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Small Business Administration

All articles tagged with #small business administration

world8 days ago•16 min saved

Trump's SBA plan would redefine 'small business' to include billion-dollar firms

The Small Business Administration proposed a sweeping rule to redefine what counts as a small business, massively expanding thresholds so some firms with thousands of employees and up to about $1 billion in revenue could qualify for SBA loans and grants. Caps would rise dramatically across sectors (e.g., casinos to $774M in revenue, commercial banking assets to $5.03B), enlarging the pool of eligible recipients and potentially disadvantaging true small businesses. Supporters say it rewards growth and strengthens supply chains; critics warn it could decimate actual small businesses. Public comment is open through September 21.

via The Independent|

#americas #donald-trump #small-business-administration

business15 days ago•2 min saved

SBA Unveils Plan to Expand Small-Business Eligibility in Federal IT and Consulting Contracts

The Small Business Administration has proposed consolidating six-digit NAICS size standards into broader four- and five-digit groups, lifting thresholds (e.g., 5415 to $531 million and 5416 to $295 million) and potentially expanding the pool of federal contractors that qualify as small in IT and consulting markets. If finalized, hundreds to thousands of firms could gain small-business status or extend their eligibility, altering competition and set-aside opportunities; comments are due by September 21, 2026.

via OrangeSlices AI|

#business #federal-contracting #it-services

us-news4 months ago•6 min saved

Gotti Family Scion Sentenced to 15 Months for Covid-Relief Fraud

Carmine G. Agnello Jr., grandson of John Gotti, was sentenced to 15 months in federal prison for defrauding COVID-19 relief programs of more than $1 million, with some funds invested in cryptocurrency; he pleaded guilty to wire fraud and was ordered to pay about $1.3 million in restitution to the SBA.

via The New York Times|

#carmine-g-agnello-jr #covid-relief-fraud #cryptocurrency-investment

politics11 months ago•1 min saved

Federal Employees Instructed to Blame Democrats for Shutdown

During a government shutdown, some furloughed employees of the Small Business Administration used automated email responses to blame Senate Democrats for the shutdown, highlighting partisan tensions.

via The New York Times|

#automated-replies #federal-shutdown #government-shutdown

politics1 year ago•4 min saved

Trump Appoints Donor Kelly Loeffler to Lead Small Business Administration

President-elect Donald Trump has appointed former Senator Kelly Loeffler to lead the Small Business Administration. Loeffler, a major GOP donor, and her billionaire husband Jeff Sprecher contributed over $5 million to support Trump's election campaign. Loeffler's appointment follows her controversial tenure in the Senate, where she faced scrutiny over stock trades during the early COVID-19 pandemic. This move is part of Trump's pattern of rewarding loyal allies and significant donors with key positions in his administration.

via Forbes|

#billionaires #donations #kelly-loeffler

crime2 years ago•2 min saved

Florida Lawmaker Sentenced to Prison for Covid-19 Relief Fraud and 'Don't Say Gay' Bill

Former Florida state lawmaker Joe Harding, known for sponsoring a controversial law called "Don't Say Gay," has been sentenced to four months in federal prison for Covid-19 relief fraud. Harding pleaded guilty to charges of wire fraud, money laundering, and providing false statements after illegally obtaining over $150,000 in relief loans for two dormant companies. He will also serve a two-year supervised release period. Harding's lawyer claims the loans were repaid before charges were filed, and that his client cooperated in a separate pandemic relief fraud investigation involving his brother-in-law.

via The New York Times|

#covid-19-relief-fraud #crime #florida

government3 years ago•2 min saved

Billions Lost: COVID-19 Relief Funds Stolen in Massive Fraud

Fraudsters have reportedly misappropriated over $200 billion in COVID-19 relief funds intended to support struggling small businesses during the pandemic, according to a report by the inspector general of the Small Business Administration (SBA). The report reveals that approximately 17% of the $1.2 trillion disbursed by the SBA through the COVID-19 Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) were potentially fraudulent claims. Loose controls and the rush to distribute funds contributed to the ease with which fraudsters gained access to these programs. The Justice Department has initiated over 140 cases of fraud, with estimates suggesting that the total value of fraudulently obtained PPP loans could be in the billions. Efforts are underway to recover the stolen funds, with ongoing investigations and congressional hearings.

via Fox Business|

#covid-19-relief-funds #fraud #government

government3 years ago•8 min saved

Massive COVID-19 Aid Theft: Federal Watchdog Uncovers $200 Billion Grift

A federal watchdog investigating COVID-19 relief initiatives has estimated that over $200 billion may have been stolen from the Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL) program. The U.S. Small Business Administration inspector general's report indicates that at least 17% of funds disbursed through these programs went to potentially fraudulent actors. The fraud estimate for the COVID-19 EIDL program is over $136 billion, representing 33% of the total money spent, while the PPP fraud estimate is $64 billion. The Biden administration has implemented stricter rules to combat pandemic fraud and proposed a $1.6 billion plan to enhance law enforcement efforts in this regard.

via KOAT New Mexico|

#covid-19-relief #federal-watchdog #fraud

politics3 years ago•4 min saved

Federal Watchdog Reports Over $200 Billion in COVID-19 Aid Potentially Stolen in The Great Grift.

A federal watchdog investigating federally funded programs that helped small businesses survive the COVID-19 pandemic estimates that more than $200 billion may have been stolen from two large relief initiatives. The fraud estimate for the COVID-19 Economic Injury Disaster Loan program is more than $136 billion, which represents 33% of the total money spent on that program, according to the report. The Paycheck Protection fraud estimate is $64 billion, the inspector general said. The Biden administration has put in place stricter rules to stem pandemic fraud, including use of the “Do Not Pay” database.

via The Associated Press|

#covid-19-relief #fraud #investigation

crime3 years ago•1 min saved

Multiple Men Plead Guilty to PPP Fraud Totaling $4 Million

Edward Baker Harrington, a Colorado man, pleaded guilty to submitting fraudulent Paycheck Protection Program (PPP) applications to obtain more than $1 million in loans. He falsely represented that the funds would be used to pay eligible business expenses, but instead used them to purchase property and vehicles. Harrington faces a maximum sentence of 20 years in prison and a fine of up to $250,000 for wire fraud and 10 years in prison and a fine of up to $250,000 for money laundering.

via 9News.com KUSA|

#crime #edward-baker-harrington #money-laundering

politics3 years ago•1 min saved

Former 'Don't Say Gay' Florida Lawmaker Pleads Guilty to COVID Relief Fraud and Money Laundering

Former Florida lawmaker Joseph Harding, who sponsored the controversial "Don't Say Gay" law, has pleaded guilty to committing $150,000 in COVID-19 relief fraud. Harding made false statements to the Small Business Administration while applying for an Economic Injury Disaster Loan for one of his dormant business entities. He faces up to 35 years in prison and resigned from the Florida House in December after his indictment was announced.

via WFLA|

#covid-19-relief-fraud #dont-say-gay #florida

crime3 years ago•2 min saved

Former Florida GOP legislator faces prison time for Covid-relief fraud.

Former Florida state representative and sponsor of legislation prohibiting classroom discussion of sexual orientation and gender identity, Joseph Harding, pleaded guilty to fraudulently obtaining $150,000 in Covid-relief funds from the Small Business Administration. Harding made false statements when he submitted an application for an economic injury disaster loan for a dormant company. He faces a maximum of 35 years in prison and his sentencing hearing is scheduled for July 25.

via NBC News|

#covid-relief-fraud #crime #florida

crime3 years ago•1 min saved

Former Florida State Lawmaker Faces 35 Years in Prison for COVID Relief Fraud

Former Florida state Representative Joseph Harding pleaded guilty to wire fraud, money laundering and making false statements for COVID-19 relief money. Harding faces up to 35 years in prison for seeking COVID relief loans from the Small Business Administration (SBA) in 2020 for fabricated businesses. He applied for $150,000 in loans "he was not entitled" to and made three illegal monetary transactions. Harding's sentencing hearing is scheduled for July 25, 2023, at 11 a.m. at the United States Courthouse in Gainesville, Florida.

via Fox News|

#covid-19-relief #crime #florida

crime3 years ago•1 min saved

Former Florida Lawmaker Pleads Guilty to COVID Relief Fraud Charges

Former Florida lawmaker Joseph Harding, who sponsored the controversial "Don't Say Gay" law, pleaded guilty to committing $150,000 in COVID-19 relief fraud. Harding made false statements to the Small Business Administration while applying for an Economic Injury Disaster Loan for one of his dormant business entities. He faces up to 35 years in prison at a hearing scheduled for July 25.

via The Associated Press|

#covid-19-relief-fraud #crime #joseph-harding