<p><span>U.S. Secretary of the Treasury Janet L. Yellen and White House Office of Management and Budget (OMB) Acting Director Shalanda D. Young today released the final budget results for fiscal year (FY) 2021. The deficit in FY 2021 was $360 billion less than in the prior fiscal year, reflecting an improved economy due in part to the American Rescue Plan Act of 2021 (ARP) and COVID-19 vaccination rollout. The 2021 deficit was $897 billion less than forecast in the President’s 2022 Budget and $342 billion less than estimated in the 2022 Mid-Session Review. </span><span> As a percentage of gross domestic product (GDP), the deficit was 2.6 percentage points lower than in the previous year. </span><span> The FY 2021 deficit was $2.8 trillion.</span></p>
Thursday, February 11, 2021
A program adopted by Congress at the end of 2020, which has attracted little press coverage, could provide great benefit to qualified community financial institutions. The Consolidated Appropriations Act, 2021 (Act), effective December 27, 2020, establishes an Emergency Capital Investment Fund (ECIF) modeled loosely on the Community Development Capital Initiative (CDCI) and Small Business Lending Fund (SBLF) programs of the Troubled Asset Relief Program (TARP) era.
The Act establishes an aggregate amount of $9 billion for Treasury Department investment in preferred stock, or debentures if a subchapter S corporation, of community financial institutions.
Eligibility: At time of application, an applicant shall provide the Treasury Department with an investment lending plan demonstrating that not less than 30% of the lending of an applicant over the past two fiscal years was made directly to low- and moderate-income borrowers, to borrowers that
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On December 21, 2020, Congress passed a long-anticipated additional round of COVID relief legislation as part of the
Bipartisan-Bicameral Omnibus COVID Relief Deal. This relief bill provides much-needed stimulus to individuals, businesses, and hospitals in response to the economic distress caused by the coronavirus (COVID-19) pandemic. The votes were overwhelming as the Senate passed the bill with a 92-6 vote and the House of Representatives passed it by a vote of 359-53. President Trump was widely expected to sign the legislation, but he has now stated that he will veto it unless the $600 checks sent to individuals are increased to $2,000. The legislation was passed by wide enough margins to override the veto, but it is not yet known if Congress will take that action. The future of the legislation remains uncertain for now. The relief bill was included as Division N of a larger legislative package that included govern
Wednesday, December 23, 2020
On December 21, 2020, Congress passed a long-anticipated additional round of COVID relief legislation as part of the
Bipartisan-Bicameral Omnibus COVID Relief Deal. This relief bill provides much-needed stimulus to individuals, businesses, and hospitals in response to the economic distress caused by the coronavirus (COVID-19) pandemic. The votes were overwhelming as the Senate passed the bill with a 92-6 vote and the House of Representatives passed it by a vote of 359-53. President Trump is expected to sign the legislation into law. The relief bill was included as Division N of a larger legislative package that included government funding and other bills. The complete text of the legislative package can be found here, and it was the result of last-minute frantic negotiations. Below is a detailed summary of every provision of the COVID relief bill. You can find our Top 10 takeaways summary here.