In this continuing series, you will get the latest SBA loans news, including SBA 504 and SBA 7a loans.
First, the good news:
SBA offers interest-free disaster loans in Volusia
Disaster loans from the Small Business Administration in Volusia County are getting additional support.
County officials, in a news release, announced the SBA will waive interest and extend the initial payment deferment period to one year for all loans approved for a disaster declared on or after Sept. 21, 2022, and until Sept. 30, 2023.
According to the Small Business Administration: “The effective date covers SBA disaster loans currently available for Hurricane Fiona and Hurricane Ian declared earlier this year. SBA does not have the authority to forgive interest that has already accrued on disbursed loan funds.SBA offers interest-free disaster loans in Volusia
Let's hope this passes and doesn't go “up in smoke.”
Senator Files Bill to Make Cannabis Businesses Eligible for SBA Loans
Democratic U.S. Senator Jacky Rosen of Nevada last week introduced legislation that would make regulated cannabis businesses eligible for loans and other programs from the federal Small Business Administration (SBA). If passed, the Fair Access for Cannabis Small Businesses Act would help ensure that licensed cannabis businesses have access to the same benefits available to other legal businesses, including the SBA’s popular 7(a) loans, disaster loans, microloans and the Small Business Investment Company (SBIC) program. The legislation also ensures that businesses in the regulated marijuana industry have access to the SBA’s resource partners such as the SCORE business mentoring program, Veterans Business Outreach Centers and Women’s Business Centers.Senator Files Bill to Make Cannabis Businesses Eligible for SBA Loans
They're doing good work in Wyoming.
SBA Wyoming District Office Announces Nearly $70 Million through Signature Lending Programs in the Cowboy State
New, rural, and women-owned businesses across Wyoming benefitted from the small business loans provided by the S.B.A., helping them reach their “entrepreneurial goals” and thrive in the Cowboy State.
On Wednesday, Dec. 7, the U.S. Small Business Administration Wyoming District Office announced the district reached $69.9 million in funding approvals to small businesses through 125 traditional loans for fiscal year (F.Y.) 2022.
Overall Funding and Impact:
The fiscal year 2022 traditional lending data of note includes:
$48,015,100 in 7(a) loans: 98 loans worth more than $48 million were approved for Wyoming small businesses.
$21,889,000 in 504 loans: 27 loans worth nearly $22 million to Wyoming small businesses.
This was accomplished by working with authorized Certified Development Companies (C.D.C.s) and third-party lenders
Traditional loans, comprised of loans through S.B.A.’s 7(a) and 504 programs, were approved in 20 of 23 Wyoming counties. Thankfully, there was an effort evenly distribute loans to businesses in areas historically overlooked.SBA Wyoming District Office Announces Nearly $70 Million through Signature Lending Programs in the Cowboy State
Now, for the bad news. There is always going to be people taking advantage of great programs. Let's hope the US Attorneys throw the book at the perpetrators and that lawmakers don't overreact to this and cut out funding.
The SBA loan programs are necessary to continue financing our small business ecosystem that is the engine of our economy. When it's time for you to apply for an SBA loan, contact one of our experienced commercial loan advisors.
Seventeen New York City and State Public Employees Charged with Fraudulently Obtaining Pandemic Relief Loans
Nineteen Defendants Total Charged with Allegedly Submitting Fraudulent Applications for U.S. SBA Paycheck Protection Program and Economic Injury Disaster Loans, Most of Whom Were Currently or Previously Employed by New York City or New York State.
Damian Williams, the United States Attorney for the Southern District of New York, Thomas M. Fattorusso, Special Agent in Charge of the New York Field Office of the Internal Revenue Service, Criminal Investigation (“IRS-CI”), and Amaleka McCall-Brathwaite, Eastern Region Special Agent in Charge of the U.S. Small Business Administration, Office of Inspector General (“SBA-OIG”), announced today the unsealing of a Complaint charging RODNEY SMITH, DENISE GANT, EBONY SIMON, PHYA SCOTT, PRISCILLA JACKSON, SHARON CHARLES, YOLANDA LAWRENCE, YOLANDA RATCLIFF, and ZHANE RATCLIFF with conspiring to commit wire fraud by submitting fraudulent SBA loan applications, as well as Complaints charging BRANDON BOYLE, DELILAH CUMMINGS, VASHAWN FOREMAN, TREVOR GORDON, DIONE HALL, TONI MCCULLOUGH, JAROD OTTLEY, RONETTE SHORT, EDWIN SKEPPLE, and WALTER SUSSWELL individually with wire fraud for submitting fraudulent loans under the SBA’s Economic Injury Disaster Loan (“EIDL”) program and/or its Paycheck Protection Program (“PPP”).
Most of the defendants were arrested this morning. BOYLE, CUMMINGS, FOREMAN, GORDON, HALL, MCCULLOUGH, OTTLEY, SHORT, SKEPPLE, and SUSSWELL will be presented this afternoon before Magistrate Judge Stewart D. Aaron in Manhattan federal court. SMITH, GANT, CHARLES, LAWRENCE, YOLANDA RATCLIFF, and ZHANE RATCLIFF will be presented this afternoon before Magistrate Judge Sarah Netburn in Manhattan federal court. SIMON, SCOTT, and JACKSON are not in custody.Seventeen New York City and State Public Employees Charged with Fraudulently Obtaining Pandemic Relief Loans