Latest news with #SmallBusinessAssociation
Yahoo
02-06-2025
- Business
- Yahoo
Bluefield woman pleads guilty to COVID-19 fraud scheme
BLUEFIELD, WV (WVNS) — A Bluefield woman pleaded guilty to a COVID-19 relief fraud scheme. According to a press release, 43-year-old April Elick, of Bluefield, pleaded guilty to the theft of government money on June 2, 2025. She obtained $84,000 in COVID-19 loans through the Small Business Association (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and used the funds for personal use. Elick is set to be sentenced on September 8, 2025, and faces a maximum of 10 years in prison, three years probation, and a $250,000 fine. She owes $97,802.59 in restitution, as well. Court documents and statements made in court stated that Elick received two Paycheck Protection Program loans (PPP) amounting to $14,520 in April 2021, after stating that the money was for her home healthcare business to cover payrolls and other expenses. She received an Economic Injury Disaster Loan (EIDL) amounting to $61,000 through the CARES Act in January 2022, and also increased the COVID-19 business loan by $8,700 in April 2022, the release stated. As part of her plea, Elick confessed that she knew she could use the proceeds only for things outlined in CARES Act programs, the release noted. Elick also stated that she used funds for personal expenses, such as withdrawing $30,560, an estimated $16,350 in digital wallet transfers, and $8,290.11 in purchases made in West Virginia, North Carolina, and Virginia. The CARES Act allowed for forgivable PPP loans to be used for eligible for impacted businesses and sole proprietors, independent contractors, and self-employed individuals, the release stated. It also approved the SBA to provide EIDL loans of up to $2 million for eligible small businesses that were experiencing substantial financial struggles. Acting United States Attorney Lisa G. Johnston released the announcement and applauded the work of the WorkForce West Virginia Integrity Section, the National Aeronautics and Space Administration Office of Inspector General (NASA OIG), the Litigation Financial Analyst with the U.S. Attorney's Office, and the West Virginia State Police — Bureau of Criminal Investigation (BCI). Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
22-05-2025
- Business
- Yahoo
Shapiro backing flood relief loans; Shade Township bridge closed
CAIRNBROOK – The May 13 flooding will close another Somerset County bridge. And Gov. Josh Shapiro announced Wednesday his office will support an effort to help flood-battered Somerset County residents and businesses acquire Small Business Association aid. 'Committed to helping' Shapiro's support is another crucial step into acquiring multiple funding resources, emergency officials said Wednesday. For county residents impacted by the May 13 flood to receive low interest repair loans, Shapiro made a formal request to the U.S. Small Business Administration for the final clearance to make financial aid available. 'The flooding in southwestern Pennsylvania has been devastating, and the Shapiro administration has been on the ground providing support every day since the storm struck.' said Pennsylvania Emergency Management Agency Director Randy Padfield. Members of Padfield's staff have been conducting assessments in eight Somerset County communities that declared disasters as a precursor to the possibility of additional state support. That's included visits to Meyersdale, Garrett and Elk Lick Township, among others. 'Never seen it this bad': As Garrett strives to ease flood woes, council's own property among hard-hit areas For flood-battered Garrett Borough, one of the hardest-hit areas was the borough government's own backyard. The storm last week turned Garrett Community Park into a lake and the borough's office into a downstream drain. 'The Shapiro administration remains committed to helping Pennsylvanians recover and rebuild stronger than before, which is why we are working to secure federal low-interest loans as a tool to ensure homeowners and business owners have the support they need and can recoup unforeseen losses,' Padfield added. If approved, qualified renters, homeowners, private nonprofits and businesses within disaster declared areas could receive up to $500,000 in low-interest loans for residential repair and replacement. Loans up to $100,000 are possible for homeowners and renters to replace or repair personal property. Businesses could receive larger loans – up to $2 million – 'to cover disaster losses not fully covered by insurance.' Somerset County commissioners outline disaster recovery fund plan, make $10,000 donation The Somerset County commissioners will rely on an advisory board and eight flood-damaged communities to decide how a new disaster recovery fund is spent, they said Tuesday. Somerset County Emergency Management officials estimated earlier this week that at least six businesses reported first-floor flood damage in the southern part of the county. Somerset County EMA Director Joel Landis said his office was awaiting updates on a decision. County-owned bridge closed The deteriorating Shade Township bridge was already in line for replacement in the coming years, but last week's storm fast-tracked its closure, the county's EADS Group Engineer Andy Fedorko said. An area resident reported concerns about the span, which carries Whispering Pines Road over Dark Shade Creek, he said. A follow-up inspection showed one of the bridge's stone mansonary abutments further deteriorated from storm flooding, damaging mortar and causing additional material to break loose, he said. It made a bad problem worse on a bridge that previous saw its weight limit decreased to 3 tons due to preexisting concerns, Fedorko said. PHOTO GALLERY | 'We can't do it alone': Garrett hopes for help as state teams survey flood-hit areas in precursor to possible aid Don Hostetler's family bar survived Prohibition and generations of change in Garrett. On Monday, Hostetler was trying to figure out how Dub's Bar and Grill will survive four feet of floodwater from Buffalo Creek. Rockingham is one of several county bridges that have been closed over the past two years due to maintenance needs – most of which are set for repair or replacement projects. It's also one of at least three local bridges – county, state or township – that are now out of service due to damage inflicted by May 13 flooding. Further south, an emergency action plan is underway to build a temporary bridge in Boynton to enable U.S. Route 219 traffic to continue through the corridor. Design work for a new bridge at the Rockingham site was already in progress, and Fedorko said construction could start in fall 2026. Detours for the closure will be minimal, he said. 'Resource' support A pop-up emergency 'resource center' announced Monday for Somerset County will include a list of state agencies able to answer questions – and potentially provide support for flood-hit residents. Flood relief resource center planned in Meyersdale Somerset County is planning a one-stop shop to connect residents of hard-hit communities with flood relief resources. The resource center will be open from 10 a.m. to 7 p.m. Thursday through Saturday at Meyersdale Volunteer Fire Department, 202 Main St., Meyersdale. Landis and county emergency management staff organized the resource center to make it easier for Somerset County residents to get support, regardless of their post-flooding issues. Padfield said state agencies are joining the three-day event, recognizing it's a 'crucial time' for many people. Some of the resources provided by organizations staffing the resource center can help with replacing vital documents such as birth certificates and driver's licenses, checking insurance coverage for damages, trauma/crisis response and mental health resources, state officials said. Others can provide benefits and disabilities support, tax assistance, tips on how to avoid scams, and other recovery information. 'Key county agencies will be on hand to provide our residents with access to needed programs and services during this critical period of recovery,' Somerset County President Commissioner Brian Fochtman said. 'We are pleased to work in partnership with the commonwealth to ensure they receive all of the help they need.' PHOTO GALLERY | Somerset County residents reeling as floodwaters recede; officials document damage to provide aid Fueled by a full day of intense rain, the rapidly rising Casselman River filled Mark Smith's Mount Davis Road auto shop and nearby homes. Officials toured hard-hit areas Wednesday, going from property to property to document damage. Pennsylvania's departments of Aging, Agriculture and Health, Environmental Protection, Human Services and Transportation are attending. The Pennsylvania Insurance Department and Office of Attorney General also will have representatives at the center.
Yahoo
18-05-2025
- Business
- Yahoo
FEMA sets up in McLean County for disaster recovery assistance
HENDERSON, Ky. (WEHT) — The Federal Emergency Management Agency has set up a recovery center in McLean County. This comes less than a week after Governor Andy Beshear announced 24 additional Kentucky counties, including McLean, were approved for individual assistance by FEMA. Officials say representatives will be available to explain assistance programs, how to apply to FEMA and help connect survivors with resources for their recovery needs. According to the Judge-Executive's Office, both FEMA and the Small Business Association are set up at the Calhoun Baptist Church on Main Street. Officials say FEMA is available from Monday through Saturday from 9 a.m. to 7 p.m. and from 1 p.m. to 7 p.m. on Sunday. They say the Small Business Association will be unavailable on Sundays and will leave at 3 p.m. on Saturdays. For additional ways to apply, click here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
26-04-2025
- Business
- Yahoo
Where to get a business loan
Business loans are available from a variety of lenders, including banks, credit unions and online lenders. Banks and credit unions are ideal for established businesses with good to excellent credit. Compared to traditional lenders, online lenders and nonprofits are more willing to work with businesses with poor or bad credit. If you want to grow your business or make a large purchase but don't have the funds or revenue to achieve your goals, a small business loan may be the solution. Loan options available from various lenders, including traditional banks, credit unions, online lenders and the Small Business Association (SBA). Choosing the best place for a small business loan is key to getting approval. According to the 2024 Small Business Credit Survey, small banks had the highest full approval rate for business loans at 54 percent, followed by finance companies and credit unions at 47 percent, large banks at 45 percent, and online lenders at just 30 percent. Understanding how each lender differs, what eligibility criteria you have to meet and the pros and cons can help you determine the best place to get a business loan. There are several types of lenders available for small businesses. But since not all lenders are alike, choosing the best place for a business loan requires you to assess the benefits and drawbacks of available loan options. Traditional banks and credit unions offer the most small business loan variety, including term loans, lines of credit, equipment financing, auto loans for commercial vehicles and commercial real estate loans. SBA loans, backed by the U.S. Small Business Administration, are also available through many banks and credit. Business loans from traditional banks are ideal if you have good or excellent credit and your company has been established for at least two years. Your business should also be operating profitably. Otherwise, getting approved for a loan can be more challenging. Build business credit Face-to-face support (for banks and credit unions with physical locations) Low interest rates Several loan offerings with generous limits Extensive documentation requirements Less likely to offer prequalification Slower loan approvals and funding times Stringent eligibility guidelines The 2024 Small Business Credit Survey found that 44 percent of low credit risk businesses — those with good to excellent credit — opted for a loan, line of credit or cash advance from a large bank. Another 31 percent went with a loan from a small bank, while only 11 percent went with a credit union. Online lenders, including fully online banks and financial technology companies, often feature a more streamlined application process. Online lenders commonly offer faster loan approvals and funding times than traditional banks and credit unions. Most online lenders offer the same forms of financing as traditional banks and credit unions in their lending arsenals. However, they also offer non-traditional loan options to business owners who don't meet traditional credit scores, annual revenue or time in business requirements. These include merchant cash advances, invoice factoring and invoice financing. Non-traditional lending options Often, flexible or more lenient lending guidelines Rapid approvals and funding times Streamlined virtual application process May not report payments to credit bureaus No in-person customer support Steep borrowing costs on non-traditional loan options Typically, less favorable interest rates than bank loans According to the 2024 Small Business Credit Survey, 24 percent of all businesses looking for a loan, line of credit or cash advance applied for financing with online lenders. When looking at medium to high credit risk applicants — those with fair to poor credit — the number jumps to 45 percent. Many microloan programs are administered through not-for-profit organizations. A popular option is the SBA microloan, which maxes out at $50,000. Funded by the U.S. Small Business Administration, it exists to help underserved business owners grow their businesses, including veterans and women. SBA microloan interest rates typically range from 8 percent to 13 percent. The repayment period is up to six years. The loans cannot be used to pay off debt or purchase real estate, and you'll likely be required to pledge collateral to get approved. If an SBA microloan isn't right for you, inquire with local nonprofits about other potential funding opportunities for your company. Accessible by underserved business owners Lower credit score minimums May require collateral Slow approval times Small maximum loan amounts Nonprofits also provide financial support to small businesses in the form of grants. Many organizations target underserved communities, such as women, minorities and veterans, since they tend to face barriers to accessing capital. When you're ready to choose a lender, start by assessing your needs and decide on a loan amount. If you need a sizable loan — think $500,000 or more — you may have more luck with a traditional bank or credit union than an online lender or nonprofit. This can help you determine which loans could be a good fit. Most lenders have a credit score, debt-to-income, annual revenue and time in business requirement. If your business struggles in these areas, you may still qualify for short-term loans or alternative lending options. Also, some lenders specialize in working with startups. Along with reviewing requirements, consider using a business loan calculator to ensure you know what repayments your business budget can afford. Once you know how you'll use the funds, the amount you need and what types of loans are best, begin your search for lenders offering these lending options. Compile a list of lenders that could work and dig deeper to determine if they're reputable or if you should look elsewhere. Look for reviews on Trustpilot and complaints on the Better Business Bureau website. Some lenders allow you to view potential loan offers without impacting your credit score, including monthly payments, repayment periods and interest rates. If you have this option, comparing loan offers before applying will help you decide which lender offers the best deal. You'll also avoid applying with lenders who aren't a good fit. Ultimately, a business loan from a traditional lender or credit union is best for established companies operating profitably. Your credit health is equally important — it must be up to par to qualify for the most competitive terms. Loans for subprime borrowers Funding from traditional lenders like banks or credit unions may be out of the question for those with bad credit. As an alternative, subprime borrowers should consider online lenders. These often have flexible lending criteria and offer several types of bad credit business loans, including term loans, equipment loans and lines of credit. Figuring out where to go to get a business loan can be a big decision. You can get loans from online lenders, large and small banks, credit unions or some nonprofits. Evaluate your credit health and business loan needs and compare several lenders before applying. What is the easiest loan to get for a business? It depends on how long you've been in business and your finances. A business line of credit may be easiest if your business is brand new. If you need a large piece of equipment, an equipment loan may be easiest since the product is collateral to secure the loan. Researching your options and considering the criteria necessary to qualify can help you choose the right small business lender for the easiest loan. Can a new LLC get a loan? Yes. New LLCs may want to consider lenders offering startups loans to fund their new venture. Eligibility requirements vary by lender, as do interest rates and potential fees that can add to the cost of the loan. As a new business, you may face higher interest rates than an established LLC, but if you have an existing relationship with a lender, it may be the best place to start. Is an online lender less safe than a traditional bank? Online banks are usually FDIC-insured like traditional banks, making them just as safe. Some online lending options may offer more lenient approval requirements but can come at a higher cost. It's important to research lenders before submitting your personal identifying information to ensure it will safeguard your data before applying. Sign in to access your portfolio
Forbes
21-03-2025
- Business
- Forbes
Trump Says Student Loan System Moving To SBA, Jeopardizing Loan Forgiveness And Repayment Programs
President Donald Trump on Friday unexpectedly announced that he would be moving the entire federal student loan system from the U.S. Department of Education to the Small Business Association. 'I've decided that the SBA, the Small Business Administration, headed by Kelly Loeffler, will handle will all of the student loan portfolio,' Trump told reporters in the Oval Office. The transfer will happen 'immediately,' he said. Trump's statement comes one day after he issued an order to close the Department of Education – which most legal experts agree cannot be done without Congressional authorization. It also comes after the Trump administration made repeated assurances that the department could continue to administer the federal student loan system. Advocates have expressed heightened concerns that the dismantling of the Department of Education will cause massive disruptions for federal student loan programs, including income-driven repayment plans and student loan forgiveness, which are already facing unprecedented turmoil. Trump's unexpected announcement that the federal student loan system would be moved to the Small Business Association comes less than 24 hours after he issued an executive order to close the Department of Education. 'The Congress created the Department of Education in 1979 at the urging of President Jimmy Carter, who received a first-ever Presidential endorsement from the country's largest teachers' union shortly after pledging to the union his support for a separate Department of Education,' reads the order. 'Since then, the Department of Education has entrenched the education bureaucracy and sought to convince America that Federal control over education is beneficial." The order goes on to say, 'Closing the Department of Education would provide children and their families the opportunity to escape a system that is failing them.' As the President was signing the order, White House press secretary Karoline Leavitt told reporters, 'When it comes to student loans and Pell Grants, those will still be run out of the Department of Education." Similarly, the Department of Education issued a statement earlier this month announcing mass layoffs that said, 'The Department of Education will continue to deliver on all statutory programs that fall under the agency's purview, including formula funding, student loans, Pell Grants, funding for special needs students, and competitive grantmaking.' But Trump's announcement on Friday directly contradicts those assurances. Student loan borrower advocacy groups have been sounding the alarm that closing the Department of Education and transferring its operations to other agencies that have no experience with the nation's massive federal student loan portfolio may cause profound disruptions for borrowers. 'When the federal government accidentally bills a student loan borrower $5,000 a month instead of $50 — or when a predatory student loan servicer illegally withdraws multiple payments from debtors — there will be little to no recourse for working people to get their money back because of today's reckless decision by the Trump administration," said Braxton Brewington, spokesperson for the Debt Collective, a debtor's union advocating for student loan borrowers, in a statement on Thursday. 'Nearly every lawyer, ombudsman and team that was specifically designed to help the tens of millions of working class Americans with one of their largest monthly bills has been fired. This dismantling of the Department of Education will not save anyone a dime — in fact, it will come at great cost to our economy.' 'History tells us that dismantling the Department of Education, ending programs that help students learn, and shuffling the remaining programs among other agencies won't fix anything,' said Abby Shafroth, co-director of advocacy at the National Consumer Law Center in a statement this week. 'What it will do is eliminate education as a national priority; create inefficiency and disorder in federal educational programs; and make it harder for citizens to hold the federal government accountable for how it supports—or fails to support—access to education and educational excellence in the United States.' Borrowers are already contending with significant problems across the vast federal student loan system. The SAVE plan, a new income-driven repayment program enacted by former President Joe Biden that provided reduced payments and an end to runaway interest accrual, remains blocked by a court order, resulting in millions of borrowers unable to pay their student loans. Earlier in March, the Department of Education abruptly shut down the income-driven repayment system by removing applications and issuing an order to loan servicers to halt all application processing. This has resulted in millions of borrowers being unable to enroll in repayment plans that they are legally entitled to access, while others have been cut off from student loan forgiveness programs such as PSLF or are experiencing massive spikes in monthly payments. Meanwhile, relief for borrowers suffering from medical impairments who are entitled to a discharge under federal law are unable to receive one as the Total and Permanent Disability discharge program remains in a 'paused' status following a long-planned servicer platform change. It is unclear how President Trump's recent announcement of the transfer of the federal student loan system to the SBA will impact this program. The Trump administration's actions to dismantle the Department of Education may lead to legal challenges. Congress established the Department of Education through legislation, and most legal experts agree that it would take an act of Congress to dismantle it. Similarly, federal laws passed by Congress specifically designate the Department of Education to administer and implement repayment and student loan forgiveness programs for federal borrowers; shifting the department's student loan operations to other agencies within the federal government may violate the law. Some advocacy organizations have already threatened to sue the Trump administration. 'The real effect of this Executive Order will be more hardship and chaos for students and families,' said the National Student Legal Defense Network in a tweet on Friday. 'We will stop this in court.' The Department of Education is already contending with several legal challenges over recent Trump administration actions. This week, the American Federation of Teachers filed a lawsuit over the department's decision to take down income-driven repayment plan applications and block new enrollments in affordable payment plans that the department is required under law to offer borrowers. And earlier this month, a group of Democratic-led states filed a legal challenge to halt the administration's efforts to lay off nearly half of the department's staff, including many that help run the federal student loan system.
