USDA makes $1 billion in loan guarantees to help rural businesses

U.S. Secretary of Agriculture Sonny Perdue announced on May 21 that the department is making $1 billion available in loan guarantees to help rural businesses. Perdue stated the aim is to help such businesses meet their working capital needs during the coronavirus pandemic.

Biomass Utilization Fund has $17 million to finance Tuolumne County businesses

The Department of Housing and Community Development (HCD), Rural Community Assistance Corporation (RCAC), and Sierra Nevada Conservancy (SNC) are pleased to announce a new $17 million program that will provide loans to increase the use of low- and no-value wood from Tuolumne County forests and provide an alternative to pile burning of forest waste.

Ceniarth commits an initial $3 million in zero-interest loans to extend CDFIs’ lending power

Ceniarth LLC, a private foundation focused on funding market-based solutions benefiting underserved communities, has committed an initial $3 million in zero-interest loans to Rural Community Assistance Corporation (RCAC) to bolster its ability to continue to lend under the Paycheck Protection Program (PPP).

Paycheck Protection Program (PPP) update

The Paycheck Protection Program (“PPP”) authorizes up to $659 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

62 percent of US counties did not have the required minimum download speed for broadband internet in March

Research by M-Lab, an open source project that monitors global internet performance, showed that in late March, most people in 62 percent of U.S. counties did not have the government’s minimum download speed for broadband internet, as usage soared amid various “shelter-in-place” advisories.