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The Latest Breaking News from Small Business Administration

New SBA rule bans foreigners, non‑citizens from taking small business loans; takes effect in 30 days

The US Small Business Administration (SBA) has announced a new policy that will bar foreign nationals and non‑citizens from accessing SBA‑guaranteed small business loans.

The Times of India

Exclusive: Kelly Loeffler, a Trump cabinet appointee who regularly appears on Newsmax, has quiet financial ties to its parent companyKelly Loeffler, a Trump Cabinet appointee who regularly appears on Newsmax, has quiet financial ties to its parent company

Loeffler, Trump’s pick to lead the Small Business Administration, owns 136,555 shares worth of the company’s stock.

Fortune

Trump nominates wrestling billionaire Linda McMahon as education secretary

The billionaire former WWE CEO served as the head of the Small Business Administration from 2017 to 2019

The Independent UK

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Who are America’s billionaires backing this election?

More billionaires are backing Harris than Trump, but Trump’s billionaires are giving him larger amounts, Graig Graziosi reports

The Independent UK

Small Business Administration Accused Of Partisan Voter Registration Scheme

Small business leaders in Congress raise concerns about SBA's voter registration agreement with Michigan, highlighting lack of cooperation and potential po...

Top News

Watch: Biden hosts SBA Women’s Business Summit at White House

Joe Biden hosted the second annual Small Business Administration (SBA) Women’s Business Summit at the White House on Monday, 27 March.

The Independent UK

How Should a Bureaucrat Proceed if He Doubts a Contractor's Self-Declared Race?

For federal transportation contracting and for Small Business Administration progams, it's advantageous to have one's business certified as a Disadvantaged Business Enterprise, or DBE. The simplest way of gaining DBE status is for the business to be at least 51% owned by a member of one of the "official" minority…

Reason

Why aren’t more small business owners taking advantage of government help?

Many entrepreneurs often overlook programs and tax incentives designed to lend them a helping hand – to their own detriment

The Guardian - US

Clusters of pandemic relief loans went to the same Chicago addresses, including homeless shelters, Sun-Times finds

One Paycheck Protection Program loan recipient who used a Salvation Army address said he was a farmer. A dozen others said they operated barber shops or beauty salons. Most got loans of about $20,000, the maximum based on a yearly income of at least $100,000.

Chicago Sun-Times

How the Paycheck Protection Program went from good intentions to a huge free-for-all

An NPR analysis of data released by the Small Business Administration shows the vast majority of Paycheck Protection Program loans have been forgiven, even though the program was rampant with fraud.

WEKU

U.S. Patent and Trademark Office director wants more women to secure patents. That could add $1T to the economy

Women only hold 13% of U.S. patents.

Fortune

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The Guardian - US

Florida’s ‘don’t say gay’ bill author indicted for money laundering

Federal grand jury also charged Republican lawmaker Joe Harding with ‘fraudulently obtaining’ $150,000 in Covid relief funds

The Independent UK

House panel says lax screening helped facilitate PPP fraud

A House investigations panel says financial technology firms “abdicated” their responsibility to screen out fraud in applications for a federal program designed to help small businesses stay open and keep workers employed during the pandemic

Chicago Sun-Times

Disaster declaration approved for Austin building collapse

The declaration will allow residents to apply for low-interest loans to rebuild their lives and property.

The Conversation

Recovery from a disaster like Hurricane Ian takes years, and nonprofits play many pivotal roles before and after FEMA aid runs out

Massive storms like Ian and Fiona mark the beginning of a long and frustrating process for anyone who loses their home and possessions.

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The Independent UK

Secret Service recovers $286M in stolen pandemic loans

The U.S. Secret Service said Friday that it has recovered $286 million in fraudulently obtained pandemic loans and is returning the money to the Small Business Administration

Chicago Sun-Times

16 CHA employees fired, 1 resigns after accused of defrauding federal program

An internal probe found the employees submitted “falsified” applications to the Small Business Administration to receive coronavirus relief funds “to which they were not entitled.”

Tribune News Service

House readies relief package for restaurants, other industries

WASHINGTON — The House might vote next week on a small-business pandemic aid package that would provide $42 billion for additional restaurant relief and $13 billion for other “hard hit” industries.

Roll Call

House readies relief package for restaurants, other industries - Roll Call

The House could vote next week on a small business pandemic aid package for restaurants and other hard hit industries.

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