities and minority women, as well as small-business people just starting as … [More]

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Nearly $600 Million in Local Coronavirus Relief Funds to be Disbursed

State of Arizona Office of the Governor

Nearly $600 million in coronavirus relief and recovery dollars for local Arizona governments and nonprofits as part of a funding plan was announced today by Governor Doug Ducey. The plan includes $441 million in direct, flexible funding to local cities, towns and counties that did not receive direct funding earlier this year from the federal government. In addition, local … [More]

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What You Need to Know About PPP Loan Forgiveness Application

by Edgar R. Olivo

Borrowers of the PPP Program now have guidance on how to apply for loan forgiveness, thanks to the new instructions released on May 15, 2020, by the Small Business Administration (SBA) and the Department of the Treasury. If you borrowed from this program, here are some tips you need to know in order to submit for forgiveness. The published PPP Loan Forgiveness application is … [More]

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