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News

SBA Ordered to Release Loan Data

According to ProPublica, a judge has ordered the Small Business Administration to release records pertaining to the Payroll Protection Loan program to a group investigating abuse of the program. 

After a monthslong legal fight over the transparency of one of the federal government’s largest coronavirus relief programs, a judge in Washington required the disclosure of data on thousands of smaller business loan recipients.

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Main Street Funds Diverted to Small Business

The Main Street Lending Program for small businesses will have some of its lending diverted to small businesses impacted by Covid-19.

The Federal Reserve is changing the rules of its Main Street Lending Program to help smaller businesses that have been struggling to get by while waiting for additional stimulus from Congress. 

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Fraud Rampant in Loan Program

According to Bloomberg, the Small Business Administration gave away millions of dollars in fraudulent Small Business Economic Injury Disaster loans.

For a few months this year, a U.S. government aid program meant for struggling small-business owners was handing out $10,000 to just about anyone who asked. 

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