Budget, Policy & Stimulus News
Who’s First in Line for New PPP Loans?
No launch date has been set by the Small Business Administration for when it will start accepting new applications for Paycheck Protection Program loans, but community financial institutions – those serving minorities, veterans, women and underserved geographic areas – will be the priority in the initial days of the rollout. Advocates had lobbied for these businesses to receive early access, as many of them had missed out in the first round. (Source)
Mesa Wonders What’s Next After CARES Funding Ends
Federal funding that had provided relief for residents under the Mesa CARES program expired at the end of the year. The city received a total of $132M under the program. City officials have said they are proud of the assistance they were able to provide but are currently evaluating what to do next as the pandemic’s health and economic impacts continue to surge across the community. (Source)
Economic News
Rent, Economy Still Worry Multifamily Leaders
An annual survey of multifamily housing industry leaders by J Turner Research shows optimism about the economy and rent growth. They are at their lowest levels in 10 years. Timely payment of rent was the leading concern of 52 percent of respondents. The survey found that in 2019 only 13 percent of portfolios offered rent concessions that swelled to 66 percent in 2020. Respondents also noted 68 percent of their properties were subject to eviction moratoria. (Source)