Small Business Administration

13 Stories

SBA Out of Cash for Hurricane Victims, for Now

Congress would need to greenlight additional funding, though lawmakers are now out of town

(Newser) - The Small Business Administration has run out of money for the disaster assistance loans it offers small businesses, homeowners, and renters, delaying much-needed relief for people applying for aid in the wake of the destruction caused by hurricanes Helene and Milton. The SBA offers Economic Injury Disaster Loans to businesses...

He Left a Suicide Note for His Mom. He Wasn't Really Dead

David Adler Staveley, first American charged with CARES Act fraud, sentenced to 4 years

(Newser) - When David Adler Staveley's unlocked car was found near the Atlantic Ocean in May 2020, with his wallet inside, family members assumed the Massachusetts man was dead. After all, the 54-year-old had left what appeared to be suicide notes for his associates and relatives, including his 80-year-old mother, per...

Guy Shows What to Do If You Get a $150K Surprise PPP Loan

Minnesota's Thomas Fahling doesn't own a small business but still got a chunk of pandemic cash

(Newser) - Imagine waking up and finding $150,000 magically deposited into your bank account. Thomas Fahling doesn't have to imagine it, because it happened to him one day this spring. The 73-year-old from Crystal, Minn., doesn't have his own business (he's a front-desk clerk), yet he somehow became...

Mnuchin: Let's Forgive Those Small-Business Loans

The treasury secretary echoes a proposal made by banks and trade associations

(Newser) - Good news for small-business owners: You might not have to pay back that federal loan. Treasury Secretary Steven Mnuchin said as much Friday in a House committee meeting where he pushed for another round of Paycheck Protection Program loans to struggling businesses, the Wall Street Journal reports. "One of...

US Catholic Church Gets 'Unprecedented' Exemption for Virus Aid

Normally not eligible for taxpayer-backed SBA funds, churches reap billions of dollars from PPP

(Newser) - The US Roman Catholic Church used a special and unprecedented exemption from federal rules to amass at least $1.4 billion in taxpayer-backed coronavirus aid, with many millions going to dioceses that have paid huge settlements or sought bankruptcy protection because of clergy sexual abuse cover-ups. The church's haul...

Deal Reached on $500B Coronavirus Relief Plan
Senate Passes $484B
Coronavirus Relief Plan
UPDATED
Apr 21, 2020 4:44 PM CDT

Senate Passes $484B Coronavirus Relief Plan

It includes $25B for coronavirus testing

(Newser) - Congress and the White House reached a deal on a new $484 billion coronavirus relief package in late-night talks and it sailed through the Senate on Tuesday. The package includes around $310 billion for the Small Business Administration's Paycheck Protection Program, which ran out of money last week after...

Small Businesses Looking for Help Get Bad News

Fund established by Congress runs out of money, and lawmakers can't agree on next steps

(Newser) - Owners of small businesses who are turning to a government website for help in the coronavirus outbreak now see the worst possible update: "SBA is unable to accept new applications at this time ... based on available appropriations funding," reads the notice by the Small Business Administration. The problem...

A Trump Ally Is Leaving Her Post for a Super PAC

Linda McMahon has been running the Small Business Administration

(Newser) - The head of the Small Business Administration, Linda McMahon, is stepping down from the role. A senior administration official told the AP of the move, confirming news first reported by Politico . The latter site says she is leaving to chair the pro-Trump super PAC America First Action. A former wrestling...

Trump's Latest Cabinet Pick: WWE Co-Founder

Linda McMahon to head Small Business Administration

(Newser) - As though to remind us that he'll be the first US president in the WWE Hall of Fame , Donald Trump has chosen WWE co-founder Linda McMahon to head the Small Business Administration. After stepping down from the WWE in 2009, McMahon, 68, ran twice for the Senate as a...

Hurricane Task Force's Advice? Expect More Flooding

Which means focusing on preventative measures now

(Newser) - It's not exactly the words of encouragement ocean-side homeowners might have hoped for. The presidential task force charged with coming up with a strategy for rebuilding areas damaged by Superstorm Sandy today revealed 69 policy initiatives, the theme of which can be summed up thusly: Plan for things to...

Obama Administration Loses Yet Another Woman

Karen Mills led Small Business Administration since 2009

(Newser) - The Obama administration is losing yet another Cabinet-level woman. Karen Mills, the head of the Small Business Administration, announced today that she'll be leaving the post she has held since 2009, reports Politico . The president issued a statement thanking Mills for cutting through red tape and making life easier...

Obama Wants Power to Merge 6 Trade Agencies

Move aims to cut down on government bureaucracy

(Newser) - President Obama will today announce a plan to mash together six federal agencies—including the Commerce Department—in an effort to simplify the government's sprawling regulatory bureaucracy. Obama can't actually make the move without Congressional approval, however, so he intends to ask Congress for a special reorganizational power—...

Bush Tabs 'Problem Solver' to Head HUD

New secretary must face the housing market's troubles

(Newser) - With the housing market in turmoil, President Bush is turning to an investment banker-turned-bureaucrat to head HUD, the Washington Post reports. Steven Preston, 47, has run the Small Business Administration since 2006 after a stint at Lehman Brothers; he succeeds Alphonso Jackson, who announced his resignation 2 weeks ago amid...

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