Federal Independent Agencies
News releases, reports, statements and associated documents from federal independent agencies.
Featured Stories
USAID Administrator Power Issues Remarks at 15th Annual Small Business Conference
WASHINGTON, May 19 -- The U.S. Agency for International Development issued the following remarks on May 17, 2024, by Administrator Samantha Power at the 15th Annual Small Business Conference:
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ADMINISTRATOR SAMANTHA POWER: You can feel the energy in the room. And since this is my first small business conference that I've had the chance to attend, I can't tell if it's just what it's always like, or because it's the first time we all have seen each other since before COVID, but harness that energy, harness the relationships that you were building, it is a very special vibe here in this room.
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WASHINGTON, May 19 -- The U.S. Agency for International Development issued the following remarks on May 17, 2024, by Administrator Samantha Power at the 15th Annual Small Business Conference:
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ADMINISTRATOR SAMANTHA POWER: You can feel the energy in the room. And since this is my first small business conference that I've had the chance to attend, I can't tell if it's just what it's always like, or because it's the first time we all have seen each other since before COVID, but harness that energy, harness the relationships that you were building, it is a very special vibe here in this room.It's hard to make a ballroom kind of feel kinetic but y'all are doing that. And I can't say enough about Kimberly's leadership, how important it has been, for me and the whole front office team to have her as the stalwart leader of our efforts to increase our work with small business.
Kimberly is not a person who reads talking points, yes, she just read the bio - I'm sorry about that. But she lives and breathes this agenda and this work, and it has been evident to me since the first time I saw her present. She is an incredible advocate inside USAID for the work that you all are doing. And it's not because it's in her title, it is because clearly, it is something that she believes in deeply. There are equity dimensions to it, there are impact dimensions to it, which we'll talk about a little bit. And you know, she is not ever mailing it in. And I think the reason, year in and year out, she gets to come to our staff meetings and report on the grade that the office has just gotten is because that spirit is infectious. And the team that she works with feels the same way. So I feel really lucky to have Kimberly as a partner at USAID pushing this agenda.
I want to welcome all of you, of course, representatives of American small businesses, today. I'm going to say just a few words about the crucial ways that your businesses can help further USAID's work, and obviously in so doing that also pays dividends for your employees and businesses and for the American economy, which is so important to us all. I want to start today with a story and I know if I chose any one of you, I could share a similar story. So this, I'm only picking on one of you today.
But it's the CCI Group, which is an American small business founded by Indy Vega, and represented here today. And the CCI Group - where do we have the CCI Group representative - don't tell me they're late - okay, thank you. Excellent. Okay, we don't have Indy here, but we're thrilled to have you. And the CCI Group is helping USAID more effectively serve communities abroad. And I'll tell you a little bit about how. So Indy Vega immigrated to Florida from Colombia. And when she arrived, she answered 911 calls from Spanish speakers and later became a court interpreter. Her experience in the justice system showed her just how much non-English speaking communities, especially recent immigrants, depended on interpretation across the board, but also to just access crucial services that the rest of us can often take for granted. So in 2012, she decided to start her own business called CCI Group to expand access to these services.
Today, CCI Group provides these critical services to government agencies, as well, including USAID. From an initial contract of around $3,000, the company is now playing a critical role, helping USAID better harness the expertise of local leaders, organizations and communities. A lack of translation - it's very obvious, I suppose, and yet there was a need for this. A lack of translation is a major barrier for local organizations looking to work with USAID, looking to access USAID funding and support. And CCI Group is directly addressing that barrier while also creating American jobs. The localization push, as you heard briefly, is something that we are making to try to work more closely and provide entry into direct partnerships with local partners. But there's a ton of capacity building need that generates in those local partners and that I think is a real opportunity for small businesses like CCI Group.
Today, CCI Group is one of many small businesses, like yours, that are working with USAID to advance the fundamental cause that we pursue, which is that of dignity and opportunity. You are harnessing the best of American innovation and ingenuity to tackle some really substantial challenges. And again, I can't go into them all. You will, over coffee, be exchanging business cards and stories I'm sure. But this runs the gamut from removing traces of Agent Orange from Vietnamese soil -- a program I saw up close, that has helped - that the fact that we are taking Agent Orange out of Vietnamese soil is literally unlocking a Comprehensive Strategic Partnership with the Vietnamese people that few would have thought possible. And so the outsized benefits of the work that you are doing can't even be felt merely within the narrower terms of the contract. Helping Bangladeshi officials boost trade and bolster foreign investment, expanding access to loans for smallholder farmers in Ghana, I could go on and on.
What is so appealing and what again, Kimberly is so good at championing within the Agency in Washington and out at Missions, is the incredible efficacy that this community brings. Small businesses like CCI Group, tend to offer more niche, concentrated expertise, which makes you incredibly valuable when our teams face what are fundamentally often hyper-specific needs in the field. Your hierarchies are often flatter, sometimes a lot flatter. And this means that USAID teams are more likely to be able to liaise directly with decision-makers. And we all know the difference that makes. It just makes the iteration and the collaboration much more tailored, much more straightforward. You are more nimble, by and large, able to pivot quickly. The world is throwing so many shocks at us right now. It's hard to even keep up. That nimbleness is a major comparative advantage - you're able to staff up faster than most larger organizations and again, provide this niche technical expertise without the administrative roadblocks, which can sometimes mean life and death when it comes to USAID's work, particularly when it relates to emergency humanitarian services. You are also well equipped to advance many of this Agency's most pressing priorities.
American small businesses are crucial to helping expand USAID's workforce and we have had to grow to keep up again with what is an increasingly full inbox. You hire thousands of the institutional support contractors that help drive almost every aspect of our work in Washington and overseas. And by partnering with USAID, you are driving economic growth for your own communities as well, creating American jobs, opening up new markets for American products. By generating opportunities for communities abroad, you are generating opportunities for entrepreneurs right here at home. It is the ultimate win-win proposition.
USAID is heavily prioritizing expanding our partnerships with American small businesses. In fiscal year 2023, we obligated close to a billion dollars to small business partners. That is our highest commitment ever. But it is only the beginning. We awarded nearly 15 percent of our total contract obligations across the entire Agency to American small businesses. And we are building on this by facilitating more partnerships between small businesses and USAID. And by raising awareness with business leaders and Mission teams alike to the ways that American businesses can plug into our work. And here I just want to give you a couple examples of how we are trying to evolve to facilitate these growing partnerships.
We are actively adjusting our policies around procurement to give American small businesses a fairer shot at USAID contracts. Any contract worth $100 million or more domestically overseas now has to be reviewed by Kimberly and her team in the Office of Small and Disadvantaged Business Utilization so the small businesses don't miss out on opportunities to work with us. We are conducting outreach specifically to small businesses owned by service-disabled veterans, Kimberly mentioned, women, Black Americans, Native Americans and others. Those specifically that over the years have traditionally had a harder time getting through USAID's door. We want to make sure that that door is open not just a jar, but wide open into which communities again that haven't been as represented in our annals are able to work with USAID.
USAID has missions. And sometimes I feel like it's good to do 101. We have missions that are fully staffed, sometimes huge missions in more than 80 countries, and we have programs in more than 100 countries, I think you know that. Three quarters of our overseas staff are nationals of the countries in which we work. That is an incredible ground game to offer. That those are people, many of them have worked ten to twenty years at USAID - they know everybody.
And we know that American small businesses can offer critical expertise and perspectives to inform our work on the ground. But the simple fact of geographic distance has made it harder. It has, as Kimberly said, we have work to do in terms of our Missions, to get to know you, and to know what you have to offer. Often, they're honestly just not aware of the comparative advantages and the unique capabilities that you have. When they are, they often have lacked the resources to effectively harness your expertise. So we are being more intentional about this. We are hosting conferences and training sessions with Missions to raise awareness among field teams of specific ways American small businesses can plug into their work. We are helping Mission staff up on the contracting officers that are crucial to implementing these partnerships. And because we measure what matters to us, most people do, we are doing something very important - we are setting small business targets for missions so that we can track progress.
You will hear more about all of these efforts later this morning and throughout the day. We want to keep hearing from you about what you need to make it easier to grow these partnerships, particularly overseas. And I just want to flag something very specific where we need your input. From the time I got to USAID, I have made it my mission to try to cut what some in the public policy community called sludge. The high administrative burdens, the barriers to entry, the reporting requirements - our first phase of our burden reduction effort focused on internal burdens, taking person hours, reclaiming person hours for our workforces, so they weren't mired in duplicative reporting requirements and so forth. We've made significant progress there.
We have just launched phase two, which is - we haven't been doing nothing on phase two up to this point. But an even more concerted push in phase two on the external burdens that are getting in the way of small businesses like yours, local organizations in working with USAID. Now the best way we will reduce burdens is to crowdsource from you what specifically is standing in the way and to bring that input to bear as we move out on significant reforms, which you will hear more about from Ruth [Buckley] and others. So if you have ideas about what would make things flow more smoothly, what those barriers to entry are that would need to be addressed or mitigated, please reach out to osdbuoutreach@usaid.gov.
It's not like you don't have Kimberly's business cards, not like you don't necessarily let her hear that. But even to send this email address out to your teams and to say there's an open door there. They're in the midst of a burden reduction effort. They want to slash burdens. Let's tell them what those burdens are for us. We are eager to keep working together to grow these partnerships and to build prosperity for all. And I thank you so much for everything you do and I hope we can do much more. Thank you.
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Original text here: https://www.usaid.gov/news-information/speeches/may-17-2024-administrator-samantha-power-15th-annual-small-business-conference
Social Security IG: 'Customer Wait Times in Field Offices & Card Centers'
WOODLAWN, Maryland, May 19 (TNSrep) -- The Social Security Administration's Office of the Inspector General issued a 37-page audit report (No. 152307) on May 17, 2024, entitled "Customer Wait Times in the Field Offices and Card Centers."
Here are excerpts:
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MEMORANDUM
To: Martin O'Malley, Commissioner
From: Gail S. Ennis, Inspector General
Subject: Customer Wait Times in the Social Security Administration's Field Offices and Card Centers The attached final report presents the results of the Office of Audit's review. The objectives were to observe customer wait times in select Social
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WOODLAWN, Maryland, May 19 (TNSrep) -- The Social Security Administration's Office of the Inspector General issued a 37-page audit report (No. 152307) on May 17, 2024, entitled "Customer Wait Times in the Field Offices and Card Centers."
Here are excerpts:
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MEMORANDUM
To: Martin O'Malley, Commissioner
From: Gail S. Ennis, Inspector General
Subject: Customer Wait Times in the Social Security Administration's Field Offices and Card Centers The attached final report presents the results of the Office of Audit's review. The objectives were to observe customer wait times in select SocialSecurity Administration field offices and Social Security Card Centers. In addition, we determined the (1) factors that may affect customer wait times and (2) steps SSA took to reduce wait times.
Please provide within 60 days a corrective action plan that addresses each recommendation. If you wish to discuss the final report, please call me or have your staff contact Michelle L. Anderson, Assistant Inspector General for Audit.
If you wish to discuss the final report, please contact Michelle L. Anderson, Assistant Inspector General for Audit.
Attachment
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TABLE OF CONTENTS
Objectives ... 1
Background ... 1
Scope and Methodology ... 4
Results of Review ... 4
Wait Times We Observed ... 4
Factors that May Affect Customer Wait Times ... 5
Number of Customers ... 5
Check-in Process ... 6
Staffing ... 7
Appointments ... 10
Availability of Telephone and Online Services ... 12
Agency Actions Aimed at Reducing Wait Times ... 13
Conclusion ... 15
Recommendations ... 15
Agency Comments and the Office of the Inspector General Response ... 16
Appendix A - Scope and Methodology ... A-1
Appendix B - Congressional Letter ... B-1
Appendix C - Response to Congressional Letter ... C-1
Appendix D - Agency Comments ... D-1
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OBJECTIVES
Our objective was to observe customer wait times in select Social Security Administration (SSA) field offices (FO) and Social Security Card Centers (SSCC). In addition, we determined the (1) factors that may affect customer wait times and (2) steps SSA took to reduce wait times.
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BACKGROUND
SSA administers its programs and operations through a network of over 1,200 FOs and 7 SSCCs in 10 regions that serve the public throughout the United States and its territories./1
FOs and SSCCs are SSA's primary point of face-to-face contact with the public./2
On March 17, 2020, in response to the COVID-19 pandemic, SSA began limiting in-person services in FOs and SSCCs and requiring appointments for limited services. SSA redirected the majority of customers to its online and telephone service channels. SSA restricted in-person interviews to dire need situations, including, but not limited to:
* certain applications for original and replacement Social Security number (SSN) cards;/3
* immediate payments; and
* certain situations to resolve erroneous deaths.
On April 7, 2022, SSA restored in-person services in its FOs and SSCCs, including those for people who do not have appointments. Once SSA re-opened for in-person services, media outlets began reporting that some customers were waiting several hours outside of office lobbies. In August 2022, SSA responded to the Committee on Ways and Means' letter regarding information on the steps it had taken to reduce wait times, how offices responded to extreme weather, and COVID-19 safety protocols./4
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CONCLUSION
One of SSA's strategic goals is to optimize the experience of customers./41 SSA plans to do this by identifying and addressing barriers to accessing services, expanding digital services, and building a customer-focused organization. However, SSA has not set goals specific to wait times for customers in the office or the time customers must wait for scheduled appointments.
Without goals, we believe there is a risk that SSA customers will experience prolonged wait times - when visiting offices or through scheduled appointments - before receiving service.
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RECOMMENDATIONS
We recommend SSA:
1. Develop and/or enhance systems to capture data that measure the effectiveness of initiatives to reduce customer wait times.
2. Develop goals specific to wait times for customers in the office and time customers wait for scheduled appointments.
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AGENCY COMMENTS AND THE OFFICE OF THE INSPECTOR GENERAL RESPONSE
SSA agreed with Recommendation 1 and partially agreed with Recommendation 2. SSA stated, "[q]uality customer service is a top priority for the agency and [it will] monitor wait time data and address problem areas as needed. [SSA is] implementing initiatives, such as video as a service, mobile check-in, and upload documents, to improve [its] customer service, including reducing wait times." See Appendix D for SSA's comments./42
We continue to believe SSA should develop goals specific to wait times for customers in the office and time customers wait for scheduled appointments to better assist SSA in managing wait times.
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The report is posted at: https://oig.ssa.gov/assets/uploads/152307.pdf
SBA Stands Ready to Assist Texas Businesses and Residents Affected by Severe Storms, Straight-Line Winds, Tornadoes, Flooding
SACRAMENTO, California, May 19 -- The Small Business Administration issued the following news release on May 17, 2024:
Low-interest federal disaster loans are now available to Texas businesses and residents as a result of President Biden's major disaster declaration, U.S. Small Business Administration's Administrator Isabella Casillas Guzman announced.
The declaration covers Harris, Liberty, Montgomery, Polk, San Jacinto, Trinity and Walker counties as a result of the severe storms, straight-line winds, tornadoes and flooding that began on April 26.
"SBA's mission-driven team stands ready to
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SACRAMENTO, California, May 19 -- The Small Business Administration issued the following news release on May 17, 2024:
Low-interest federal disaster loans are now available to Texas businesses and residents as a result of President Biden's major disaster declaration, U.S. Small Business Administration's Administrator Isabella Casillas Guzman announced.
The declaration covers Harris, Liberty, Montgomery, Polk, San Jacinto, Trinity and Walker counties as a result of the severe storms, straight-line winds, tornadoes and flooding that began on April 26.
"SBA's mission-driven team stands ready tohelp Texas's small businesses and residents impacted by severe storms, straight-line winds, tornadoes and flooding," said Administrator Guzman. "We're committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild."
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.
Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.688 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant's financial condition.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
As soon as Federal-State Disaster Recovery Centers open throughout the affected area, SBA will provide one-on-one assistance to disaster loan applicants. Additional information and details on the location of disaster recovery centers is available by calling the SBA Customer Service Center at (800) 659-2955.
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Original text here: https://www.sba.gov/article/2024/05/18/sba-stands-ready-assist-texas-businesses-residents-affected-severe-storms-straight-line-winds
GSA: Recycled Laptops Sustain Students, Environment
WASHINGTON, May 19 -- The General Services Administration issued the following news on May 17, 2024:
JoAnne Coble Woodard backed her compact car into the loading dock at 1800 F Street in Washington, filled the trunk and back seat with working laptops, and drove nearly four hours back to Wilson, North Carolina, to share the free computers with students.
"We started securing equipment that we could not afford and the children could not afford," said Woodard, co-founder of the Sallie B. Howard School of Arts and Science (SBH) that serves 1,200 students in kindergarten through grade 12.
"That was
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WASHINGTON, May 19 -- The General Services Administration issued the following news on May 17, 2024:
JoAnne Coble Woodard backed her compact car into the loading dock at 1800 F Street in Washington, filled the trunk and back seat with working laptops, and drove nearly four hours back to Wilson, North Carolina, to share the free computers with students.
"We started securing equipment that we could not afford and the children could not afford," said Woodard, co-founder of the Sallie B. Howard School of Arts and Science (SBH) that serves 1,200 students in kindergarten through grade 12.
"That wasa treasure trove," she said.
The school was chosen as a National Blue Ribbon 2021 "Exemplary Achievement Gap-Closing School," one of two performance categories that the U.S. Department of Education places all winning schools based on overall student performance, subgroup student performance and graduation rates. "The designation was based on our students' performance on state exams in pre-Covid years, putting SBH among the highest-performing schools in North Carolina in terms of closing achievement disparities between student groups and all students," according to its website.
The Computers for Learning program was established in 1996, authorizing federal agencies to transfer excess computers to schools and nonprofit educational organizations. Recipients must be a school or educational nonprofit organization serving between kindergarten and grade 12 in any of the 50 U.S. states or the U.S. Virgin Islands, American Samoa, Guam, Puerto Rico or Northern Mariana Islands.
Since January 1, 2022, GSA has helped facilitate the transfer of more than 4,700 computers (with an acquisition value of more than $1.5 million) to students across the country.
"These computers are only a couple years old and have perfectly functioning operating systems," said Nell Dunscomb, a GSA supply chain branch chief based in Seattle. "Repurposing government computers for educational use not only promotes digital literacy and bridges the digital divide, but also promotes sustainability by reducing electronic waste."
The laptops have been stripped of federal applications and data, leaving an operating system on which schools can build with their selected software, he explained.
GSA staff have been proactive, reaching out to schools to see if their needs met the agency's supply. Program registration is done online with proof of eligibility and uploaded required documents.
In October 2023, the team transferred 83 Dell laptops (valued around $88,000) to a small private kindergarten through high school in Fayetteville, North Carolina, after a fire destroyed some of the property, including numerous computers.
More recently, in February, GSA delivered 50 laptops and accessories to eager students at Our Lady of Calvary Grade School in Philadelphia, the largest pre-K to eighth grade school with 1,200 students. The items, with an original acquisition cost of over $65,000, were collected from various offices across GSA's Mid-Atlantic Zone. The donation will offset the school's budget that now can be devoted to the school's hot lunch program.
And, in April, one year after a tornado seriously damaged a Mississippi high school, GSA transferred 45 laptops (valued around $48,195) to the small rural school between Greenville and Jackson. An EF4 tornado devastated the community, killing 26 people and injuring more than 150. Numerous structures, including the local high school, were hit hard. Since then, the high school students have been attending classes at the nearby middle school.
"Your donation not only provides tangible resources but also symbolizes your belief in our mission and commitment to empowering individuals through education and technology," said Randy Ball, director of Federal Programs for South Delta School District. "We look forward to keeping you updated on the positive outcomes and successes resulting from your generous donation. Your contribution will make a lasting difference in the lives of many, and we are honored to have your support."
Next for the Computer for Learning Program, GSA plans to donate 50 laptops to Ohkay Owingeh Community School in New Mexico. Kindergarteners through 8th graders attend the Tribally-controlled school.
To be eligible for the Computer for Learning program, public, private or parochial schools or nonprofits must have a National Center for Education Statistics Number. Educational nonprofits must be 501(c) tax exempt and be approved, accredited, or licensed. Those requirements avoid reselling for profit.
GSA also repurposes and recycles through its celebrated disposal and auction sites where people can bid for jewelry, boats, vehicles and other items.
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Original text here: https://www.gsa.gov/blog/2024/05/17/recycled-laptops-sustain-students-and-environment
Fannie Mae: Inflation Slows From Q1 Pace But Remains Elevated as Retail Sales Slump in April
WASHINGTON, May 19 -- Fannie Mae issued the following economic and housing weekly note on May 17, 2024, by Nathaniel Drake of the Economic and Strategic Research Group:
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Key Takeaways:
* The Consumer Price Index (CPI) rose 0.3 percent in April, a deceleration compared to the prior two months, according to the Bureau of Labor Statistics (BLS). Compared to a year ago, prices were up 3.4 percent, a deceleration of one-tenth. Prices for food were flat over the month, while energy prices were up 1.1 percent due to a 2.8 percent increase in gasoline prices. Excluding food and energy, core CPI
... Show Full Article
WASHINGTON, May 19 -- Fannie Mae issued the following economic and housing weekly note on May 17, 2024, by Nathaniel Drake of the Economic and Strategic Research Group:
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Key Takeaways:
* The Consumer Price Index (CPI) rose 0.3 percent in April, a deceleration compared to the prior two months, according to the Bureau of Labor Statistics (BLS). Compared to a year ago, prices were up 3.4 percent, a deceleration of one-tenth. Prices for food were flat over the month, while energy prices were up 1.1 percent due to a 2.8 percent increase in gasoline prices. Excluding food and energy, core CPIincreased 0.3 percent over the month and 3.6 percent compared to a year ago, the slowest annual rate in three years. Core goods prices outright declined over the month, while core services inflation was up 0.4 percent, a deceleration compared to the monthly gains in the first quarter of the year. Rent and owners' equivalent rent (OER) prices also increased 0.4 percent.
* The Producer Price Index (PPI) increased 0.5 percent in April but followed a downward revision to March's data, which now shows a 0.1 percent decline rather than the previously reported 0.2 percent increase, according to the BLS. Compared to a year ago, the PPI was up 2.2 percent. Excluding food, energy, and trade services, core PPI increased 0.4 percent over the month and 3.1 percent compared to a year ago.
* Retail sales and food services were flat in April, according to the Census Bureau. Strong gains in sales at clothing and accessory stores (+1.6 percent) and a price-related 3.1 percent jump in gas station sales were offset by weak sales in non-store retailers (-1.2 percent) and motor vehicle and parts dealers (-0.8 percent). Restaurant and bar sales increased 0.2 percent. Control group retail sales (excluding auto, building supplies, and gas station sales) declined 0.3 percent and were revised downward modestly in March.
* Industrial production, a gauge of output in the manufacturing, utility, and mining sectors, was flat in April, according to the Federal Reserve Board. Manufacturing activity declined 0.3 percent and was revised downward in the prior month. Mining output declined 0.7 percent and utilities output jumped 2.9 percent.
* The National Federation of Independent Business (NFIB) Small Business Optimism Index rose 1.2 points to 89.7 in April, its first increase since December. On net, negative 12 percent of firms expect their real sales to be higher in the next six months, an improvement of 6 percentage points. A net 25 percent of firms reported raising average selling prices, a decline of 3 percentage points. At a net 22 percent, inflation remained the most reported "most important" problem, though this was down 3 percentage points compared to March.
* Housing starts increased 5.7 percent to a seasonally adjusted annualized rate (SAAR) of 1.36 million in April, according to the Census Bureau. Single-family starts were down a modest 0.4 percent to a SAAR of 1.03 million, while multifamily starts rebounded 30.6 percent (following a 38.8 percent decline the month prior) to a SAAR of 329,000. Single-family permits fell 0.8 percent to a SAAR of 976,000, their third consecutive monthly decline, while multifamily permits declined 7.4 percent.
* The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index declined 6 points to 45 in May, its lowest level since January. The index for sales in the present declined 6 points to 51, while the index for sales over the next six months was down 9 points to 51. The index for the foot traffic of prospective buyers declined 4 points to 30.
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Forecast Impact:
The April CPI report was in line with our expectations and is encouraging compared to the data received in the first quarter, though it's clear that some underlying inflation remains sticky. Core services, for example, remained at a pace that is faster than what would be consistent with the Fed's 2 percent inflation target but did slow to a 0.4 percent month-over-month gain from 0.5 percent in February and March and 0.7 percent in January. Additionally, the PPI report on its face looked to show accelerating inflationary pressures but under the hood was far more encouraging given the downward revisions to March's data. We continue to expect inflation will drift downward as the year progresses but will remain sticky enough to prevent rate cuts before September.
Control group retail sales, which feed directly into the Bureau of Economic Analysis's estimates for personal consumption, were weak in April. However, with Easter landing in March this year instead of April, and major spring sales also shifting forward a month, we think seasonal quirks may be understating this data somewhat. Still, this report presents some downside risk to our assumption that consumption growth will remain strong in Q2 due in part to better base effects from the first quarter.
The modest pullback in single-family starts was in line with our forecast. While the limited number of existing homes available for sale remains broadly supportive of new home construction and sales in the intermediate to long term, starts have outpaced new home sales in recent months. As such, we expect some near-term softening in starts in response to the relatively weaker sales pace, which would also align with the drop in home builder confidence in May.
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[View charts in the link at bottom.]
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Original text plus charts here: https://www.fanniemae.com/research-and-insights/forecast/inflation-slows-q1-pace-remains-elevated-retail-sales-slump-april
Deadline Approaching to Morongo Band of Mission Indians for SBA Disaster Loans for Property Damage Due to Severe Storms, Flooding
SACRAMENTO, California, May 19 -- The Small Business Administration issued the following news release on May 17, 2024:
Francisco Sanchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, today reminded private nonprofit organizations in the Morongo Band of Mission Indians of the June 18 deadline to apply for an SBA federal disaster loan for property damage caused by severe storms and flooding that occurred Jan. 31 -- Feb. 9. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.
According
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SACRAMENTO, California, May 19 -- The Small Business Administration issued the following news release on May 17, 2024:
Francisco Sanchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, today reminded private nonprofit organizations in the Morongo Band of Mission Indians of the June 18 deadline to apply for an SBA federal disaster loan for property damage caused by severe storms and flooding that occurred Jan. 31 -- Feb. 9. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.
Accordingto Sanchez, eligible private nonprofits of any size may apply for SBA federal disaster loans of up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.
In addition, SBA offers Economic Injury Disaster Loans to help eligible private nonprofits meet working capital needs caused by the disaster. Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster's impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage. Private nonprofits have until Jan. 21, 2025, to apply for an SBA Economic Injury Disaster Loan.
The interest rate is 3.25 percent with terms up to 30 years. Loan amounts and terms are set by SBA and based on each applicant's financial condition.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
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Original text here: https://www.sba.gov/article/2024/05/17/deadline-approaching-morongo-band-mission-indians-sba-disaster-loans-property-damage-due-severe
Deadline Approaching in Hoopa Valley Tribe for SBA Disaster Loans for Property Damage Due to Severe Winter Storm
SACRAMENTO, California, May 19 -- The Small Business Administration issued the following news release on May 17, 2024:
Francisco Sanchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, today reminded Hoopa Valley Tribe private nonprofit organizations of the June 18 deadline to apply for an SBA federal disaster loan for property damage caused by severe winter storm that occurred Jan. 30 - 31. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.
According to Sanchez, eligible
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SACRAMENTO, California, May 19 -- The Small Business Administration issued the following news release on May 17, 2024:
Francisco Sanchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, today reminded Hoopa Valley Tribe private nonprofit organizations of the June 18 deadline to apply for an SBA federal disaster loan for property damage caused by severe winter storm that occurred Jan. 30 - 31. Private nonprofits that provide essential services of a governmental nature are eligible for assistance.
According to Sanchez, eligibleprivate nonprofits of any size may apply for SBA federal disaster loans of up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.
In addition, SBA offers Economic Injury Disaster Loans to help eligible private nonprofits meet working capital needs caused by the disaster. Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster's impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage. Private nonprofits have until Jan. 21, 2025, to apply for an SBA Economic Injury Disaster Loan.
The interest rate is 3.25 percent with terms up to 30 years. Loan amounts and terms are set by SBA and based on each applicant's financial condition.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
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Original text here: https://www.sba.gov/article/2024/05/17/deadline-approaching-hoopa-valley-tribe-sba-disaster-loans-property-damage-due-severe-winter-storm
