More big news coming out of the SBA this week, including more major increases in EIDL loan increase processing and PPP loan forgiveness changes. Plus there's economic news today that underlies all of this. We've recapped it all below and in today's video update.
SBA Announces EIDL Loan and PPP Forgiveness Changes
In a webinar this morning with Vice President Kamala Harris and SBA Administrator Isabel Guzman, the SBA announced yesterday they processed over 37,000 EIDL loan applications. That's nearly 20X their average daily rate of 2,000 in June, and double the new 20,000 per day rate they reported yesterday.
Meanwhile, the SBA also announced opening of the PPP direct forgiveness portal for borrowers that borrowed $150,000 or less. Lenders will have to apply for access to the portal, since they're the ones that apply for forgiveness on your behalf — but this should make the entire process easier.
Stocks Close Higher with Mixed GDP News and Robinhood Goes Public
Economic data on last quarters GDP showed that the US GDP has now crossed pre-pandemic levels. This pushed the stock market higher today despite the concern that the economic growth rate is slowing, in part due to rising cases of the Delta variant.
Last night, bipartisan lawmakers agreed to a $1 trillion infrastructure package, seen as a major breakthrough, despite the lower price tag than originally planned for. The bill hasn't passed yet, but this is a major breakthrough.
Finally, Robinhood, the investing app, went public today, priced at $38 per share. In early trading, that price had declined by over 10% and it closed it's first day of trading at $34 per share.
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