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The coronavirus pandemic and the renewed focus on systemic economic inequality in our country are bringing new attention and support to community-based nonprofit lenders.Community development financial institutions, or CDFIs, focus on rural, low-income and minority communities.Around 300 CDFIs made more than billion in Paycheck Protection Program loans to help small businesses, many of which had been left out previously.By comparison, JPMorgan Chase, which is nine times the size of the entire CDFI industry, made only four times the amount of PPP loans.“Many CDFIs we are in many ways like small businesses, we didn't come into this situation strong in terms of our capital,” said Luz Urrutia, CEO of Opportunity Fund. “Now more than ever, during the rebuilding, we've got to have the balance sheet strength because we are supporting these low-income communities, small businesses and communities of color.”Opportunity Fund is one of those CDFIs. It's been raising millions of dollars since March, specifically to help minority, immigrant and women-owned businesses.Serena Williams and MacKenzie Scott have both donated recently. But there are questions about how long all the support these nonprofit lenders have been getting will last.“What I would say for the minority-owned businesses right now, timing is perfect and when timing is perfect, you need to strike while the iron is hot,” said Maurice Brewster, CEO of Mosaic Global Transportation. “And right now, there's a lot of support, a lot of ground swelling with dealing with small and minority-owned businesses.”Maurice Brewster’s business received loan payment deferral from Opportunity Fund during the pandemic. His advice for other minority-owned businesses: if you can, have a relationship with a lender way before you need the money.He says education is also going to be key for minority-owned businesses going forward.That financial coaching is something opportunity fund is pushing for too, along with more money from congress to support CDFIs. 2026

The Department of Labor reported Thursday that 1.5 million Americans filed initial claims for unemployment during the week ending June 20, bringing a 14-week total to about 46.5 million claims.Thursday's figures were down about 20,000 from last week's unemployment filings. It marked the third straight week where unemployment claims have hovered at about 1.5 million.Weekly claims for unemployment have been falling for about three straight months after peaking at about 6 million a week in late March. But weekly unemployment claims remain historically high.Prior to the pandemic, the record high for weekly unemployment claims came in 2006, when 665,000 people filed for unemployment. The Department of Labor has been tracking the statistics since 1967.Economists often use weekly unemployment claims as a reliable tool when predicting unemployment. However, some surveys indicate that initial weekly claims may be underestimating the amount of those unemployed.At least one survey from the Economic Policy Institute found that millions of Americans gave up trying to seek benefits or didn't even attempt to due to states' overwhelmed and antiquated unemployment systems.The economy has improved slightly since the virus first arrived in the U.S. earlier this year. Every state had begun the process of restarting its economy as of earlier this month.However, new cases of COVID-19 are currently on the rise in many states, with reports of new infections nearing record levels — re-igniting fears that more lockdown restrictions could be on the way. 1560

The FBI raided Michael Cohen's office on Monday, the personal lawyer to President Donald Trump who allegedly oversaw a 0,000 payment to adult film actress Stormy Daniels in the days leading up to the 2016 election, the New York Times reported. According to the Times, Special Counsel Robert Mueller issued a referral for the raid, although the search does not appear to be directly related to his ongoing investigation of Russian meddling and possible coordination with the Trump campaign during the 2016 election. The Times report does indicate, however, that the raid stemmed from information Mueller uncovered and gave to prosecutors.In order to secure a raid, Mueller went to US Attorney Geoffrey Berman, who was appointed in January. Berman took the information to a federal judge, who green lighted the raid. Berman replaced acting US Attorney Joon Kim, who replaced Preet Bharara. Bharara was fired by Trump after he refused to resign when Trump demanded that all US Attorneys who worked under President Barack Obama to step down. Despite Berman being a Trump appointee, the President said the investigation is a "witch hunt.""I have this witch hunt constantly going on, it is a real disgrace," Trump said. "It is an attack on what we all stand for," It is at an all new level of unfairness."Attorney General Jeff Sessions vowed to stay out of the Mueller investigation shortly after being confirmed as AG. He assigned his Deputy Attorney General Rod Rosenstein to oversee Mueller's investigation. Trump admitted on Monday that had he known that Sessions would recuse himself, that he would have looked for a different attorney general."The attorney general made a terrible mistake when he did this and when recused himself or he certainly should have let us know if he was going to recuse himself and we would have put a different attorney general in," Trump said. "So he made what I consider to be a very terrible mistake for the country. But you'll figure that out."Trump was asked whether he should fire Mueller. "I think it's a disgrace what's going on. We'll see what happens..Many people have said you should fire him," Trump said. "Again, they found nothing and in finding nothing that's a big statement because you know the person who is in charge of the investigation."Cohen was reportedly responsible for paying Daniels 0,000 to keep quiet about a previous sexual encounter with Trump. Daniels has since gone public about the alleged sexual encounter, recently appearing on "60 Minutes" in an interview with Anderson Cooper. The possible payment, which Trump has claimed he has no knowledge of, has also brought questions on its legality, and whether the payment by Cohen constituted as an undisclosed campaign contribution. Cohen's lawyer on Monday told the New York Times the raid was “completely inappropriate and unnecessary.” 2927

The coronavirus pandemic is now starting to cause sporting events in 2021 to become canceled.On Thursday, the NHL announced that it has canceled the 2021 Winter Classic and NHL All-Star Game.The Winter Classic has become the NHL’s signature outdoor event for the last decade, generally played outdoors on New Year’s Day. The game was originally slated to be played between Minnesota and St. Louis in Target Field.The NHL All-Star Game, originally scheduled for Jan. 31, 2020, has been canceled. The NHL planned on playing the game in Sunrise, Florida, home of the Florida Panthers.The NHL said it intends on playing a Winter Classic in Minnesota and an NHL All-Star Game in Florida in the near future.“Fan participation, both in arenas and stadiums as well as in the ancillary venues and events that we stage around the Winter Classic and All-Star Weekend, is integral to the success of our signature events,” said NHL Senior Executive Vice President & Chief Content Officer Steve Mayer. “Because of the uncertainty as to when we will be able to welcome our fans back to our games, we felt that the prudent decision at this time was to postpone these celebrations until 2022 when our fans should be able to enjoy and celebrate these tentpole events in-person, as they were always intended. We are also considering several new and creative events that will allow our fans to engage with our games and teams during this upcoming season.”Due to the 2019-20 season not concluding until last month, the NHL said it does not intend on starting the next season until Jan. 1, nearly three months after its typical season opener. 1632

The burned remains of a Michigan woman have been identified by authorities as Susie Zhao, 33. Zhao played poker on the national competitive circuit. Zhao's body was discovered near a park in a Detroit suburb on July 13 around 8 a.m."The female subject was badly burned," according to a press release from White Lake Township Police."Surprised, confused, and saddened," said her former roommate Yuval Bronshtein. "It's hard to picture her having enemies."Bronshtein said Zhao bounced between cities including Los Angeles and Vegas and recently moved back to Michigan to be with family to be with her parents and to confront challenges in her personal life.She was an avid poker player and a national talent on the competitive circuit."She really was a excellent player," said Bart Hanson, a friend and poker rival. "One of the best in L.A. at the level we played at the Commerce Casino and it's the biggest poker room in the world."Authorities said a motive is unclear. The FBI is also assisting in the investigation."I never would have thought anyone would of wanted to do anything to her," Hanson said.This story originally reported by Rudy Harper on wxyz.com. 1170