Workest

Senate Majority Leader Mitch McConnell announced that he will begin the legislative process for the next round of pandemic aid in the next few weeks — a timeline that allows the federal supplement to unemployment benefits to lapse for tens of millions of American workers.

The Small Business Administration announced earlier this week that the Economic Injury Disaster Relief program had allocated and disbursed all $360 billion it received from Congress during the initial rounds of COVID-19 stimulus funding. The program allows small businesses to apply for up to 6 months of operating expenses directly from the government and approximately 8 million business owners applied.

The SBA reports that it has disbursed 99% of the funds, yet a survey last week from the National Federation of Independent Businesses found that only 55% of approved applicants actually received the money…

Last year’s changes to bankruptcy laws have the potential to cause a spike in home mortgage modifications tied to small business bankruptcies.

The new code allows borrowers to change the terms of second home mortgages to avoid losing their property when declaring bankruptcy, restructuring, or settling small business debt. These protections were further expanded in the pandemic rescue legislation passed earlier this year.

Because of current low interest rates, these changes could seriously disrupt the mortgage market as more small businesses go out of business, modify the terms of their loans, and cause a subsequent devalua…