All articles tagged with #sba
The SBA suspended nearly 7,000 Minnesota borrowers for suspected fraud related to COVID-era small business loans, including the Paycheck Protection Program and Economic Injury Disaster Loans, which provided vital support during the pandemic but also faced issues with misuse and fraud due to rapid deployment and limited oversight.
The U.S. Small Business Administration (SBA) is launching a new pilot program offering government-backed credit lines of up to $5 million to help small businesses secure working capital. The initiative aims to be more attractive to both lenders and borrowers compared to existing SBA products, with simplified terms and higher guaranties to encourage uptake. The program is part of the SBA's broader efforts to support small businesses, especially in an environment of higher interest rates.