CDFI Connect Community Discussions

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RE: Loan Origination & Automatic Document Generation Workflow / Platforms?

Tue, 2020-05-19 18:50
From : Communities>>Open Forum
Bruce i'd like to hear what solutions you have, if you could reach out so we could discuss. thanks Monica Blanton ------------------------------ monica blanton financial reporting and compliance BrightBridge, Inc Chattanooga TN 423-424-4220 ------------------------------

RE: Tip Tuesday

Tue, 2020-05-19 13:01
From : Communities>>Open Forum
In this week's Tip Tuesday , we provide you the steps to change the frequency in which you receive emails from CDFI Connect. Wishing everyone a happy memorial day! ------------------------------ Elizabeth Specht Member Engagement Associate Opportunity Finance Network Washington (202) 618-6100 ------------------------------

Files Attached Document
RE: Tip Tuesday

RE: Free Webinar on PPP Forgiveness Requirements - Monday, May 18th

Tue, 2020-05-19 12:14
From : Communities>>Open Forum
Here is the link to the webinar recording: https://vimeo.com/420042430 We are hoping to host another one in the near future and I will post back here when that gets scheduled. ------------------------------ Elise Burton Program Manager Accion U.S. Network New York NY eburton@accion.org ------------------------------

RE: Free Webinar on PPP Forgiveness Requirements - Monday, May 18th

Tue, 2020-05-19 09:39
From : Communities>>Open Forum
Elise  by any chance did you tape it.. we are doing  ppp loans  and would love to learn from you .. lynne Cutler   WORC  phila..  lcutler@worc-pa.com  215-920-4243 cell ------------------------------ lynne cutler president Economic Opportunities Fund philadelphia PA 215-564-5500 ------------------------------

The Solution for Saving Mom-and-Pop Businesses

Mon, 2020-05-18 15:13
From : Communities>>Open Forum
Today's Philanthropy News Digest picked up a commentary from our VP for Economic Opportunity, @John Hamilton, ​ "To save mom-and-pop businesses - including local farms and food producers, as well as small manufacturing businesses - it is imperative that we mobilize private capital to address the problem. But more capital is only part of the solution. That capital must be applied with precision and a thorough understanding of the businesses receiving funds to ensure that the amount, type, and timing [More]

RE: Deferment Length

Mon, 2020-05-18 13:06
From : Communities>>Open Forum
Hi Ryan, Our initial deferment document allows for an additional three month term if warranted.  We will be reaching out to our clients to gather additional information as we approach the end our the first three month term.  If we determine it is needed we will go ahead and extend. ------------------------------ Bob Luciano Director of Community Development Rainier Valley Community Development Fund Seattle WA 206-722-5282 ------------------------------

RE: FIRREA Compliant Appraisals

Mon, 2020-05-18 11:58
From : Communities>>Open Forum
Hi Kathy, In response to the impact of Covid-19 on appraisal compliance, the GSE's have published temporary flexibility in their policies. These are found in the FNMA selling guide here  https://selling-guide.fanniemae.com/COVID-19/COVID-19-FAQs-Appraisals-/1809020171/COVID-19-FAQs-Appraisals-Updated-3-31-20.htm . I'm not sure of the outlet of your client's loans, but typically investors and other entities follow suit with guidance issued at this level...sometimes it just requires a little pushback [More]

RE: Deferment Length

Mon, 2020-05-18 11:16
From : Communities>>Open Forum
​We did an initial three month deferment as well.  We will do a second three month deferment but will require greater due diligence. The plan is to start documenting the borrowers anticipated re-opening plan and relationships with vendors and landlords. ------------------------------ GregBradley Credit Officer Craft3 Seattle, WA ------------------------------

RE: Member Monday

Mon, 2020-05-18 09:46
From : Communities>>Open Forum
In this week's Member Monday, we would like to highlight the LIFF's Child Care Emergency Relief Effort for family child care small businesses in New York City, the San Francisco Bay Area and Washington, D.C. LIIF is immediately deploying $1.4 million in relief funding to family child care business owners to cover staff salaries, rent and other operating expenses. Through these efforts, LIIF's goal is to raise, deploy and facilitate over $5 million in grants and PPP loans over the next six months [More]

RE: $1 Billion for the CDFI Fund in House Democrats Proposal

Fri, 2020-05-15 21:34
From : Communities>>Open Forum
The House just passed the HEROES Act, which includes $1 billion for the CDFI Fund for an emergency response grant program. The bill passed 208-199, largely on partisan lines. OFN is grateful to our Congressional champions who have pushed for the $1 billion and for the CDFIs that have joined our advocacy efforts so far. Although we are thrilled that the House has supported this appropriation, there is still a long road ahead of us before the next COVID-19 response bill is signed into law. Action [More]

Deferment Length

Fri, 2020-05-15 16:53
From : Communities>>Open Forum
Hi all, I hope everyone is staying safe and well. For those that went the route of blanket deferments for their portfolios, I'm curious as to the length of deferments. We initially went for 3 months (April-June), but we're now considering extending it. I'd love to hear what others have done. Thanks and have a great weekend! Ryan Schupp ------------------------------ Ryan Schupp Portfolio Manager Westminster Economic Development Initiative, Inc. (WEDI) Buffalo NY rschupp@wedibuffalo.org --------- [More]

FIRREA Compliant Appraisals

Fri, 2020-05-15 11:24
From : Communities>>Open Forum
Hi all, Question on behalf of one of my clients.  They are having difficulty obtaining FIRREA compliant appraisals due COVID 19.  Anyone else having the same problem?  Any suggestions for managing it?  Thanks! ------------------------------ Kathy Rock Consultant Portland, OR Kathyrock726@gmail.com 202-821-7190 ------------------------------

Free Webinar on PPP Forgiveness Requirements - Monday, May 18th

Fri, 2020-05-15 10:44
From : Communities>>Open Forum
If they've recently been approved for a Paycheck Protection Program loan, what should small business owners do now? To have the PPP loan forgiven, the business must meet employee rehiring and payroll tracking requirements. It is essential that business owners understand all the details of this program to make sure they qualify for forgiveness. Luckily, several partners from the small business community, including Accion, Opportunity Fund, Gusto, CRF, CDC, and CAMEO have come together to host a [More]

Writing Off Loans Training

Thu, 2020-05-14 12:45
From : Communities>>Open Forum
Register for a training on how to write off loans on Monday, May 18 at 1:30pm PT / 4:30pm ET. https://us02web.zoom.us/meeting/register/tZMld-upqj8pEteWHvo3wR6Bb4JHVWNyKBWW Due to the current pandemic, most community lenders will write off more loans than usual in the coming months. At the same time, lenders want to adjust their write-off policies and procedures due to the dire economic circumstances faced by their borrowers. How can you support your clients to survive the crisis while preserving [More]

RE: Paycheck Protection Program

Thu, 2020-05-14 09:48
From : Communities>>Open Forum
Hi all, FYI, the Native CDFI Network sent the attached letter to the SBA and Treasury urging them to clarify that all nonprofit CDFIs are eligible to receive a PPP loan. Best, Jackson Brossy Native CDFI Network ------------------------------ Jackson Brossy Executive Director Native Community Development Financial Institution Network Eagle Butte SD (605) 964-3687 ------------------------------

RE: Paycheck Protection Program

Thu, 2020-05-14 08:23
From : Communities>>Open Forum
I hope that, in light of this update, no one returned the funds! Andy Posner Founder & CEO Cell: 401-339-5437 Fax: 866-254-0219 Conf Call: 605-313-5152 / Access: 930660# 22 A Street, Providence, RI 02907 GoodFund.us | Twitter | Facebook Click here to schedule a meeting

RE: OFN & Paycheck Protection Program

Thu, 2020-05-14 04:15
From : Communities>>Open Forum
And yet another updated FAQ from the SBA and Treasury (May 13 10:00 pm):  https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf Questions 46 and 47 are most relevant. 46 suggests that for PPP loans under $2 million, the SBA will accept an applicant's "good-faith certification" concerning the necessity of the loan request. 47 extends the Safe Harbor deadline to May 18. ------------------------------ Jennifer Vasiloff Chief External Affairs Officer Opportunity [More]

RE: Paycheck Protection Program

Thu, 2020-05-14 04:13
From : Communities>>Open Forum
And yet another updated FAQ from the SBA and Treasury:  https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf Questions 46 and 47 are most relevant. 46 suggests that for PPP loans under $2 million, the SBA will accept an applicant's "good-faith certification" concerning the necessity of the loan request. 47 extends the Safe Harbor deadline to May 18. ------------------------------ Jennifer Vasiloff Chief External Affairs Officer Opportunity Finance [More]

RE: Paycheck Protection Program

Wed, 2020-05-13 17:35
From : Communities>>Open Forum
Thanks, we read that new FAQ this morning and were reassured by the information. ------------------------------ Kate Barr President & CEO Propel Nonprofits Minneapolis MN (612) 278-7182 ------------------------------

RE: Paycheck Protection Program

Wed, 2020-05-13 17:29
From : Communities>>Open Forum
How many of you have seen the latest twist in our ongoing saga regarding SBA's new "Safe Harbor" extension guidance for PPP Loans issued this morning? Turns out the trade association was partially right yesterday when they talked about an extension, they only got the deadline wrong. There has been so much confusion throughout this process but here's the latest guidance our state SBA office sent out and I'm hoping someone at OFN can confirm for everyone since the interpretation of this guidance came [More]

Files Attached Document
RE: Paycheck Protection Program

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