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Biden Announces Revamp of Paycheck Protection Program for Small Businesses
President Joe Biden held a press conference detailing a plan for rolling out a Paycheck Protection Program designed to help small businesses trying to stay afloat through the pandemic. Only companies with fewer than 20 employees can apply for the forgivable loans under the revamp. Meanwhile, Biden’s pick for Attorney General, Merrick Garland, faces a two-day confirmation hearing in front...
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Biden Changes PPP Rules to Give Smallest Businesses Access to Loans
President Joe Biden is targeting more federal pandemic assistance to the nation’s smallest businesses and ventures owned by women and people of color. The administration is establishing a two-week window, starting on Wednesday, in which only businesses with fewer than 20 employees can apply for forgivable loans under the Paycheck Protection Program.
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Minority-Owned Companies Waited Months for Loans, Data Shows
Thousands of minority-owned small businesses were at the end of the line in the government’s coronavirus relief program as many struggled to find banks to accept their applications
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Feds Seize Millions in PPP Funds From International Ministry
The U.S. Secret Service seized more than $8 million from accounts linked to ASLAN International Ministry, which got PPP funds.
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Many Restaurants Are on the Brink of Closing. Here's How to Help Them Stay Afloat
The coronavirus pandemic has been incredibly damaging for the restaurant industry in the United States: The National Restaurant Association estimates that at least 17% of the country’s food service establishments have already shuttered, with 10,000 restaurants having closed their doors in just the past three months.
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Anti-Gay Nonprofits, Businesses Received Millions in Covid-19 Aid
A number of organizations, schools and businesses with either a history of anti-LGBTQ advocacy or policies that explicitly discriminate against lesbian, gay, bisexual, transgender and queer individuals have received millions in pandemic relief funding, according to an NBC News analysis of data released last week by the Small Business Administration. The Paycheck Protection Program (PPP) — which was intended to help…
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A Maine Farm No One Has Ever Heard of Received $1.2M PPP Loan
A Paycheck Protection Program loan for nearly $1.2 million issued to an organic farm operator allegedly located in western Maine has raised suspicion after a massive disclosure of federal records about the small business relief program. According to records released by the U.S. Small Business Administration, Common Ground Organic Farm LLC, based in Bridgton, received the loan. The records show…
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Accused Hate Groups Receive Pandemic Aid
Fourteen organizations designated as hate groups by the Southern Poverty Law Center or the Anti-Defamation League have received funding from the Paycheck Protection Program totaling nearly $4.5 million, according to data released last week by the Small Business Administration revealing who benefited from the pandemic federal relief funds.
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What Business Owners Need to Know About the Paycheck Protection and Main Street Lending Programs
Are you a business owner looking for help to get through the coronavirus pandemic? Ami Kassar, the CEO of MultiFunding and a small business advocate, breaks down what you need to know about the Main Street Lending Program and the Paycheck Protection Program.
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AP: Catholic Church Lobbied for Taxpayer Funds, Got $1.4B
The U.S. Roman Catholic Church used a special and unprecedented exemption from federal rules to amass at least $1.4 billion in taxpayer-backed coronavirus aid
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What Unites Planned Parenthood, Kushner and Kanye? PPP Loans
The government’s small business lending program has benefited millions of companies, with the goal of minimizing the number of layoffs Americans have suffered in the face of the coronavirus pandemic. Yet the recipients include many you probably wouldn’t have expected.
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Senate Extends Small Business Coronavirus Relief Program
Democrats have driven a temporary extension of a popular subsidy program for small businesses through the GOP-controlled Senate.
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Billions of Dollars in Aid for Small Businesses Go Unclaimed
Billions of dollars offered by Congress as a lifeline to small businesses in the pandemic are about to be left on the table when a key government program stops accepting loan applications
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How Private Jet Owners Got a Subsidy From Coronavirus Relief Funds
A Hollywood aviation management company is sharing the benefits of a taxpayer-financed loan with its private jet-owning clients after it won the loan through the federal Paycheck Protection Program, according to three clients and a copy of a letter announcing the plan.
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Magic Johnson Offering $100 Million in Loans to Struggling Minority-Owned Businesses
With the future of small businesses in urban communities at risk, former National Basketball Association great Magic Johnson has stepped in to offer assistance.
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2 Men in Mass., RI Are First in US Charged With Defrauding Paycheck Protection Program
Two men lied about their businesses in loan applications under the new Paycheck Protection Program, federal prosecutors announced Tuesday, saying they are the first to be charged with fraud in connection with the multibillion-dollar loan initiative in the United States. The two men were been charged in Rhode Island with filing fraudulent bank loan applications seeking $438,000 from the Small…
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L.A. Lakers Received $4.6 Million From Federal Loan Program — But Returned Payment
The Los Angeles Lakers qualified for and received approximately $4.6 million from the government’s Paycheck Protection Program, which was established to provide relief to small businesses suffering during the coronavirus pandemic. The Lakers eventually returned the money, according to NBC News.
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$484B Stimulus Bill Passes Senate, Heads for House
A $484 billion bill, earmarked for small businesses shut down by the coronavirus, is headed for the House after the Senate passed it on Tuesday. It includes items that Democratic lawmakers insisted on adding, including $75 billion for hospitals and another $25 billion to support expanded testing efforts. President Trump is expected to sign it by the end of the...
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AP: Publicly Traded Firms Get $365M in Small-business Loans
An Associated Press investigation has found that a relief fund Congress created to protect small businesses amid the coronavirus crisis has helped companies with thousands of employees, past regulatory run-ins and risks of financial failure even before the economy got walloped
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Congress Nears Deal on More Coronavirus Relief
Congress is said to be close to a deal on funding more small business loans to help offset losses sustained due to the COVID-19 pandemic. A vote could come Monday on an additional $250 billion for the Paycheck Protection Program. The current bill would also provide billions in help for rural and minority-owned businesses.