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The Latest Breaking News from SBA

Pandemic Loans Are Coming Due but Some Businesses Aren't Ready to Repay

Many small businesses that received federal pandemic aid are now on the hook for repayments, and some say the timing couldn't be worse.

Bangkok Post

Congress Has a New Scapegoat for COVID Fraud: Banking Apps

Fintech platforms facilitated fraud in the Paycheck Protection Program, according to a new congressional report.

Reason

A congressional report says financial technology companies fueled rampant PPP fraud

Fraud in the Paycheck Protection Program, which gave potentially forgivable loans to small businesses during the pandemic, was largely due to financial technology companies, according to a new report.

WEKU

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PPP firms gave selves loans, bought Porsche, $8M home, says report on COVID loan fraud

WASHINGTON — Some of the most prolific online lenders in the federal Paycheck Protection Program had remarkably lax fraud protection controls even as they approved billions of dollars worth of loans in the COVID-19 small business relief program.

McClatchy Washington Bureau

SIBF Welcomes 2.17 Million Visitors from 112 Countries

The Sharjah International Book Fair (SIBF) concluded its 41st edition, during which it welcomed over 2.17 million visitors from 112 countries, turning the hosting emirate into a hub for world’s cultures, and a wide space that embraces thought, art, creativity, and knowledge. Embodying its vision of building new generations of…

Asharq Al-Awsat

Saudi Broadcasting Authority Signs 3 Agreements with Global Media, Tech Organizations

The Saudi Broadcasting Authority (SBA) and three international companies with technological and media expertise signed a number of agreements at the Future of Media Exhibition (FOMEX), which was held in Riyadh on the sidelines of the 22nd Arab Radio and TV Festival. CEO of SBA Mohammed Fahad al-Harthi signed the…

Asharq Al-Awsat

Thousands Of Sandy Victims In NJ Are Still Paying For The Superstorm 10 Years Later

A decade after Sandy made landfall in New Jersey, Toms River resident has crossed more rebuilding thresholds than others.

Zenger

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SIBF Recognizes Sudanese Historian Youssef Fadl as Figure of the Year

The Sharjah Book Authority (SBA) has announced Sudanese historian Yusuf Fadl Hasan as ‘Cultural Personality of the Year’ for its upcoming 41st Sharjah International Book Fair (SIBF 2022). Hasan is being recognized for his contributions to the field of history and documentation of the nation’s developmental journey in political, cultural…

Asharq Al-Awsat

One week remains to sign up for SBA Disaster Loans in eastern Kentucky

WEKU

Virtually all PPP loans have been forgiven with limited scrutiny

Officials promised a robust review process before forgiving PPP loans, but most loans could be forgiven with a simple, one-page form. Meanwhile, just 2% of loans have gotten close, hands-on reviews.

WEKU

Millions of PPP Loans Were Flagged as Potentially Fraudulent. Many Were Never Investigated.

A new report takes an illustrative look inside the Small Business Administration, which was clearly overwhelmed by the obligation to push unprecedented piles of money out the door quickly.

Reason

Facing federal PPP fraud investigations, online lender Kabbage files for bankruptcy

Online lender Kabbage was one of the biggest lenders in the first year of the Paycheck Protection Program, processing more than $7 billion in loans.

McClatchy Washington Bureau

Hurricane Ian could worsen inequality

Poor and non-white communities are often hardest hit — but FEMA disproportionately aids whiter, wealthier areas

Salon

How Hurricane Ian and other disasters are becoming a growing source of inequality – even among the middle class

Friendswood, Texas, is the type of community that one might think of as a “best case scenario” when it comes to recovering from a disaster.

The Conversation

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Orlando Sentinel

DeSantis ban on ‘woke’ investments could hurt state pension fund, experts say

TALLAHASSEE, Florida — After banning CRT in the classroom and board room, Gov. Ron DeSantis has a new target in his culture war against “wokeness” with another acronym most folks have never heard of — ESG.

Chicago Sun-Times

Highland Park businesses affected by July 4 parade massacre eligible for SBA loans

A business recovery center will be at the First Bank of Highland Park through Aug. 11.

Miami Herald

DeSantis takes another swipe at ‘woke’ corporations, saying Florida won’t invest

MIAMI — Continuing to target what he calls “woke” corporations, Gov. Ron DeSantis wants to prohibit state investments that use “environmental, social and governance” ratings, which can include taking into account impacts of climate change.

Axios

Pence joins multimillion-dollar anti-abortion midterms ad campaign

The anti-abortion constituency will be an important one for any 2024 GOP hopeful.

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Axios

Small Biz is getting a hand from an unlikely source: Goldman Sachs

The Wall Street giant is putting its weight behind a push to promote small businesses.

Benzinga

Sen. Jacky Rosen Continues To Push For Marijuana Reforms: Demands Federal SBA Loans For Legal Cannabis Companies

Senator Jacky Rosen (D-Nev) sent a letter recently urging t

Roll Call

Senate to test waters on money for restaurants, small businesses - Roll Call

The proposal includes $40 billion to backfill the so-called Restaurant Revitalization Fund for applicants who didn't receive any grant money.

Tribune News Service

Business owners waited years for COVID-19 loans—and now it’s too late

Jaja Chen and her husband Devin Li were elated when they signed a lease for their new bubble tea shop, Cha Community. Both Asian-American immigrants (her from Taiwan, him from China), they said it was a struggle to find authentic Asian food in their new home of Waco, Texas. So…

Reason

The Restaurant Industry Doesn't Need Another Bailout

The Restaurant Revitalization Fund Replenishment Act would give restaurants another $42 billion in grants to cover the lingering costs of the pandemic.

McClatchy Washington Bureau

Rubio seeks answers from SBA on PPP forgiveness after McClatchy series on unforgiven loans

Following a series of stories by the Miami Herald addressing the backlog of unforgiven Paycheck Protection Program loans and the disproportionate impact of this backlog on minority communities, Florida Sen. Marco Rubio has called on the director of the U.S. Small Business Administration to speed up the forgiveness process and…

McClatchy Washington Bureau

PPP loans were made to be forgiven. In heavily Black areas like South Florida, many aren’t

For Louine Raymonvil, the $105,000 Paycheck Protection Program loan his North Miami Beach security business received in June 2020 was a godsend.

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