• The webinar will focus on issues of interest to tribal enterprises including the waiver of CARES Act restrictions relating to dividend distributions made by tribal businesses to tribal governments. Participants will have the opportunity to ask Federal Reserve officials questions.
    BostonFed Mon 03 Aug 2020 19:00
  • Tribal businesses are invited to participate in a #FederalReserve webinar on Tuesday, August 4 at 2 p.m. EDT to learn about the lending facilities offered by the Main Street Lending Program and its applicability to tribal enterprises. Register here: Link https://t.co/Qm8bcVElot
    BostonFed Mon 03 Aug 2020 19:00

    This webinar is an opportunity for tribal businesses to learn about the lending facilities offered by the Main Street Lending Program. The session will provide an overview of the program including terms, conditions, and eligibility requirements. The session will focus in particular on issues of interest to tribal businesses, including the waiver of CARES Act restrictions relating to dividend distributions made by tribal businesses to tribal governments. The webinar is also an opportunity for participants to get answers to questions from officials from the Federal Reserve.

    The Main Street Lending Program is designed to support small and medium-sized U.S. businesses and nonprofit organizations during this period of financial strain by giving these businesses and nonprofit organizations access to additional credit. The program is intended to help businesses and nonprofits that were in sound financial condition prior to the onset of the COVID-19...

  • Working Places, the new umbrella org for the @WorkingCities and Working Communities challenges, works in New England’s smaller cities and towns to build local economies that give all residents more opportunity. Visit the new website: Link https://t.co/p7mmpHYwVb
    BostonFed Sun 02 Aug 2020 15:24

    The Federal Reserve Bank of Boston works with leaders in New England’s smaller cities, regions, and towns to build local economies that give all residents more opportunity to prosper.

  • The PPP application deadline was extended to Aug. 8, 2020. The program was also modified to provide borrowers more control over the use of funds and make it easier to obtain loan forgiveness. Interested small businesses can visit #BostonFed’s resources: Link https://t.co/k26OsiHnA2
    BostonFed Sat 01 Aug 2020 16:03

    Update: Details follow on new legislation, which authorized the Small Business Administration (SBA) to approve Paycheck Protection Program (PPP) loan applications through August 8, 2020. This is an extension from the SBA's original deadline of June 30, 2020. Additionally, legislation passed in June 2020 also provides borrowers with more control over the use of funds and makes it easier to obtain loan forgiveness.

    Across the country, people are feeling the effects of the coronavirus pandemic, and here in New England, it’s no different. Although we are all affected in some way by the sudden and severe economic consequences of this virus, we are seeing that those who were already most vulnerable are suffering the worst outcomes.

    In response to the undue economic stress caused by the pandemic, Congress passed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March 2020. The Act provides financial assistance for individuals and...

  • The #FederalReserve’s Main Street Lending Program today posted legal documents and forms for use in lending to eligible nonprofit borrowers. FAQs were also expanded and updated. View the legal documents, updated FAQs, and find more info on MSLP here: Link https://t.co/vKe85OaL9r
    BostonFed Fri 31 Jul 2020 21:32
  • The #BostonFed’s Today’s Interns, Tomorrow’s Professionals (TIP) program, a paid work and learning internship program for eligible @BostonSchools high school students, is remote this summer. Last year, we shared Joselyn’s story. Watch and read here: Link https://t.co/82vsFUnAy1
    BostonFed Thu 30 Jul 2020 21:46

    Joselyn Rosario Santiago picks up the 45 bus in Boston’s Roxbury neighborhood for her commute to downtown Boston’s Financial District—an area of the city she didn’t know well even though she grew up just a few miles away. But now, this is where she works, at the Federal Reserve Bank of Boston. And this is where she says she’s being given a chance to show what she can do for the first time.

    “Before I started working here at the Bank, I didn’t really listen to what anyone had to say to me,” Rosario Santiago said. “A lot of people did underestimate me. I knew I was capable of doing good things, but people didn’t give me the opportunity.”

    Rosario Santiago has been making the trip to the Boston Fed for a year and a half as part of the Bank’s work and learning internship program, Today’s Interns, Tomorrow’s Professionals (TIP).

  • Today is #NationalInternDay and we are celebrating our #BostonFed interns who are working remotely. Thank you to our high school, undergraduate, and graduate interns for your service. Link https://t.co/UuXoyIb6R6
    BostonFed Thu 30 Jul 2020 21:06

    Students nationally who are pursuing internships have found themselves in uncertain situations, as high school, undergrad, and graduate internships were altered or cancelled due to the COVID-19 pandemic. But the Boston Fed’s multiple internship programs have evolved and adapted so the Bank’s 46 summer interns can get most out of the remote workplace environment.

    “The interns are working from home too!” said Dawn Hicks, manager of the Boston Fed’s Today’s Interns, Tomorrow’s Professional program, or TIP, which is a paid work and learning internship program for eligible Boston high school students. “It was pretty shaky in the beginning. It took a couple of weeks to figure out, ‘How are we going to do this?’”

    Nailah Khoory, a Financial Support Office intern, said she’s learned to make the most out of meeting with coworkers because her program time is limited and she wants to get to know fellow Bank employees and their roles.

    ...
  • Nonprofits have an opportunity to learn about the Main Street Lending Program’s two new loan options for #nonprofit organizations in a #FederalReserve webinar today, July 30 at 2 p.m. EDT. Register here: Link For more #MSLP info: Link https://t.co/XdgyLr41Tz
    BostonFed Thu 30 Jul 2020 14:06

    On July 17, 2020, the Federal Reserve announced an expansion of the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. This webinar is an opportunity for nonprofit organizations to learn about the new lending facilities for nonprofits. The session will provide an overview of the program including terms, conditions and eligibility requirements of the two new nonprofit loan options. The webinar is also an opportunity for participants to get answers to questions from senior officials from the Federal Reserve.

    The Main Street Lending Program is designed to support small and medium-sized U.S. businesses and nonprofit organizations during this period of financial strain by giving these businesses and nonprofit organizations access to additional credit. The program is intended to help businesses and nonprofits that were in sound...

  • Community Development Financial Institution leaders: It’s your last chance to make your voice heard through the #COVID19 CDFI Survey. Submit your response by Friday, July 31: Link https://t.co/Ut7g0a6lL5
    BostonFed Thu 30 Jul 2020 12:41
  • Nonprofits are invited to participate in a #FederalReserve webinar on Thurs., July 30 at 2 p.m. EDT to learn about the Main Street Lending Program’s two new loan options for #nonprofit organizations. Register: Link For more #MSLP info: Link https://t.co/WPHEhdlaO9
    BostonFed Wed 29 Jul 2020 15:40

    On July 17, 2020, the Federal Reserve announced an expansion of the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. This webinar is an opportunity for nonprofit organizations to learn about the new lending facilities for nonprofits. The session will provide an overview of the program including terms, conditions and eligibility requirements of the two new nonprofit loan options. The webinar is also an opportunity for participants to get answers to questions from senior officials from the Federal Reserve.

    The Main Street Lending Program is designed to support small and medium-sized U.S. businesses and nonprofit organizations during this period of financial strain by giving these businesses and nonprofit organizations access to additional credit. The program is intended to help businesses and nonprofits that were in sound...

  • Do you lead a Community Development Financial Institution? Share your story in the #COVID19 CDFI Survey to help policymakers understand how your organization and community are faring and how policies and other initiatives may help. Link https://t.co/120x1PAEe9
    BostonFed Tue 28 Jul 2020 18:04
  • RT @FRBservices: Synthetic identity #payments fraud is a fast-growing threat. Register for an upcoming webinar moderated by @BostonFed's Ji…
    BostonFed Tue 28 Jul 2020 15:39
  • The #FedNow Service, the #FederalReserve’s new interbank real-time payment service, is searching for an industry readiness product manager responsible for supporting the end-to-end product management life cycle. Apply today: Link https://t.co/iKkD7A0d2g
    BostonFed Mon 27 Jul 2020 22:13
  • Register for a Thursday, July 30 webinar to hear from #communitydevelpment experts how small businesses and communities can promote a more equitable economic recovery from #COVID19: Link #EquityInRecovery @philadelphiafed @UpjohnInstitute @PennIUR https://t.co/vlVnsiLjzN
    BostonFed Sun 26 Jul 2020 15:37
  • The eight Vermont Working Communities Challenge teams are meeting virtually as they use $20,000 planning grants to turn their ideas into formal action plans, which will be assessed by a jury that will determine which four teams move forward: Link https://t.co/Egk2hIYe23
    BostonFed Sat 25 Jul 2020 16:06

    Like everything everywhere, the Working Communities Challenge and its work to improve life for residents in struggling rural areas of Vermont have been disrupted by COVID-19.

    Currently, the eight regional teams in the initiative are seeking one of four $300,000 grants to tackle chronic challenges in their communities. But the intensive in-person training that would normally be ongoing as they strengthen their plans before a fall deadline is impossible due to social distancing requirements. All learning is now remote.

    Meanwhile, the problems they identified have evolved or, in some cases, changed completely. And there are more obstacles as they seek to connect with each other and find new ways to face familiar challenges.

    But the initiative’s leadership said the program is still making good progress. Rebecca Foster, a member of the Vermont initiative’s steering committee, said there’s real urgency to maintain the momentum...

  • A new model from the #BostonFed’s Bo Zhao forecasts state tax revenue per capita declines in New England that could reach more than 30% for fiscal year 2021 if there’s a slow economic recovery from #COVID-19. Read the report: Link https://t.co/aFqookJgls
    BostonFed Fri 24 Jul 2020 14:45

    Zhao notes that state revenues from individual income taxes and sales taxes will decrease substantially because so many people lost their jobs and so many retail businesses shut down due to the pandemic. States also are collecting less on gasoline taxes, hotel taxes, and meals taxes due to restrictions on travel and restaurants. Although the New England states have been steadily lifting the shutdown restrictions, economic activity is generally not expected to return quickly to the pre-pandemic level in the absence of a successful coronavirus vaccine.

    “States need reliable and up-to-date revenue forecasts to make financially sound policy decisions during this public health and economic crisis,” Zhao writes. “With the knowledge of how much tax revenue they can expect, governments can plan accordingly to minimize the disruption of crucial public services and balance their budgets as required by state law.”

  • Several nonprofit organizations across the country have developed innovative programs to deal with end-stage mortgage default and foreclosure and to help homeowners avoid displacement. Read more in the issue brief from the #BostonFed and @Harvard_JCHS: Link https://t.co/7jmUykJS6J
    BostonFed Fri 24 Jul 2020 14:25

    These briefs offer insights about HUD’s regulations and procedures concerning mortgages near foreclosure/end-stage default following the Great Recession. They were written just before the coronavirus hit the U.S. With many people unable to make their mortgage payments due to COVID-19-related income loss, loan defaults and foreclosures will likely increase. This analysis may be of value as policymakers craft responses to this latest economic crisis.

  • The #FederalReserve published Frequently Asked Questions (FAQs) for nonprofit lending. Read the FAQs for nonprofits here: Link https://t.co/HsTuDTYDp1
    BostonFed Thu 23 Jul 2020 19:24
  • The #FederalReserve’s #COVID19 Community Development Financial Institution Survey is live, and we want to hear from #CDFI leaders. Follow the link to share the important work that your CDFI is doing to support communities during the #pandemic: Link https://t.co/iD1m8oPoPk
    BostonFed Thu 23 Jul 2020 15:24
  • Lenders have an opportunity to participate in a #FederalReserve webinar today, July 23 at 2 p.m. EDT to learn about the Main Street Lending Program’s new loan options for #nonprofit organizations. Register: Link For #MSLP info: Link https://t.co/WJtPcz6Ufn
    BostonFed Thu 23 Jul 2020 13:04

    On July 17, 2020, the Federal Reserve announced an expansion of the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. This webinar is an opportunity for lenders to learn about the new lending facilities for nonprofits. The session will provide an overview of the program including terms, conditions and eligibility requirements of the two new nonprofit loan options. The webinar is also an opportunity for lenders to get answers to questions from senior officials from the Federal Reserve.

    The Main Street Lending Program is designed to support small and medium-sized U.S. businesses and nonprofit organizations during this period of financial strain by giving these businesses and nonprofit organizations access to additional credit. The program is intended to help businesses and nonprofits that were in sound financial condition prior...

  • RT @FedPayImprove: Synthetic identity #payments fraud is a fast-growing threat. Register for our upcoming webinar moderated by @BostonFed's…
    BostonFed Wed 22 Jul 2020 20:49
  • #BostonFed’s Carmen Panacopolulos, Regional and Community Outreach senior business strategy manager, is participating on a panel at the #2020AmplifyConference on how to rebuild latinx businesses. Link
    BostonFed Wed 22 Jul 2020 14:13

    You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

  • The #FederalReserve is hosting a webinar for lenders interested in learning about the Main Street Lending Program’s new loan options for #nonprofit organizations on Thursday, July 23 at 2 p.m. EDT. Register: Link #MSLP info: Link https://t.co/dLneh3cD0O
    BostonFed Wed 22 Jul 2020 12:43

    On July 17, 2020, the Federal Reserve announced an expansion of the Main Street Lending Program to provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations. This webinar is an opportunity for lenders to learn about the new lending facilities for nonprofits. The session will provide an overview of the program including terms, conditions and eligibility requirements of the two new nonprofit loan options. The webinar is also an opportunity for lenders to get answers to questions from senior officials from the Federal Reserve.

    The Main Street Lending Program is designed to support small and medium-sized U.S. businesses and nonprofit organizations during this period of financial strain by giving these businesses and nonprofit organizations access to additional credit. The program is intended to help businesses and nonprofits that were in sound financial condition prior...

  • Legislation extended the PPP application deadline to Aug. 8, 2020 and modified the program to provide borrowers more control over the use of funds and make it easier to obtain loan forgiveness. Interested small businesses can visit our PPP resource page: Link https://t.co/8f8Ps8NBkE
    BostonFed Tue 21 Jul 2020 18:07

    Update: Details follow on new legislation, which authorized the Small Business Administration (SBA) to approve Paycheck Protection Program (PPP) loan applications through August 8, 2020. This is an extension from the SBA's original deadline of June 30, 2020. Additionally, legislation passed in June 2020 also provides borrowers with more control over the use of funds and makes it easier to obtain loan forgiveness.

    Across the country, people are feeling the effects of the coronavirus pandemic, and here in New England, it’s no different. Although we are all affected in some way by the sudden and severe economic consequences of this virus, we are seeing that those who were already most vulnerable are suffering the worst outcomes.

    In response to the undue economic stress caused by the pandemic, Congress passed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March 2020. The Act provides financial assistance for individuals and...

  • A new model from the #BostonFed’s Bo Zhao for forecasting state tax revenues predicts steep declines across New England for fiscal year 2021 due to #COVID-19 pandemic. Read the article and report: Link https://t.co/XPVggOLrn2
    BostonFed Tue 21 Jul 2020 13:37

    Zhao notes that state revenues from individual income taxes and sales taxes will decrease substantially because so many people lost their jobs and so many retail businesses shut down due to the pandemic. States also are collecting less on gasoline taxes, hotel taxes, and meals taxes due to restrictions on travel and restaurants. Although the New England states have been steadily lifting the shutdown restrictions, economic activity is generally not expected to return quickly to the pre-pandemic level in the absence of a successful coronavirus vaccine.

    “States need reliable and up-to-date revenue forecasts to make financially sound policy decisions during this public health and economic crisis,” Zhao writes. “With the knowledge of how much tax revenue they can expect, governments can plan accordingly to minimize the disruption of crucial public services and balance their budgets as required by state law.”

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