Arizona PPP Loans Jump

Credit: AZ Big Media

Budget, Policy & Stimulus News

Arizona PPP Loans Jump

From January 24th-31st, Paycheck Protection Program loans in Arizona surged from 4,640 approvals to 10,279, according to information from the Small Business Administration. Loan values grew from $22M to more than $873M. National data show most applications are for second loans and are averaging significantly larger than loans in the last year’s first wave. (Source)

Phoenix Has Spent 85 Percent of CARES Act Funds

To date, Phoenix has spent nearly 85 percent of the $293M it received under the $2T Coronavirus, Aid, Relief and Economic Security Act. Outlays included $90.5M for community relief programs, $59.2M for pandemic-related expenses, and $143.6M to cover estimated budget needs in the face of declining revenues. The city also received $51M in additional federal aid for renters’ assistance, for which a plan will be presented to City Council this week. (Source)

Economic News

Real Estate Needs Third Stimulus

Stating that the first two rounds of COVID-19 relief provided a false sense of economic recovery, some commercial real estate leaders are pushing for the third round currently under debate in Washington. Their hope is the new funding will bolster the economy until the expected benefits of vaccination take hold later in the year. Experts cite improvements in absorption and unemployment rates while earlier funds were being spent and a loss in momentum as they ran out. They also note the smaller second relief package was less effective than the first and want to see a return to larger amounts under the third offering. (Source)

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