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2 mins read

Business owners of color seeking SBA loans now have to write an essay proving their race is a 'social disadvantage' after a judge ruled it isn't enough

In July, a federal judge ruled that race is no longer a disadvantage in America. Business owners no…

Ayelet Sheffey   


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A man from Georgia blew most of his COVID-19 small business loan on a $58,000 Pokémon card, prosecutors say

Federal prosecutors say Vinath Oudomsine lied about the size of his business, and then spent most o…

Grace Dean   


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2 mins read

Small businesses can now get up to $2 million in government loans to help them recover from the pandemic

The SBA raised the cap on Economic Injury Disaster Loans from $500,000 to $2 million for businesses…

Jennifer Ortakales Dawkins   


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2 mins read

Self-employed people are 4 times wealthier than workers, on average

Wages for American workers have been shrinking for decades. Their self-employed peers tend to have …

Juliana Kaplan   


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3 mins read

Congress opens investigation into BlueVine and Kabbage after reports of PPP fraud

While fintechs only processed 15% of PPP loans, 75% of loans tied to fraud were funded through thes…

Shannen Balogh   


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2 mins read

The Biden administration opened a new relief fund for restaurants. 186,200 applied in 2 days.

Biden said of his $28.6 billion Restaurant Revitalization Fund: "It looks like we'll be able to pro…

Juliana Kaplan   


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Biden signs PPP small-business aid extension into law one day before it was set to expire

Small businesses can now apply for aid from the Paycheck Protection Program through May 31, and app…

Ayelet Sheffey   


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2 mins read

House passes bill to extend PPP small business aid for 2 months

The bill extends the small business lending program through May 31 while allowing loan applications…

Ayelet Sheffey   


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2 mins read

PPP paid over 4,000 businesses twice, government watchdog says - and they'll have to pay it back

Last year, the Paycheck Protection Program issued 8,731 duplicate loans worth $692 million to 4,260…

Ayelet Sheffey   


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3 mins read

5 ways Biden just tweaked the PPP to help the smallest businesses survive

Biden's changes to the PPP help businesses with less than 20 workers (or none at all) and those wit…

Ayelet Sheffey   


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2 mins read

How to get tax credits, rent relief, and PPP loan forgiveness to help your business through the rest of the pandemic

An employee retention tax credit may help some businesses even more than PPP - and thanks to recent…

Bartie Scott   


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1 min read

Airtel Africa to sell Tanzania's tower portfolio to SBA Communications Corporation and Paradigm Infrastructure for $175 million

Airtel Africa on Wednesday announced the sale of the tower portfolio belonging to Airtel Tanzania t…

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2 mins read

Businesses at properties owned by the Trump Organization and Kushner Cos. benefited from over 25 PPP loans worth $3.65 million, a new report says

The Kushner Cos. general counsel said the NBC News analysis was "completely untrue and amounted to …

Oma Seddiq   


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2 mins read

A luxury hotel company that owns multiple Ritz-Carltons received millions in small-business aid thanks to a loophole in the coronavirus bailout program

A trio of hotel companies chaired by Dallas hotel exec Monty Bennett benefited the most from the co…

Melissa Wiley   


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Wells Fargo has fired more than 100 workers for lying in order to get COVID-19 relief funds

The bank identified employees who made "false representations in applying for coronavirus relief fu…

Tyler Sonnemaker   


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3 mins read

Unemployment diary: I'm a 36-year-old massage therapist in Illinois who's been out of work since March

"To find out that I have to pay back all unemployment aid puts me and my child in a very difficult …

Business Insider   


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8 mins read

Private jet companies scored a pile of federal aid meant for airlines and small businesses, boosting the industry as other sectors collapsed

Private jet companies received $666 million in CARES Act funds, carrying the industry through the s…

David Slotnick   


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2 mins read

Black-owned businesses nearly twice as likely to close amid the coronavirus pandemic, New York Fed study finds

"These firms had weaker financial cushions, weaker bank relationships, and preexisting funding gaps…

Carmen Reinicke   


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Government watchdog finds 'strong indicators of widespread fraud' in the $60 billion small business bailout program

The Small Business Administration's Inspector General said the suspected fraudulent transactions to…

Graham Rapier   


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2 mins read

Meet Isabel Guzman, the SBA Administrator Biden picked to navigate 'a crossroads moment for small businesses'

The SBA position has barely made news in past administrations, but now the recovery of America's Ma…

Dominick Reuter