Latest news with #EconomicInjuryDisasterLoan
Miami Herald
02-07-2025
- Business
- Miami Herald
SBA approves Gov. Newsom's disaster relief request after LA protests
July 1 (UPI) -- The Trump administration has approved California Gov. Gavin Newsom's request for disaster relief following last month's riots in downtown Los Angeles, the Small Business Administration announced Tuesday. President Donald Trump and SBA Administrator Kelly Loeffler approved the state's Economic Injury Disaster Loan declaration that will allow small businesses to apply for up to $2 million in low-interest EIDL loans. "Gavin Newsom let the migrant mob torch Los Angeles," Loeffler wrote Tuesday in a post on X. "Now he's asking SBA for disaster relief to fix an estimated $1 billion in damage. It's another Newsom crisis that POTUS is cleaning up for law-abiding citizens and small businesses." SBA disaster assistance teams are also providing on-the-ground support to those impacted, according to Loeffler. Hundreds were arrested last month for looting and vandalism at dozens of businesses after days of protests directed at Immigration and Customs Enforcement raids. During the riots, the Trump administration deployed thousands of National Guard troops to help law enforcement officers, who called the "unlawful and dangerous behavior" a "concerning escalation" after demonstrators flooded LA streets and freeways. Newsom blamed Trump's decision to call up the National Guard for creating the escalation, calling it a "breach of state sovereignty." "We didn't have a problem until Trump got involved," Newsom said on June 8. "This is a serious breach of state sovereignty -- inflaming tensions while pulling resources from where they're actually needed." Days later, Trump accused Newsom of failing to protect communities and said without the intervention, Los Angeles "would be burning to the ground right now." Newsom has not commented on California's disaster relief approval. "Gov. Newsom allowed a mob to rampage Los Angeles -- standing with violent rioters, paid protesters and criminal illegal aliens over law-abiding citizens. Despite an estimated $1 billion in damage, he refused federal relief for weeks, insisting that the riots were peaceful even as small business owners stood in the rubble," said Loeffler. "Although the SBA has approved California's disaster relief request and will begin delivering immediate aid to the innocent victims, Gov. Newsom must take accountability for his state-sanctioned crisis." Copyright 2025 UPI News Corporation. All Rights Reserved.
Yahoo
11-06-2025
- Business
- Yahoo
SBA offering low-interest loans to tornado-affected residents
The U.S. Small Business Administration is offering low-interest disaster loans to individuals, businesses, and nonprofits impacted by the May 16 tornado that struck Laurel County. As of press time Tuesday afternoon, 79 — 61 homes, 13 businesses, and five EIDL (Economic Injury Disaster Loan) — Kentuckians have applied for an SBA disaster loan, and 17 home loan applications have been offered for just over $2.8 million. Eligible residents can receive in-person assistance at a Business Recovery Center now open in London. The center is at the Kentucky Highlands Investment Corporation, located at 440 Old Whitley Road. It is open Monday through Friday from 9 a.m. to 6 p.m. through July 2. SBA representatives are available on site to help applicants complete their forms and answer questions about loan programs. The SBA is providing several types of loans for those who suffered damage from the storms: — Business Physical Disaster Loans: Up to $2 million for businesses to repair or replace damaged property, equipment, inventory, or supplies. — Home Disaster Loans: Up to $500,000 for homeowners and renters to repair or replace disaster-damaged real estate and personal property, including vehicles. — Economic Injury Disaster Loans (EIDL): Up to $2 million in Russell and 20 additional Kentucky counties for small businesses and nonprofits to help cover ongoing operating expenses such as payroll and rent. According to Public Affairs Specialist James "Jim" Accurso, interest rates can be as low as 2.688% for homeowners and renters, 4% for businesses, and 3.25% for nonprofits. Loan terms can extend up to 30 years. Accurso also shared there is no cost to apply, and residents are not obligated to accept a loan if offered. Survivors may additionally qualify for mitigation funds to help strengthen properties against future disasters. Although Accurso recommends visiting the center in person to receive guidance from trained customer service representatives, applications can also be completed online at
Business Upturn
10-06-2025
- Business
- Business Upturn
SBA Administrator Kelly Loeffler Calls on California Governor Gavin Newsom to Request Disaster Declaration for Small Businesses Impacted by L.A. Riots
By GlobeNewswire Published on June 10, 2025, 06:15 IST WASHINGTON, June 09, 2025 (GLOBE NEWSWIRE) — Today, Kelly Loeffler, Administrator of the U.S. Small Business Administration (SBA), called on California Governor Gavin Newsom to request an SBA Economic Injury Disaster Loan (EIDL) Declaration to authorize the agency to begin delivering urgent assistance to small businesses across Los Angeles that have been ransacked by rioters since civil unrest began last week. The agency stands ready to deliver critical aid to innocent American victims – whose storefronts have been looted and destroyed by the migrant mob that is wreaking havoc in defense of criminal illegal aliens. 'We're giving Gavin Newsom the opportunity to stop siding with criminal illegal aliens and start siding with law-abiding Americans – many of whom have lost everything to the violent and destructive riots across Los Angeles,' said SBA Administrator Kelly Loeffler. 'The migrant mob has looted stores, destroyed storefronts, and committed criminal acts of vandalism against our small businesses. Although local leaders are allowing Los Angeles to burn, federal partners are ready to help American citizens rebuild – and we will do so, as soon as the Governor answers their call for help.' For the safety of employees and small business owners, Administrator Loeffler recently announced that SBA would be relocating its Regional Office out of Los Angeles due to the city's refusal to cooperate with U.S. Immigration and Customs Enforcement (ICE). The Regional Office is located mere steps from the violence that continues to occur in downtown Los Angeles – and where U.S. Marines have been deployed to restore order. The SBA has provided the state of California with all relevant information needed to request an EIDL Declaration – which will allow small businesses in Los Angeles to apply for low-interest, long-term loans of up to $2 million to help them rebuild following the catastrophic violence of this weekend. Given the urgency of the situation, the SBA is committed to approving any such disaster declaration as soon as it is submitted by Governor Newsom. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
10-06-2025
- Business
- Yahoo
Raleigh County man pleads guilty to COVID-era business loan fraud
beckley – A Raleigh County man is awaiting sentencing in U.S. District Court after entering a guilty plea for theft of government money. United States Magistrate Judge Omar J. Aboulhosn presided over the hearing on June 2 in which Ross Jay Bailey, 50, of Cool Ridge, pleaded guilty to obtaining a $2 million loan through the Coronavirus Aid, Relief, and Economic Security Act for his business and then converting at least $1.4 million in funds to 'his personal enrichment,' states a news release from the U.S. Department of Justice. On or about June 30, 2020, Bailey obtained a $150,000 Economic Injury Disaster Loan for his business, R&R Delivery Service Inc. The CARES Act authorized the Small Business Administration to provide EIDL program loans of up to $2 million to eligible small businesses that were experiencing 'financial disruption due to the COVID-19 pandemic,' according to court documents and statements made in court 'Bailey successfully applied to increase the loan amount in August 2021 to $500,000 and in February 2022 to the $2 million maximum. Bailey certified that he would use all loans proceeds solely as working capital to alleviate economic injury caused by the pandemic,' states the news release. Court officials said Bailey admitted that he transferred at least $1.4 million of the EIDL proceeds from his business's bank account to his personal bank account from on or about March 1, 2022, through on or about May 31, 2022, as a condition of his guilty please. 'Bailey further admitted that he converted these funds into purchases of stock and cryptocurrency for his personal enrichment,' the release continues. Bailey is scheduled to be sentenced on Oct. 10 and faces a maximum penalty of 10 years in prison, up to three years of supervised release and a $250,000 fine. Bailey also owes at least $1.5 million in restitution, with a final amount to be determined by the Court. Acting United States Attorney Lisa G. Johnston commended the investigative work of the National Aeronautics and Space Administration Office of Inspector General, the US Secret Service, the West Virginia State Police-Bureau of Criminal Investigations and the West Virginia State Auditor's Office Public Integrity and Fraud Unit. Bailey's brother, Ryan Keith Bailey, 47, of Beaver, pleaded guilty on May 7 to theft of government money. Ryan Keith Bailey obtained $2,166,517.40 in loans through the CARES Act for his business and instead converted nearly all of the proceeds for his personal use. He is scheduled to be sentenced Sept. 12. Mark William Bailey, 52, of Beckley and a cousin of Ross Jay Bailey and Ryan Keith Bailey, pleaded guilty on Sept. 8, 2023, to theft of government money, after he admitted he stole approximately $451,237.51 in SBA loans he obtained through the CARES Act. On October 25, 2024, Mark William Bailey was sentenced to five years of federal probation, including one year on home detention, and paid $451,237.51 in restitution and an additional $451,237.98 as a civil penalty to settle False Claims Act allegations. NASA OIG is an active member of the Pandemic Response Accountability Committee Fraud Task Force, which was created to promote transparency and facilitate oversight of the federal government's COVID-19 pandemic response. The PRAC's 20 member Inspectors General identify risks that cross program and agency boundaries to detect fraud, waste, abuse, and mismanagement in the more than $5 trillion in COVID-19 spending, which includes funds awarded via the Paycheck Protection and EIDL programs. This case was also supported by the PRAC's Pandemic Analytics Center of Excellence, which applies the latest advances in analytic and forensic technologies to help OIGs and law enforcement pursue data-driven pandemic relief fraud investigations. Assistant United States Attorney Erik S. Goes is prosecuting the case. Individuals with information about allegations of fraud involving COVID-19 are encouraged to report it by calling the Department of Justice's National Center for Disaster Fraud Hotline at 866-720-5721, or via the NCDF Web Complaint Form at
Yahoo
10-06-2025
- Business
- Yahoo
SBA Administrator Kelly Loeffler Calls on California Governor Gavin Newsom to Request Disaster Declaration for Small Businesses Impacted by L.A. Riots
Agency Requests Authorization to Deliver Aid to Victims of Looting, Property Destruction WASHINGTON, June 09, 2025 (GLOBE NEWSWIRE) -- Today, Kelly Loeffler, Administrator of the U.S. Small Business Administration (SBA), called on California Governor Gavin Newsom to request an SBA Economic Injury Disaster Loan (EIDL) Declaration to authorize the agency to begin delivering urgent assistance to small businesses across Los Angeles that have been ransacked by rioters since civil unrest began last week. The agency stands ready to deliver critical aid to innocent American victims – whose storefronts have been looted and destroyed by the migrant mob that is wreaking havoc in defense of criminal illegal aliens. 'We're giving Gavin Newsom the opportunity to stop siding with criminal illegal aliens and start siding with law-abiding Americans – many of whom have lost everything to the violent and destructive riots across Los Angeles,' said SBA Administrator Kelly Loeffler. 'The migrant mob has looted stores, destroyed storefronts, and committed criminal acts of vandalism against our small businesses. Although local leaders are allowing Los Angeles to burn, federal partners are ready to help American citizens rebuild – and we will do so, as soon as the Governor answers their call for help.' For the safety of employees and small business owners, Administrator Loeffler recently announced that SBA would be relocating its Regional Office out of Los Angeles due to the city's refusal to cooperate with U.S. Immigration and Customs Enforcement (ICE). The Regional Office is located mere steps from the violence that continues to occur in downtown Los Angeles – and where U.S. Marines have been deployed to restore order. The SBA has provided the state of California with all relevant information needed to request an EIDL Declaration – which will allow small businesses in Los Angeles to apply for low-interest, long-term loans of up to $2 million to help them rebuild following the catastrophic violence of this weekend. Given the urgency of the situation, the SBA is committed to approving any such disaster declaration as soon as it is submitted by Governor Newsom. CONTACT: SBA HQ Press Team U.S. Small Business Administration press_office@ in to access your portfolio
