Florida DEO: SBA Loans Available to Small Businesses, Non-Profits, Homeowners Impact by Surfside Condo...
The SBA authorized an Administrative Declaration for Miami-Dade County, as well as the contiguous Florida counties of Broward, Collier, and Monroe, in the form of low-interest Economic Injury Disaster Loans, Business Physical Disaster Loans, and Home Disaster Loans to eligible business owners and homeowners impacted by the Surfside condo collapse.
U.S. Reps. Byron Donalds and Maria Elvira Salazar sent a letter to Isabella Guzman, the administrator of the Small Business Administration (SBA), urging her to provide more information on the preparedness of the Office of Disaster Assistance (ODA) for the 2021 hurricane season and the office’s ability to respond to the ongoing COVID-19 pandemic while also managing loans stemming from natural disasters.
This week, U.S. Sen. Rick Scott, R-Fla., sent a letter to Small Business Administration (SBA) Administrator Isabella Casillas Guzman asking for her plan to prevent waste and abuse in the Paycheck Protection Program (PPP) while ensuring small businesses hurt by the coronavirus pandemic are getting the help they need.
At the start of the month, Salazar offered a bill on the matter. U.S. Rep. Sharice Davids, D-Kansas, is the main cosponsor. Other backers include U.S. Rep. Mario Diaz-Balart, R-Fla., U.S. Rep. Annie Craig, D-Minn., and U.S. Rep. Dan Meuser, R-Penn.
U.S. Rep. Sharice Davids, D-Kansas, is the main cosponsor. Other backers include U.S. Rep. Mario Diaz-Balart, R-Fla., U.S. Rep. Annie Craig, D-Minn., and U.S. Rep. Dan Meuser, R-Penn.
Rubio, who leads the U.S. Senate Small Business and Entrepreneurship Committee, thanked the backers of the proposal but noted that it provides less than $300 billion for small businesses, including another round of the Paycheck Protection Program (PPP) and more funds for Economic Injury Disaster Loans (EIDL).
On Thursday, Rubio sent a letter to Jovita Carranza, the administrator of the U.S. Small Business Administration (SBA), requesting information from the agency following a recent Inspector General report that found billions of dollars in potential fraud in the expanded Economic Injury Disaster Loan (EIDL) program for COVID-19.
In April, Rubio sent a letter to a number of large banking institutions who participate in the PPP requesting information on their application process amid recent reports certain large banks prioritized borrower applications, which is a violation of congressional intent of the program.
Rubio, who chairs the U.S. Senate Small Business Committee, weighed in after the SBA Inspector General (IG) released “Management Alert: Report 20-16, Serious Concerns of Potential Fraud in EIDL Program Pertaining to the Response to COVID-19." The alert went to the SBA and Congress “warning of suspected fraudulent activity in the COVID-19 Economic Injury Disaster Loan (EIDL) program.”
As Chairman and Ranking Member of the U.S. Senate Committee on Small Business and Entrepreneurship, and as two of the principal authors of the small business provisions in the CARES Act, we are writing to express our views on a number of implementation and oversight concerns with the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) and Emergency Grant programs.
Rubio urged Jovita Carranza, the administrator of the U.S. Small Business Administration (SBA), to provide information on the SBA’s Office of Disaster Assistance (ODA) preparedness to respond to potential natural disasters that could arise in the upcoming months in advance of the 2020 Atlantic hurricane season beginning on June 1.
The bridge loan program, managed by DEO, provides short-term, interest-free loans to small businesses that experienced economic injury from COVID-19. Additionally, DEO announced the availability of business resources to help businesses recovering from the economic impacts resulting from COVID-19.
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