Latest news with #EconomicInjuryDisasterLoan
Business Upturn
9 hours ago
- 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 hours ago
- 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 hours ago
- 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
Yahoo
17 hours ago
- Business
- Yahoo
Hurricane Milton-related loans available to Sarasota, Manatee businesses and nonprofits
The U.S. Small Business Administration (SBA) recently announced that low interest federal disaster loans are available to small businesses and private nonprofit organizations in Florida that sustained economic losses caused by Hurricane Milton on Oct. 9-10, 2024. The disaster declaration covers the primary counties of Sarasota, Manatee, DeSoto, Hardee, Seminole and Volusia as well as the adjacent counties of Brevard, Charlotte, Flagler, Glades, Highlands, Hillsborough, Lake, Marion, Orange, Polk and Putnam. Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises. EIDLs are available for working capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster. 'Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,' Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, said in a prepared statement. 'We're pleased to offer loans to small businesses and private nonprofits impacted by these disasters.' This article originally appeared on Sarasota Herald-Tribune: SBA loans available for businesses, nonprofits impacted by Milton
Yahoo
4 days ago
- Business
- Yahoo
Illinois carrier files for Chapter 11 bankruptcy
This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. AZA Transportation, a Chicagoland-area trucking company, filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Northern District of Illinois last month, according to court filings. The carrier, which reported having 70 power units as of October, will have the opportunity to reorganize its finances while paying down its debts in order to stay in business through Chapter 11 of the U.S. bankruptcy code. AZA Transportation, owned by President Azamat Sadyrbaev, has $826,458 in liabilities and $403,432 in personal property assets. Among AZA Transportation's 20 largest creditors is Keystone Equipment Finance, a Connecticut-based firm that offers financing for small- to mid-sized transportation companies to purchase new and used equipment. The firm is owed $82,905 in unsecured claims for loans used to purchase one Freightliner Cascadia and two Volvo trucks. Additionally, Transportation Alliance Bank has two unsecured claims against the carrier totaling $67,055 for another Freightliner Cascadia as well as two trailers. AZA Transportation also owes $24,500 to the U.S. Small Business Administration for an Economic Injury Disaster Loan. While that loan is just a piece of the company's overall debts, it's worth noting that the SBA ended its hardship accommodation plan for EIDL borrowers earlier this year. AZA Transportation is the latest in a string of trucking companies conceding to the ongoing pressures of a contracted freight market and tariff challenges. In April, Davis Express shut down operations after 44 years, and earlier this year, vehicle carrier Jack Cooper called it quits after losing automaker contracts. 'Tariffs on America's trade partners have the potential to inhibit the recovery from a freight recession that has been acutely felt by America's small-business truckers, but it is too early to make predictions on specific downstream economic effects,' an Owner-Operator Independent Drivers Association spokesperson told Trucking Dive in April. Recommended Reading Davis Express to shut down, cites challenging freight market Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
