The Paycheck Protection Program, a critical pillar of the CARES Act pandemic relief legislation, failed to equitably distribute money despite an avowed goal of focusing on small businesses, according to a new report from AFREF and six other public interest organizations and labor unions.
AFR joined a letter calling on President Biden to extend the pause on student loan payments until the
Administration has delivered on its promises made to student loan borrowers to fix the broken
student loan system and cancel federal student debt.
AFREF and 154 organizations sent a letter urging HUD to extend the foreclosure moratorium and deadline to request forbearance for FHA borrowers to give them the best opportunity to sustain homeownership beyond the pandemic.
The AFR Education Fund sent a letter to the Securities and Exchange Commission responding to a request for comment on regulatory options for money market funds in light of the collapse and bailout of many money market funds during the March 2020 coronavirus financial shock. The letter called for strong new regulatory steps to fix incentives that create financial instability for these products. It also questioned whether additional regulation should be extended to other types of fixed-income investment funds beyond money market funds narrowly defined, as there is evidence that these types of fund arrangements can also contribute to financial instability.
AFREF joined our partners to send a letter urging HUD to take further steps to protect FHA borrowers facing COVID-related hardships form foreclosure, including requiring servicers to communicate the availability of several loss mitigation options, providing guidelines for contacting borrowers before the end of a forbearance, and collect performance data on COVID-19 loss mitigation options and make this information available to the public.