Latest Small business financing News

Harris, Yellen focus on community finance at Freedman Forum

Sep. 30, 2022 15:10 PM EDT

WASHINGTON (AP) — Vice President Kamala Harris and Treasury Secretary Janet Yellen plan to use this year's Freedman's Bank Forum to highlight how federal coronavirus pandemic relief program funds have helped support Black- and minority-owned businesses. The Treasury Department...

Police: Inmates got out of Illinois jail with pandemic loans

Sep. 22, 2022 16:56 PM EDT

JOLIET, Ill. (AP) — More than two dozen people have been charged in Illinois with fraudulently obtaining pandemic relief money, with authorities alleging that some of them were behind bars when they used their relief money to post bond and free themselves from jail. Joliet Police...

US has sent $8.28 billion in pandemic funds to local lenders

Sep. 21, 2022 17:30 PM EDT

WASHINGTON (AP) — On the same day the Federal Reserve gave a sobering report on the U.S. economy's trajectory, administration officials highlighted how they have kept some of the nation's smallest businesses afloat through the pandemic. Roughly $8.28 billion in relief funds have...

Low-interest loans available following storms in WVa

Sep. 19, 2022 04:14 AM EDT

HUNTINGTON, W.Va. (AP) — Low-interest disaster loans are available to businesses and people affected by severe storms and flooding in West Virginia last spring, the U.S. Small Business Administration said. The declaration covers Cabell County and adjacent counties of Lincoln,...

As small businesses raise prices, some customers push back

Sep. 11, 2022 12:06 PM EDT

NEW YORK (AP) — Inflation isn’t only costing small businesses money. It’s costing them customers as well. At the Bushwick Grind Cafe in Brooklyn, New York, Kymme Williams-Davis has raised prices and switched to different types of goods to keep up with the rising costs of milk,...

Florida man pleads guilty to $2.6M COVID-19 relief fraud

Aug. 30, 2022 17:30 PM EDT

FORT MYERS, Fla. (AP) — A Florida man has pleaded guilty to stealing more than $2.6 million in COVID-19 relief funds. Daniel Joseph Tisone, 35, of Naples, pleaded guilty Monday in Fort Myers federal court to wire fraud, bank fraud, illegal monetary transaction and possession of...

Fed's real-time payment system coming as early as May '23

Aug. 29, 2022 20:53 PM EDT

NEW YORK (AP) — The Federal Reserve's new real-time payments system known as FedNow is expected to go live as early as May 2023, a Fed official said Monday. In development for effectively a decade, FedNow is expected to allow banks of any size to send payments to each other in...

Secret Service recovers $286M in stolen pandemic loans

Aug. 26, 2022 10:35 AM EDT

WASHINGTON (AP) — The U.S. Secret Service said Friday that it has recovered $286 million in fraudulently obtained pandemic loans and is returning the money to the Small Business Administration. The Secret Service said an investigation initiated by its Orlando office found that...

Police department worker gets 60 days for COVID relief fraud

Aug. 04, 2022 18:56 PM EDT

MIAMI (AP) — A former civilian employee for a South Florida police department has been sentenced to 60 days in federal prison for stealing over over $117,000 in COVID relief funds. Elisa Rivera, 51, was sentenced Wednesday in Miami federal court, according to court records. She...

West Virginia woman admits COVID-19 loan fraud scheme

Aug. 04, 2022 04:01 AM EDT

CHARLESTON, W.Va. (AP) — A West Virginia woman has admitted accepting more than $42,000 in paycheck protection loans under a federal COVID-19 assistance program for businesses that were not engaged in substantial activity. Alexis Ransom, 24, of Logan, pleaded guilty Wednesday to...