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SBA expands disaster relief to businesses in other counties impacted by Maui wildfires : Maui Now

Low-interest federal Economic Injury Disaster Loans are now available to small businesses and most private nonprofit organizations in Hawaiʻi, Honolulu and Kauaʻi counties as a result of wildfires that began Aug. 8 in Maui County. ....

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Feds Net Another Guilty Plea Related To Covid-Related Financial Fraud

In 2020, Congress passed the CARES Act intended to provide emergency financial assistance during the pandemic. Unfortunately, it also proved to be a magnet for fraud. ....

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Clinton business owner admits COVID-19 relief loan fraud

A Clinton roofing company owner has admitted using more than $400,000 intended for economic relief caused by the COVID-19 pandemic to instead buy personal items. ....

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CNN CNN This Morning Weekend June 4, 2024 11:37:00

Nearly 4 million small business owners took out what are called economic injury disaster loans or idle loans from the federal government. on average, about $100,000. in many cases, just to stay afloat. 30 years with a fixed interest rate of 3.75%. and unlike some other pandemic programs, eidl loans were expected to be paid back down the road. now the first monthly payments are becoming due. most businesses will owe money by the end of january. it s daunting. reporter: allen says he owes more than $3,700 per month, roughly $780,000 in all. a lot of which he says he spent on rent and payroll. we can t afford anything burk but what we re doing is paying interest only right now. reporter: so you haven t made a debt on the actual loan. have not made a dent on the principal. a new survey found 36% of members have reached ....

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CNN CNN This Morning Weekend June 4, 2024 11:38:00

Pre-pandemic sales levels, amid staffing shortages, supply chain issues and inflation, now add a possible looming recession, just as these loans come due. it s one more coast they re going to have to deal with. some small business owners unfortunately are going to struggle in kind of meeting those obligations. let s open up your diaphragm a little bit and see if it helps. reporter: lisa klein says covid is keeping clients away from her physical therapy practice, making it tough for her to pay off her eidl loan. $1,000 each month with 8,000 to go. all the costs of everything have gone up. we can t pay the staff what we would like to pay the staff. the whole business is suffering, adding insult to injury. reporter: struggling businesses can declare hardship and make small partial payments for six months but interest keeps accruing forcing owners like lisa klein to weigh short-term protection against a big bill down the line. we have no choice because if we don t keep paying ....

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