INSIDER
Jacksonville woman faces more than 25 years in PPP fraud, social security theft scheme
Read full article: Jacksonville woman faces more than 25 years in PPP fraud, social security theft schemeA 30-year-old woman faces over 25 years in prison after she was accused of defrauding the Small Business Administration through a Paycheck Protection Program (PPP) loan, along with stealing victims' Social Security numbers, and wire fraud.
17 Florida sheriff’s deputies accused of stealing about $500,000 in pandemic relief funds
Read full article: 17 Florida sheriff’s deputies accused of stealing about $500,000 in pandemic relief fundsSeventeen Florida sheriff’s deputies have appeared in court on charges that they stole about half a million dollars in pandemic relief funds.
Were you billed for an SBA EIDL or PPP loan you don’t owe? Here’s what to do
Read full article: Were you billed for an SBA EIDL or PPP loan you don’t owe? Here’s what to doDid you get a bill for a Small Business Administration Paycheck Protection Program (PPP) loan or COVID-19 Economic Injury Disaster Loan (EIDL) you never applied for? If the answer is yes, an identity thief probably used your personal information to get the loan.
Former JSO officer indicted for covid relief fraud
Read full article: Former JSO officer indicted for covid relief fraudAccording to the DOJ, Burke received a PPP loan for $20,415. After receiving the money into his bank account, Burke began making withdrawals and spending it on personal expenses including paying off a loan for a motorcycle.
House panel says lax screening helped facilitate PPP fraud
Read full article: House panel says lax screening helped facilitate PPP fraudA 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.
Florida man bought Lamborghini, Rolex, designer clothes in COVID relief fraud scheme, feds say
Read full article: Florida man bought Lamborghini, Rolex, designer clothes in COVID relief fraud scheme, feds sayFederal prosecutors say a South Florida man tried to obtain more than $4.2 million in COVID-19 relief funds by filing false loan applications.
Jacksonville residents accused of defrauding Paycheck Protection Program
Read full article: Jacksonville residents accused of defrauding Paycheck Protection ProgramTwo Jacksonville residents are accused of defrauding the federal Paycheck Protection Program and then trying to cover their tracks afterward.
President Biden touts $28.6B restaurant relief program
Read full article: President Biden touts $28.6B restaurant relief programPresident Joe Biden has made a Cinco de Mayo taco and enchilada run to highlight his administration’s $28.6 billion program to help eateries that lost business because of the coronavirus pandemic.
Biden touts $28.6B restaurant relief program, orders tacos
Read full article: Biden touts $28.6B restaurant relief program, orders tacosPresident Joe Biden has made a Cinco de Mayo taco and enchilada run to highlight his administration’s $28.6 billion program to help eateries that lost business because of the coronavirus pandemic.
Florida business owner guilty of $2M in coronavirus relief fraud
Read full article: Florida business owner guilty of $2M in coronavirus relief fraudMIAMI – A Florida business owner has been convicted of illegally receiving more than $2 million in coronavirus relief funds. Prosecutors said he claimed the funds would only be used for business-related purposes, such as retaining workers and paying bills. Crowther concealed the scheme by providing false explanations for the expenditures to his bank, prosecutors said. AdThe Paycheck Protection Program represents billions of dollars in forgivable small business loans for Americans struggling because of the COVID-19 pandemic. It's part of the Coronavirus Aid, Relief and Economic Security Act, which became federal law in March.
Senate votes to extend small biz loan program for 2 months
Read full article: Senate votes to extend small biz loan program for 2 monthsWASHINGTON – The Senate passed a bill 92-7 on Thursday to extend the deadline for business owners to apply for forgivable loans through the Paycheck Protection Program, giving applicants two more months to apply for federal aid. The bill had already passed the House, so it now goes to President Joe Biden’s desk to be signed into law. Congress started the loan program last year to help businesses survive the COVID-19 pandemic. Business groups lobbied lawmakers to keep the program going to help ensure businesses that still need help can get it. The Small Business Administration reports that it has approved nearly 7.9 million loans totaling about $704 billion.
Florida man charged with COVID relief fraud
Read full article: Florida man charged with COVID relief fraudMIAMI – A South Florida tax preparer received nearly $1 million in coronavirus relief funds after submitting more than 100 fraudulent applications for himself and others, federal prosecutors said. Leonel Rivero, 35, of Miami, was charged Tuesday with wire fraud, according to court records. His first appearance hearing in Miami federal court is set for next Tuesday. Those loan applications sought a total of more than $2.3 million, and Rivero and his accomplices received approximately $975,582, investigators said. On each loan application, Rivero falsified the applicant’s prior-year income and expenses and submitted fraudulent IRS tax forms, officials said.
Senate confirms Isabel Guzman to lead small biz agency
Read full article: Senate confirms Isabel Guzman to lead small biz agency(AP Photo/Alex Brandon)WASHINGTON – The Senate on Tuesday overwhelmingly approved President Joe Biden's pick to oversee the Small Business Administration, an agency that has seen its portfolio expand in response to the coronavirus pandemic. Guzman is a former Obama administration SBA official who currently heads California’s Office of the Small Business Advocate. In that role, she oversaw efforts to help that state’s small businesses survive the pandemic. The Small Business Administration oversees loan programs to help businesses recover from natural disasters, enhances access to capital through loan guarantees and provides training and technical assistance. Guzman said she would work to ensure money gets into the hands of the small businesses hurt the most by the pandemic and the economic crisis through no fault of their own.
Biden visits businesses to highlight changes to loan program
Read full article: Biden visits businesses to highlight changes to loan programWASHINGTON – President Joe Biden visited a hardware store in the nation’s capital Tuesday to highlight changes he made to the Paycheck Protection Program to benefit small businesses he says were overlooked by the Trump administration earlier in the coronavirus pandemic. Biden administration officials announced last month that for two weeks starting on Feb. 24, the Small Business Administration would only accept applications for the forgivable loan program from firms with fewer than 20 employees. The exclusivity period for small businesses ends Tuesday, with White House officials reporting that the effort led to a 20% increase in minority businesses and a 14% increase in women businesses receiving loans. The Biden administration also changed eligibility rules for the program. AdTrump administration officials argued the program primarily benefitted smaller businesses because a vast majority of the loans in the first months of the program were for less than $150,000.
Family of Americans held in Iran want any deal to free them
Read full article: Family of Americans held in Iran want any deal to free themThe Obama administration closed the nuclear deal without making the freeing of American citizens in Iran a prerequisite. The Trump administration then failed to push for the release of the Namazi father and son as hard as it did other Americans held by Iran, Babak Namazi said. Jake Sullivan, the U.S. national security adviser, called Iran’s continued detention of American citizens a “humanitarian catastrophe” on a news show this Sunday. “My family expects that President Biden and his administration will not make concessions or deals with Iran” absent a requirement that Iran free the father and son, Babak Namazi told reporters. The 84-year-old found that Iran's Revolutionary Guard had unexpectedly placed a new block on his travel out of Iran, however, Babak Namazi said.
Biden boosts pandemic lending to smallest businesses
Read full article: Biden boosts pandemic lending to smallest businesses(AP Photo/Evan Vucci)WASHINGTON – President Joe Biden announced changes Monday to target more federal pandemic assistance to the nation’s smallest businesses and ventures owned by women and people of color. Biden says a lot of these mom and pop businesses “got muscled out of the way” by larger businesses seeking federal money in the early days of the pandemic. "America’s small businesses are hurting, hurting badly and they need help now,” Biden said. Under the pandemic-era Paycheck Protection Program, the administration is establishing a two-week window, starting Wednesday, in which only businesses with fewer than 20 employees — the overwhelming majority of small businesses — can apply for the forgivable loans. The Biden effort is aimed at correcting disparities in how the program was administered by the Trump administration.
Miami man pleads guilty to using COVID loan for Lamborghini
Read full article: Miami man pleads guilty to using COVID loan for LamborghiniA South Florida man has pleaded guilty to fraudulently obtaining $3.9 million in federal coronavirus loans and using some of the money to buy a Lamborghini Huracan. David Hines, of Miami, rubbed his forehead in apparent shame as he pleaded guilty to federal charges including bank fraud at a hearing Wednesday held via videoconference because of COVID-19 restrictions. Instead, he used the proceeds to go on a spending spree that included shelling out $318,000 on a Lamborghini sportscar as well as running up bills at a jewelry store and a luxury Miami Beach hotel. The Paycheck Protection Program represents billions of dollars in forgivable small business loans for Americans struggling because of the pandemic. It’s part of the Coronavirus Aid, Relief and Economic Security Act, which became federal law in March.
Should you claim your stimulus pay on your taxes? And other FAQs
Read full article: Should you claim your stimulus pay on your taxes? And other FAQsGiven the pandemic, it’s fair to wonder how factors such as stimulus payments and Paycheck Protection Program loans could impact your filings. Below you’ll find a brief Q&A with Thomas explaining what you need to know:Do you have to claim your stimulus claims when filing your taxes? AdDoes the IRS look at stimulus payments as income? If unemployment compensation was received last year, you definitely want to include that on your tax return. Lawson hosts virtual roundtable on taxesIf you have additional questions about your taxes, stimulus payments and Paycheck Protection Program loans, you’re in luck.
Florida man uses $7.2M from PPP to buy mansion, Maserati and more, feds say
Read full article: Florida man uses $7.2M from PPP to buy mansion, Maserati and more, feds sayA Bradenton man is accused of using some of $7.2 million he received in Paycheck Protection Program funds to buy a mansion in Chuluota, according to court records. A Bradenton man is accused of using $7.2 million he received from the federal Paycheck Protection Program to buy a mansion in Chuluota, Fla., according to court records. Don Cisternino was indicted on two counts of wire fraud, three counts of aggravated identity theft and three counts of illegal monetary transaction, WKMG-TV reported. Records show Cisternino established MagnifiCo in 2014, which was listed as a consulting company with few or no employees. Records show after the application the Small Business Administration issued $7.2 million in PPP funds to MagnifiCo.
Florida man guilty of laundering stolen COVID relief funds
Read full article: Florida man guilty of laundering stolen COVID relief fundsTAMPA, Fla. – A Florida man who received more than $1.9 million in coronavirus relief funds faces up to 20 years in federal prison for laundering most of the money through a fake business and purchasing a luxury car and a pickup truck, federal prosecutors said. Keith William Nicoletta, 48, of Dade City, pleaded guilty Monday to a conspiracy to launder stolen COVID relief funds, according to the U.S. attorney's office in Tampa. He also agreed to forfeit more than $1.9 million, along with vehicles and other items he bought with the stolen money. Once the emergency loan was secured, Nicoletta transferred the money between various accounts and withdrew more than $100,000 in cash, officials said. It's part of the coronavirus relief package that became federal law in March.
Prosecutors: Florida nurse lied to get $420k in virus relief
Read full article: Prosecutors: Florida nurse lied to get $420k in virus reliefMIAMI – A South Florida nurse fraudulently obtained about $420,000 in coronavirus relief funds, federal prosecutors said. Giraldo Caraballo, 55, of Miami, made his initial appearance Friday in Miami federal court. Caraballo applied for and received a Paycheck Protection Program loan on behalf of his company, Professional Skills Inc., according to a criminal complaint. The Paycheck Protection Program represents billions of dollars in forgivable small business loans for Americans struggling because of the COVID-19 pandemic. The Economic Injury Disaster Loan program is administered by the U.S. Small Business Administration.
Highlights of COVID-19, government funding law taking effect
Read full article: Highlights of COVID-19, government funding law taking effectVaccines, testing, health providers ($69 billion). Adds $22 billion for testing, tracing and mitigation, $9 billion for health care providers, and $4.5 billion for mental health. Reauthorizes, for three years, funding for community health centers and extends a variety of expiring health care policies, including reimbursement rates for various health care providers and procedures under Medicare and MedicaidTax extenders. Business meals would be 100% deductible through 2022 and out-of-pocket health care costs would be deductible after they reach 7.5% of income. Folds in pipeline safety legislation reauthorizing operating grants and safety standards for oil and gas pipelines.
Highlights of $900 billion COVID-19 relief, wrapup bills
Read full article: Highlights of $900 billion COVID-19 relief, wrapup billsVaccines, testing, health providers ($69 billion). Adds $22 billion for testing, tracing and mitigation, $9 billion for health care providers, and $4.5 billion for mental health. Reauthorizes, for three years, funding for community health centers and extends a variety of expiring health care policies, including reimbursement rates for various health care providers and procedures under Medicare and MedicaidTax extenders. Business meals would be 100% deductible through 2022 and out-of-pocket health care costs would be deductible after they reach 7.5% of income. Folds in pipeline safety legislation reauthorizing operating grants and safety standards for oil and gas pipelines.
Highlights of $900 billion COVID-19 relief, wrapup bills
Read full article: Highlights of $900 billion COVID-19 relief, wrapup billsAdds $22 billion for testing, tracing and mitigation, $9 billion for health care providers, and $4.5 billion for mental health. Forgives a $10 billion loan to the Postal Service provided in earlier relief legislation. Reauthorizes, for three years, funding for community health centers and extends a variety of expiring health care policies, including reimbursement rates for various health care providers and procedures under Medicare and MedicaidTax extenders. Business meals would be 100% deductible through 2022 and out-of-pocket health care costs would be deductible after they reach 7.5% of income. Folds in pipeline safety legislation reauthorizing operating grants and safety standards for oil and gas pipelines.
Huntington and TCF in $6B tie-up as more regionals merge
Read full article: Huntington and TCF in $6B tie-up as more regionals mergeFILE - In this Nov. 2, 2020 file photo, a man walks past the boarded-up first floor windows of a Huntington Bank branch in Columbus, Ohio. Huntington, with $120 billion in assets, outsizes TCF, which has assets of around $50 billion. The TCF brand will be changed to Huntington, and Detroit's TCF Center will be renamed after Huntington in the coming years. “We wanted to remain Detroit's hometown bank,” said TCF Financial CEO Gary Torgow, in an interview. “We are going to be much better together,” said Huntington Bank CEO Steve Steinour, noting that Huntington, along with new markets, would also get access to TCF's equipment finance business and inventory finance businesses.
Prosecutors: Florida high school coach lied to get $1M in virus relief
Read full article: Prosecutors: Florida high school coach lied to get $1M in virus reliefFORT LAUDERDALE, Fla. – A south Florida high school basketball coach fraudulently obtained nearly $1 million in coronavirus relief funds for his consulting company, federal prosecutors said. Terrence Williams, 40, of Tamarac, made his initial appearance Friday in Fort Lauderdale federal court. Williams, the head varsity basketball coach at Stranahan High School in Fort Lauderdale, applied for and received a $984,710 loan on behalf of his company, Williams Consulting Group LLC, according to a criminal complaint. Instead of using the money for payroll, prosecutors said Williams transferred the money to other accounts. It’s part of the coronavirus relief package that became federal law in March.
Prosecutors: Florida man lied to get virus relief money
Read full article: Prosecutors: Florida man lied to get virus relief moneyTAMPA, Fla. – A Florida man who received more than $1.9 million in coronavirus relief funds is accused of laundering most of the money through a fake business and purchasing a luxury car and a pickup truck, federal prosecutors said. Nicoletta then purchased a 2020 Mercedes and a 2020 special edition Ford F-250 pickup. He also wired approximately $537,000 to a property management company in South Florida. The Paycheck Protection Program represents billions of dollars in forgivable small business loans for Americans struggling because of the COVID-19 pandemic. It's part of the coronavirus relief package that became federal law in March.
Jacksonville dry cleaner holds out hope for more federal aid
Read full article: Jacksonville dry cleaner holds out hope for more federal aidJACKSONVILLE, Fla. – Martinizing Dry Cleaning has opened its doors to the Jacksonville community for the last 18 years. “I wake up every morning my heart is pounding wondering is this going to be another day I stay in business or not." The only reason Olson says her doors are open right now is because of federal funding she received from the Paycheck Protection Program. She asked how another round of PPP funding would be used if Olson received it. Olson recently received an economic injury disaster loan that she will eventually have to pay back.
Florida Republicans call for investigation into Democrats’ PPP loan
Read full article: Florida Republicans call for investigation into Democrats’ PPP loanTALLAHASSEE, Fla. – Five Florida congressmen are calling for an investigation into the pandemic relief loan secured by the Florida Democratic Party in May. Republicans have used the $780,000 loan secured by the Democrats in local and national attack ads. We’ve been asking for months, but the Democratic Party of Florida has so far refused to release the loan application. Lying on a PPP loan application is a felony that carries up to five years in prison and/or a $250,000 fine. We reached out to the Democratic Party of Florida for comment on this story and requested a copy of the original loan application.
Visit Jacksonville CEO says local hotels, tourism rebounding
Read full article: Visit Jacksonville CEO says local hotels, tourism reboundingMichael Corrigan, the CEO of Visit Jacksonville, said hotel occupancy in the River City is in the 54% range, which he adds is better than most cities in the state and across the country. The Paycheck Protection Program was included in the CARES Act federal stimulus package approved in the spring by Congress. Those efforts peaked Friday when he lifted state business restrictions, such as a 50% indoor occupancy limit at restaurants. The national hotel association estimates the industry accounted for 201,433 jobs in Florida before the pandemic hit the state in March. Last Friday, Sheraton Vistana Resort, Sheraton Vistana Villages and Marriott Resorts, all in Orlando, updated layoff notifications to the state.
GOP pushes for answers in Florida Democrats’ PPP loan
Read full article: GOP pushes for answers in Florida Democrats’ PPP loanTALLAHASSEE, Fla. – Despite repeated calls from news organizations and the GOP, the Florida Democratic Party has so far refused to release its Payroll Protection Program loan application. Political parties were supposed to be excluded from the PPP loan program, but somehow Democrats got at least $780,000. Now, the GOP is calling for the Small Business Administration to release that information. In documents, Democrats show repaying the money to a different bank than the one that issued the loan. We also asked the Florida Democratic Party why it isn’t releasing the application, but we’ve yet to hear back from them.
Powell and Mnuchin voice optimism but back more economic aid
Read full article: Powell and Mnuchin voice optimism but back more economic aid(Caroline Brehman/Pool via AP)WASHINGTON – Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism Tuesday that the U.S. economy is rebounding from the pandemic-induced recession with federal support but that more help from the government is likely needed. “We are in a very different situation than we were the last time,” when Congress enacted nearly $3 trillion in emergency financial aid, Mnuchin said. “At that time, the entire economy was shut down.”Mnuchin said that further federal aid should be focused on the most damaged sectors of the economy, such as restaurants and the travel industry. Pressed to say what types of aid the Trump administration would support in a new bill, Mnuchin said the administration would favor sending another round of $1,200 in individual payments. Mnuchin said the Treasury and the SBA had worked to make the forms simpler to fill out.
Prosecutors: Florida man spent virus relief funds on boat
Read full article: Prosecutors: Florida man spent virus relief funds on boatMIAMI A Florida business owner who received more than $2 million in coronavirus relief funds used about a third of that money to buy a new boat, authorities said. Crowther applied for a loan in April on behalf of his company, Target Roofing & Sheet Metal, Inc., according to a criminal complaint. Prosecutors said he claimed the funds would only be used for business-related purposes, such as retaining workers and paying bills. But shortly after receiving the money, Crowther spent $689,417 on a 2020 40-foot (12-meter) catamaran, which he registered in his name, the complaint said. It's part of the Coronavirus Aid, Relief and Economic Security Act, which became federal law in March.
$130 billion still up for grabs in Paycheck Protection Program
Read full article: $130 billion still up for grabs in Paycheck Protection Program$130 billion still up for grabs in Paycheck Protection ProgramPublished: June 23, 2020, 6:12 pmApproximately $349 billion worth of forgivable loans were accounted for in less than two weeks.
Coronavirus: New website offers Floridians financial advice
Read full article: Coronavirus: New website offers Floridians financial adviceTALLAHASSEE, Fla. – Three in four Floridians say they’re feeling more financial strain from the COVID-19 pandemic, a recent survey found. Now credit unions, banks and state Chief Financial Officer Jimmy Patronis have teamed up to launch a new resource to help residents navigate these turbulent times. While most Floridians are feeling more financial strain from the pandemic, nearly half say they’re feeling significantly more. The site offers financial resources and advice, much of which is geared towards pandemic relief. Suncoast Credit Union CEO Kevin Johnson said learning how to create a six-month emergency fund is key in these times.
SBA leaves businesses still hoping for more leeway on loans
Read full article: SBA leaves businesses still hoping for more leeway on loansNEW YORK – Small businesses hoping for more leeway in using coronavirus loan money were disappointed as the government released instructions for seeking forgiveness for the loans. According to the instructions, loans can still be forgiven in full only if the money is spent within eight weeks of receiving it. Many small businesses say the eight-week period is too restrictive; loan forgiveness applies only for money spent through June 30. Loan forgiveness was a key factor in many owners seeking the loans. While technically they can do that, they could not get forgiveness on the money spent for unapproved items.
Loan program is short-term fix, not cure-all, for businesses
Read full article: Loan program is short-term fix, not cure-all, for businesses(AP Photo/Tony Dejak, File)NEW YORK – The Trump administration has dispensed about $530 billion to millions of small businesses to cushion them from the sharp downturn induced by the coronavirus. A challenge for many small businesses is deciding how to use the money. Moreover, many small businesses use freelancers rather than employees, especially companies that require workers with different expertise. A loan from the program can help a business — and its employees — through an immediate cash crunch. “It’s a bridge to keep businesses going and then all businesses will need to review their business model,” Asgeirsson says of the program.
WATCH: President Trump delivers remarks on supporting small businesses
Read full article: WATCH: President Trump delivers remarks on supporting small businesses(Copyright 2020 The Associated Press. All rights reserved)During a news conference Tuesday afternoon, President Donald Trump delivered remarks on supporting the nation’s small businesses through the Paycheck Protection Program. Watch the news conference in its entirety by starting the video below.
Lakers return $4.6 million from stimulus loan program
Read full article: Lakers return $4.6 million from stimulus loan programLOS ANGELES – The Los Angeles Lakers have repaid a loan of roughly $4.6 million from coronavirus business relief funds after learning the program had been depleted. The Lakers applied for the loan under the Small Business Administration’s Paycheck Protection Program, a part of the federal government's $2.2 trillion stimulus package. “The Lakers qualified for and received a loan under the Payroll Protection Program,” the statement read. The Lakers remain completely committed to supporting both our employees and our community.”ESPN first reported the Lakers’ decision. The Treasury Department issued further guidance for the loan program last week, asking companies not to apply for the funds if they don't need the cash to survive.
What to know about the $483 billion coronavirus aid bill
Read full article: What to know about the $483 billion coronavirus aid billJACKSONVILLE, Fla. – If your business was one of millions of small businesses not covered by the Paycheck Protection Program, the $483 billion coronavirus relief bill could provide so much-needed relief. Included in the bill is $251 billion intended to refill the Paycheck Protection Program, which has already run out of nearly $350 billion intended to provide forgivable loans of up to $10 million for small businesses. RELATED: Highlights of the nearly $500B coronavirus relief billLike so many others, small business owner Allan Devault did not receive a loan through the PPP. If you’ve already applied for a PPP loan, just sit tight. But if you haven’t yet applied for a loan through the PPP, get your information and application squared away.
Orange Park business gets help from Paycheck Protection Program before funds run out
Read full article: Orange Park business gets help from Paycheck Protection Program before funds run outORANGE PARK, Fla. – The Small Business Administration said Thursday that it reached the $349 billion lending limit for the Paycheck Protection Program. Nearly 1.7 million loans were approved for small businesses, including Poochie’s Park in Orange Park. Poochie’s Park, like many other small businesses, had to make changes amid the coronavirus pandemic, such as cutting employee hours. He found out Wednesday they could bring back their 24 full-time employees, like Kristi Cessna, and continue to pay them. For the money to run out so fast, it shows just how great the need has been for small businesses.
Small business owners, this program could help you out
Read full article: Small business owners, this program could help you outJACKSONVILLE, Fla. – As small business owners scramble to keep their doors open, there’s at least one option on the table that could help keep them afloat. In other words, small business owners who follow the program’s rules will not be required to pay all of it back down the road. "I spend more time with these girls than anyone in my life.”The majority of her clients are other small businesses. Fagien has savings, but she said with as small and as new of a business like her business, she can only make it work for so long. She said she feels like she’s getting the short end of the stick as a really small business, dealing with a bigger bank.
Small business owners desperate for help told to be patient
Read full article: Small business owners desperate for help told to be patientJACKSONVILLE, Fla. – Desperate small business owners who hoped for a quick government lifeline to help them survive the coronavirus crisis are still without funds, instead are battling red tape, wary banks and swamped computer systems. Under this loan program, businesses with up to 1,500 employees can receive up to a $2 million, long-term loan. Thousands of others who sought relief through Small Business Administration economic injury disaster loans have waited even longer — some since mid-March. “These systems are not built for massive volumes,” said Karen Kerrigan, president of the advocacy group Small Business & Entrepreneurship Council. Small business owners have also found the economic injury disaster loans problematic.
Small business relief program launches, hits snags
Read full article: Small business relief program launches, hits snagsMany small business owners ran into bureaucratic or technological road blocks. A major trade group for small businesses complained that too many of its members were “shut out” from getting loans. Bank of America alone said 75,000 small businesses had applied for $7 billion of loans. Bank of America, for example, said the loans were available to customers who had business deposit accounts and business loans with the bank. “Small business owners have had their applications filled out.