Investment – Joy Peppers http://joypeppers.com/ Sat, 25 Sep 2021 12:23:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://joypeppers.com/wp-content/uploads/2021/05/joy-peppers-icon-150x150.png Investment – Joy Peppers http://joypeppers.com/ 32 32 GOP Congressmen Raise Millions in Federal Loans for Personal Car Dealers http://joypeppers.com/gop-congressmen-raise-millions-in-federal-loans-for-personal-car-dealers/ http://joypeppers.com/gop-congressmen-raise-millions-in-federal-loans-for-personal-car-dealers/#respond Sat, 25 Sep 2021 12:23:00 +0000 http://joypeppers.com/gop-congressmen-raise-millions-in-federal-loans-for-personal-car-dealers/

While President Biden’s CARES Act has in many ways proven to be a lifeline for thousands of businesses struggling to stay afloat amid the COVID-19 crisis, the PPP loan program, coordinated by the Small Business Administration (SBA), has also been the subject of great controversy. , with many critics claiming its provisions have been abused by massive companies that hardly needed an extra boost.

In December, the New York Times reported that only 1% of businesses that have received federal COVID-19 relief have garnered more than a quarter of the total amount of loans disbursed. “The money,” the Times wrote, “has been unevenly shared, with the largest sums going to a section of businesses in need.” About 600 large companies received loans of up to $ 10 million. Even state-owned companies with huge cash reserves – like Ruth’s Chris, Shake Shack and AutoNation – have taken out PPP loans, casting doubt on the program’s ability to distribute aid fairly.

The program, however, suffered the worst reputation blow even months before this report, when it was revealed that dozens of lawmakers (and their families) received millions in loans for their own personal businesses, even when these same lawmakers may have had a hand. in writing the provisions of the program. To boot, some of these lawmakers opposed legislation that would have added to the transparency of the program, potentially allowing them to benefit from undue federal aid behind the curtain.


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From a mud report, at least 28 members of Congress (or their spouses) have benefited from some $ 27 million in small business loans. Some of these members include Reps Dean Phillips, D-Minn., Kevin Hern, R-Okla., Greg Pence, R-Ind., And Carol Miller, RW.Va.

One of these legislators, Representative Mike Kelly, R-Pa., Has received federal loans ranging from $ 150,000 to $ 350,000 for his various auto dealers, according to The Philadelphia Inquirer. Kelly, who vote “No” on the TRUTH Act – which would have required the SBA to disclose all PPP beneficiaries in addition to the amount of their loans – is linked to four companies that benefited from the program, including Mike Kelly Automotive Group Inc., Mike Kelly Automotive LP, Mike Kelly Hyundai Inc. and Kelly Chevrolet Cadillac.

A spokesperson for his office told the Inquirer that Kelly “is not involved in the day-to-day operations of his car dealerships and was not part of the discussions between the company and the PPP lender.” However, the Post Office Gazette find last July that he was still named president of Mike Kelly Hyundai, Mike Kelly Automotive and Kelly Chevrolet Cadillac on one of his recent House financial disclosures, with his wife reporting a Kelly Chevrolet Cadillac salary.

Kelly is the 39th richest member of Congress, according to a 2018 analysis by the non-partisan Center for Responsive Politics, with a net worth of $ 12.4 million.

Other lawmakers who have benefited from the PPP program include Representatives Roger Williams, R-Tex., And Vern Buchanan, R-Fla.

According to Sludge, Williams, who claims a net worth of $ 27.7 million, cashed more than $ 1.4 million for his JRW Corporation, worth $ 50 million in 2019. The Tory lawmaker also has garnered federal aid for its Roger Williams Chrysler Dodge Jeep dealership in North Texas. .

“I have not personally benefited from [the loan]”he told Fox Business Network last year.” I have hundreds of employees – they took advantage. “

Earlier that year, in March 2020, Williams painted a very different picture of government grants, story The Epoch Times that “a socialist wants you to get a check from the government … a capitalist wants you to get a check from where you work”.

Williams, who voted against the TRUTH Act, also came under scrutiny by the House Ethics Committee in 2016, when he hidden an ostensibly self-interested provision in President Obama’s Fixing America’s Surface Transportation Act. The article, which he himself authored, effectively guaranteed that his own dealerships would be able to circumvent a federal car rental ban under safety recalls.

Representative Buchanan, the third richest member of Congress in 2018, behaved similarly with his various car dealerships. Bradenton’s Herald reported that the Florida lawmaker, worth about $ 74 million, accepted loans totaling between $ 2.7 million and $ 7 million for three of his personal businesses. The biggest went to Sarasota Ford, its Sarasota-based car dealership in which it is said to have a $ 50 million stake.

Like Kelly, Buchanan downplayed the importance of federal aid, arguing that he does not handle the concessions himself. But many advocates of government accountability have speculated that Buchanan’s decision was an abuse of power.

While small businesses in Sarasota and Bradenton struggled to secure federal aid, Buchanan cut his line and secured a loan in the early days of the program – after the Trump administration exempted members of Congress from go through a normally mandatory ethics review before obtaining a loan ”, Sarah Guggenheimer, DCCC regional press officer, wrote.

Buchanan did not vote on the TRUTH. Its past campaign fundraising practices have been marred by accusations of corruption, as well as subsequent investigations by the Department of Justice, the FBI, the FEC and the House Ethics Committee.

During the administration of the program, which ended in May, there were no rules preventing federal lawmakers (or their families) from applying for a P3 loan, and no one explicitly claimed that those lawmakers had broken the laws.

However, “it certainly looks bad and it smells bad,” Aaron Scherb, spokesperson for Common Cause, Recount Fortune, suggesting that their participation in the program poses a significant conflict of interest. According to a Politico report since last year, Congress has not imposed any specific disclosure rules regarding PPP loans for its own members.

“There are probably several other cases of family and friends of public servants receiving bailout funds,” Craig Holman, lobbyist for Public Citizen’s Capitol Hill, echoed Roll Call. “However, the general lack of disclosure of most beneficiaries of PPP funds prevents the public from knowing all the legislators who have benefited from their legislative actions.”

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OC Announces New Revolving Loan Fund for Local Businesses | New http://joypeppers.com/oc-announces-new-revolving-loan-fund-for-local-businesses-new/ http://joypeppers.com/oc-announces-new-revolving-loan-fund-for-local-businesses-new/#respond Fri, 24 Sep 2021 12:00:00 +0000 http://joypeppers.com/oc-announces-new-revolving-loan-fund-for-local-businesses-new/

The Orange County Economic Development Office announced a revolving loan fund program last week to provide a flexible source of additional financing for businesses growing or locating in Orange County.

The fund, created to help businesses respond to the impacts of the COVID-19 pandemic, was created using part of the first American Rescue Plan Act funds allocated to Orange County.

Charlottesville-based nonprofit Community Investment Collaborative (CIC) will administer the revolving loan fund and only businesses in Orange County will be eligible to receive loans. Eligible uses of loan proceeds include working capital, acquisition of land or buildings, new construction, property reclamation or improvements, purchase of equipment, supplies and materials, and stocks for resale.

The revolving loan fund is the first of its kind available to businesses in Orange County and will offer individual loans up to $ 20,000.

“The Orange County Revolving Loan Fund will provide affordable loans to the business community and help leverage additional support for more Orange County businesses as the community continues to recover from the impacts associated with the coronavirus pandemic, ”said Rose Deal, director of economic development for Orange County.

As a certified community development finance institution (CDFI) focused on underfunded entrepreneurs, CIC is an ideal partner for this initiative. Since its launch in 2012, it has provided nearly $ 2 million in microloans to businesses across the region, demonstrating its commitment to the continued evolution of the business community and the entrepreneurial spirit of its members.

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Elevate Credit eclipses $ 500 million in combined loans receivable by 25% | National company http://joypeppers.com/elevate-credit-eclipses-500-million-in-combined-loans-receivable-by-25-national-company/ http://joypeppers.com/elevate-credit-eclipses-500-million-in-combined-loans-receivable-by-25-national-company/#respond Thu, 23 Sep 2021 20:17:21 +0000 http://joypeppers.com/elevate-credit-eclipses-500-million-in-combined-loans-receivable-by-25-national-company/

FORT WORTH, TX – (BUSINESS WIRE) – Sep 23, 2021–

Elevate Credit, Inc. (NYSE: ELVT) (“Elevate” or the “Company”), a leading technology provider of innovative and responsible online lending solutions for unprivileged consumers, today announced that combined loans – principal arrears recently exceeded $ 500 million.

Chairman and CEO Jason Harvison said, “We, and the banks we back, are proud to have eclipsed half a billion in outstanding loans during the peak of the summer demand season in 2021. Consumer credit has recovered faster and stronger than initially expected. and we now expect the combined loan receivable and principal balances to end in 2021 in the range of $ 545 million to $ 575 million compared to our previous outlook of $ 475 million to $ 500 million. “

“Elevate continues to build momentum and execute our strategic growth initiatives. Our new Blueprint platform has enabled strong growth for all three products. The three-tier marketing plan we crafted earlier this year to re-engage alumni Partner channel expansion has proven to be very successful in 2021, and we’re excited to continue reaching underprivileged Americans who aren’t. not sufficiently served by traditional banks, ”continued Mr. Harvison.

Chad Bradford, Acting CFO, added: “During the peak credit demand season this spring and last summer, we were delighted to increase the volume of loans within our business unit. targeted. While this growth has increased the initial costs associated with origination, such as provisioning costs, we expect to achieve our target returns on large-scale volumes. We plan to provide an update on our financial outlook for full year 2021 during the third quarter earnings conference call in November.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as “may”, “will”, “could”, “expect”, “believe”, “anticipate”, “could”, “could”, “will”, “continue” , “Pursue”, or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company’s expectations, objectives or intentions regarding future performance. These statements may include words such as “anticipate”, “estimate”, “expect”, “plan”, “plan”, “intend”, “believe”, “can”, “want” , “Should”, “likely” and other words and terms with similar meanings. Forward-looking statements include statements regarding: our expectations for future financial performance, including our outlook for the full year 2021; our potential for long-term earnings growth; and our expectation of continued high earnings through 2021. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in such statement. These risks and uncertainties include, but are not limited to: the effect of the COVID-19 pandemic and various policies implemented to prevent its spread on the business, financial condition and results of operations of the Company; the Company’s limited operating history in an evolving industry; the Company’s ability to increase its revenues and maintain or achieve consistent profitability in the future; new laws and regulations in the consumer lending industry in many jurisdictions which could restrict the consumer lending products and services offered by the Company, impose additional compliance costs on the Company, make the operations of the current Company unprofitable or even prohibit the current operations of the Company; scrutiny by regulators and payment processors of certain online lenders’ access to the automated clearinghouse system to disburse and collect loan proceeds and repayments; a lack of sufficient debt financing at acceptable prices or disruption in credit markets; the impact of competition in our industry and the innovation of our competitors; our ability to prevent security breaches, downtime and comparable events that could compromise personal and confidential information held in our data systems, reduce the attractiveness of our platform, or negatively impact our ability to honor loans; and other litigation, compliance and regulatory risks. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and other sections of the Company’s most recent annual report on Form 10-K, and in other current reports and periodicals of the Company deposited from time to time with the second. All forward-looking statements contained in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statements.

About the elevation

Elevate (NYSE: ELVT), working with the banks that license its marketing and technology services, has to date granted $ 9.2 billion in unprivileged credit to more than 2.6 million non-privileged consumers. privileged and has saved its clients more than $ 8.5 billion over the cost of payday loans. Its responsible and technological online lending solutions provide immediate relief to today’s customers and help them build a brighter financial future. The company is committed to rewarding borrowers for good financial behavior with features like interest rates that may drop over time, free financial education, and free credit monitoring. Elevate’s suite of revolutionary credit products include RISE, Elastic and Today Card. For more information, please visit http://corporate.elevate.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210923005924/en/

CONTACT: Investor Relations:

Solebury Trout

Sloan Bohlen, (817) 928-1646

Investors@elevate.com or Media inquiries:

Solebury Trout

Laurie Steinberg, (845) 558-6370

lsteinberg@soleburytrout.com

KEYWORD: TEXAS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: FINANCING OF PROFESSIONAL BANKING SERVICES

SOURCE: Elevate Credit, Inc.

Copyright Business Wire 2021.

PUB: 23/09/2021 16:15 / DISC: 23/09/2021 16:17

http://www.businesswire.com/news/home/20210923005924/en

Copyright Business Wire 2021.

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Africa’s debt rises: Chinese loans to the continent exceed $ 140 billion http://joypeppers.com/africas-debt-rises-chinese-loans-to-the-continent-exceed-140-billion/ http://joypeppers.com/africas-debt-rises-chinese-loans-to-the-continent-exceed-140-billion/#respond Thu, 23 Sep 2021 02:28:00 +0000 http://joypeppers.com/africas-debt-rises-chinese-loans-to-the-continent-exceed-140-billion/ Africa has experienced a slowdown in economic growth and the prevalence of the Covid-19 pandemic has exacerbated the flow of funding needed for ongoing infrastructure development projects. Fearing a default, a number of African countries are renegotiating loan terms with Chinese entities, including postponing interest payments and suspending unsustainable projects.

According to IMF estimates, additional funding of up to $ 285 billion would be needed between 2021 and 25 for African countries to step up their spending response to the Covid pandemic.

China’s total loans to Africa during the period 2000-18 amounted to $ 148 billion, mostly in large-scale infrastructure projects. In the past five years, around 66% of the loan amount has gone to the transport and energy sectors, ET has reliably collected. Since 2010, Chinese financial institutions have funded an average of 70 projects each year in Africa with an average value of $ 180 million, and among them, funding for resource guarantee infrastructure has focused on mineral-rich African states. and hydrocarbons, including Zambia (copper), Kenya, Nigeria, Ghana, Angola, Algeria, Mozambique, Egypt, Sudan (Oil and gas), South Africa and Tanzania (Gold), ET told.

China is currently one of the top bilateral lenders in 32 African countries and the continent’s top lender as a whole. The list includes Angola ($ 21.5 billion in 2017), Ethiopia ($ 13.7 billion), Kenya ($ 9.8 billion), the Republic of Congo (7.42 billion dollars), Zambia ($ 6.38 billion) and Cameroon ($ 5.57 billion), ET learned.

The debts triggered a repayment crisis. China holds about 72% of Kenya’s external debt, which stands at $ 50 billion. Over the next few years, Kenya is expected to pay $ 60 billion to the China Exim Bank alone, sources said. The port of Mombasa may be lost if Kenya does not repay its loan, according to Kenya’s own auditor general. In 2015, Reuters reported that there was widespread discontent in Angola over the repayment of oil against loans from China, leaving Angola with little crude oil to export.

Between 2010-15, Nigeria’s debt to China also increased by 136%, from $ 1.4 billion to $ 3.3 billion, and the country had to spend $ 195 million in 2020 to repay its debt. to China. In Djibouti, China provided nearly $ 1.4 billion in funds, or 75% of the country’s GDP, according to reports.

At least 18 African countries have renegotiated their debts while 12 others are in talks with China to restrict loans of around $ 28 billion. In Nigeria, federal deputies have called for an investigation into the country’s lending practices and a review of the “sovereign guarantee clause” in loan agreements with China.

Nigeria must repay an amount of $ 400 million against a loan granted by China for the ‘Nigerian National Information and Communications Technology Infrastructure Phase – II Project’, signed in 2018. The Ugandan government also had to postpone the construction of ‘Kampala -Entebee Expressway after political opposition raised concerns over growing debt trap.

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Using call centers for CU loan applications http://joypeppers.com/using-call-centers-for-cu-loan-applications/ http://joypeppers.com/using-call-centers-for-cu-loan-applications/#respond Wed, 22 Sep 2021 12:15:22 +0000 http://joypeppers.com/using-call-centers-for-cu-loan-applications/

Credit unions have earned a reputation for member satisfaction because of their member-first mindset and the intimate relationships they seek to build through person-to-person interactions. Like most consumers, CU members have altered their banking habits to help navigate the restrictions set during the pandemic, but digitally-focused methods can at times seem impersonal and isolating, according to James urban, Deputy Vice President of the Member Experience Center at Community First Credit Union.

“The ability to just come in and meet your needs is almost gone at this point,” Urban told PYMNTS in a recent interview. “It has really minimized or reduced the number of points of contact members have with staff and branches. “

Personalization of digital solutions through human interaction can strengthen member relationships, and the expansion of digital options for mortgages and personal or auto loans can increase UC revenues, which may lag behind the d ‘other types of FIs in providing these offers. Urban explained how adapting technology to each member, as well as maintaining access to on-line operators, can help CUs gain a competitive advantage over traditional banks and FinTechs in lending.

The amplification of the pandemic of loans, call centers

Many consumers have realized the convenience of mobile and digital banking tools, but are not quite ready to commit to using them only. Definitive evidence to back it up, Urban said, is the level at which traditionally branch-centric members began to interact with the CU call center after the start of the pandemic.

“Our inbound call volume initially increased by at least 60%,” he said. “Then it came down to about a 35-40% increase, and it’s still higher now than it normally would have been at this point – not at the same high level, because obviously branches have been reopened for some time. “

A recent report predicts significant growth in the use of online banking, with more than half of the world’s population expected to do digital banking by 2026. This suggests that there is a sustainable place for digital alternatives, but The rise in call center contacts is a clear indicator that members remain wanting to have the ability to speak to someone live.

Community First’s surge in call volume has coincided with an increase in demand for loans to ease economic distress from the pandemic. The UC was able to take advantage of peaks in both services to meet the needs of its members.

“What surprised us all is that requests for loans, loans and membership continue to be, if not at levels similar to those before the pandemic, maybe even at a somewhat low level. higher, ”Urban said. “In response to the fact that the demand for loans and membership was still quite strong with branch closures and things like that, we had to find another way for our members to continue to meet those needs.”

The product of this brainstorming was Express Team, a dedicated live team to help members get loans, open new memberships, or add checking accounts by phone or live chat.

“We started with a pilot test of about four or five people, and really, we did it without knowing that we were going to see as much success as we could see. The result for this was simply to see that [we should] go ahead and do [Express Team] a permanent part of our organization, ”he continued.

Automation personalization increases buy-in

Members sometimes face friction during onboarding or various digital application processes. If members cannot resolve the issues on their own, the next action is to contact a customer service representative. Employees can then start or resume the loan application over the phone or submit a loan application through the loans department. Increased access to human-managed services can then lead to a higher rate of fully-fulfilled applications and greater membership acquisition.

Digital data can also help follow up with members and make process improvements if needed. CU employees have access to their members’ accounts and have transparency over all transactions and balances. Information from member data allows CU to recognize products and services that could benefit potential and existing members.

“Our loan origination system is where [the data] lives for each individual. Then, of course, in management we can… make sure we’re tracking what needs to be taken care of there. … For example, we open a membership and then automatically that new member will receive a welcome package, ”said Urban.

Digital-centric trends may seem at odds with the traditional mission of CU members, but they are here to stay. CUs can reverse this apparent drawback, however, by adding their unique brand of personalization to the equation. Those who do will have nothing to fear from traditional banks and FinTechs in a digital world.

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Houston man pleads guilty to federal charges for fraudulently obtaining $ 1.6 million in PPP loans http://joypeppers.com/houston-man-pleads-guilty-to-federal-charges-for-fraudulently-obtaining-1-6-million-in-ppp-loans/ http://joypeppers.com/houston-man-pleads-guilty-to-federal-charges-for-fraudulently-obtaining-1-6-million-in-ppp-loans/#respond Wed, 22 Sep 2021 01:04:42 +0000 http://joypeppers.com/houston-man-pleads-guilty-to-federal-charges-for-fraudulently-obtaining-1-6-million-in-ppp-loans/

HOUSTON – A Houston man pleaded guilty Monday to federal charges for securing more than $ 1.6 million in loans from the Paycheck Protection Program, designed to help struggling small businesses pay their employees and stay afloat during the COVID-19 pandemic.

Lee Price III, 30, submitted two fraudulent PPP loan applications to two different lenders on behalf of 713 Construction LLC and Price Enterprises Holdings LLC, according to court documents. The loan application for 713 Construction LLC was submitted on behalf of a deceased person shortly before the application was filed, according to court documents.

Price received more than $ 1.6 million in PPP loans through the combination of the two loan applications, according to court documents. He falsely represented the number of employees and the payroll costs in each of the PPP loan applications, prosecutors said. Price also submitted fraudulent tax records and other documents, prosecutors said.

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READ: Houston man accused of fraudulently obtaining $ 1.6 million from COVID-19 relief program was one of many, records show

After receiving the funds, Price embarked on a luxury shopping spree, spending hundreds of thousands of dollars in a matter of days, court documents show. Price bought a Lamborghini Urus for $ 233,000, a Ford F-350 pickup truck for $ 85,000 and a Rolex for $ 14,000, according to court documents. Prosecutors say he also spent thousands of dollars at nightclubs and strip clubs in Houston, and more than $ 100,000 to rent office space in Memorial City.

The Justice Department, along with law enforcement partners, seized more than $ 700,000 of P3 funds disbursed in the case, according to a statement.

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Price pleaded guilty to two counts of wire fraud and three counts of money laundering. He is expected to be sentenced on Nov. 29 and faces a maximum sentence of 20 years in prison for each count of wire fraud and 10 years in prison for each count of money laundering, according to a statement.

Copyright 2021 by KPRC Click2Houston – All rights reserved.

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Bankable launches new loan fund for black-owned businesses http://joypeppers.com/bankable-launches-new-loan-fund-for-black-owned-businesses/ http://joypeppers.com/bankable-launches-new-loan-fund-for-black-owned-businesses/#respond Tue, 21 Sep 2021 12:00:51 +0000 http://joypeppers.com/bankable-launches-new-loan-fund-for-black-owned-businesses/

Bankable, an Anderson-based nonprofit that supports small businesses in Indiana, has launched a new loan fund for black-owned businesses.

The Indiana Black-Owned Business Loan Fund, which Bankable officially announced on Tuesday morning, kicked off about two weeks ago. By Friday he had already received a dozen applications and at least two had already been approved, said Adam Hoeksema, executive director of Bankable.

“I was really surprised that we have already received as many applications as we have without really telling anyone,” Hoeksema told IBJ on Friday afternoon.

Hoeksema said it was Bankable’s first loan specifically designed for black-owned businesses. The broader goal, he said, is to help close the wealth gap that exists between black entrepreneurs and their white counterparts.

“We thought we could try to be part of the solution,” he said.

According to a September 2020 Federal Reserve report, the median wealth of the typical black family was $ 24,100 in 2019, compared to $ 188,200 for a white family.

The fund was launched with $ 1.5 million from various sources: the US Treasury Department’s Community Development Financial Institutions Fund, the Small Business Administration and partner banks.

The fund can make loans of up to $ 50,000. Its target borrowers are black-owned businesses based in Indiana who are unable to secure a traditional bank loan.

Bankable was founded in 2010 by the Flagship Enterprise Center in Anderson. Since its inception, the organization has provided more than $ 32 million in loans to small businesses across Indiana. About 94% of Bankable’s loans go to companies with annual turnover of less than $ 1 million, and about 40% of its loans go to companies less than two years old.

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True or false: setting the record straight on SBA loans and FEMA assistance http://joypeppers.com/true-or-false-setting-the-record-straight-on-sba-loans-and-fema-assistance/ http://joypeppers.com/true-or-false-setting-the-record-straight-on-sba-loans-and-fema-assistance/#respond Mon, 20 Sep 2021 23:40:54 +0000 http://joypeppers.com/true-or-false-setting-the-record-straight-on-sba-loans-and-fema-assistance/

The U.S. Small Business Administration (SBA) loan application offers many benefits to Hurricane Ida survivors who seek FEMA disaster assistance.

True or false: I can be referred to SBA after applying to FEMA.

True: After applying for FEMA disaster assistance, you may be contacted by the SBA. If you are prompted to apply for a low interest SBA loan, we encourage you to do so. Applying to the SBA ensures that all options for disaster assistance remain open to you.

True or false: The SBA application can be the basis for referrals to other grant programs.

True: Filing the application allows you to be considered for additional grants. If you apply for a low interest SBA disaster loan and are not eligible, this may open the door to additional FEMA assistance. If the SBA denies the loan application, you may be eligible for additional FEMA assistance to replace essential household items; replace or repair a damaged vehicle; cover storage costs or meet other disaster-related needs.

True or false: I must accept an SBA loan if I am approved.

False: If the SBA determines that you qualify for a loan, you are not required to accept it. However, if you are eligible for an SBA loan and choose not to accept it, additional resources may not be available to you for disaster recovery.

True or false: I have to choose between a FEMA Individual Assistance grant or an SBA loan.

False: Being eligible for an SBA loan does not mean that you are suddenly ineligible for FEMA assistance. There are several important reasons for completing and submitting an SBA application, even if you think you don’t currently need a loan. For example, you may find that you were underinsured for the amount of work required to repair or replace your home. A low interest SBA disaster loan can bridge the gap between your recovery costs and the settlement amount.

True or false: SBA loans are only for businesses.

False: The SBA offers homeowner loans up to $ 200,000 to repair or replace your primary residence. The loans are tailored to your personal financial situation. On a case-by-case basis, the SBA may be able to help you refinance your current mortgage (s).

SBA can help tenants and landlords replace household contents (eg, clothing, furniture, and appliances) and vehicles, called personal property. Homeowners and tenants are entitled to up to $ 40,000 to repair or replace damaged or destroyed personal property.

True or false: SBA loans are available to businesses and nonprofits of any size.

True: Businesses of all sizes and private non-profit organizations can borrow up to $ 2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other commercial assets. The SBA can also lend additional funds to businesses and homeowners to help cover the cost of improvements to protect, prevent, or minimize the same type of damage from a disaster in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of any size, SBA offers economic disaster loans to help meet the fund’s needs of turnover caused by the disaster. Economic Injury Assistance is available to businesses regardless of any material damage.

True or false: There is a deadline for applying for a low interest SBA loan.

True: The deadline for filing property damage claims is October 28, 2021. The deadline for returning economic damages claims is May 31, 2022.

The SBA has set up a virtual disaster loan assistance center that is open Monday through Friday, 7:00 am to 7:00 pm Survivors can contact an SBA customer service representative by e- mail to FOCWAssistance@sba.gov or by phone at 800-659-2955. Survivors can apply online at https://disasterloanassistance.sba.gov.

For the latest information, visit fema.gov/disaster/4611. Follow the FEMA Region 6 Twitter account on twitter.com/FEMARegion6 or on Facebook at facebook.com/FEMARegion6/.


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A disabled veteran had over $ 72,000 in student loans. Under the Biden administration, his debt was forgiven. http://joypeppers.com/a-disabled-veteran-had-over-72000-in-student-loans-under-the-biden-administration-his-debt-was-forgiven/ http://joypeppers.com/a-disabled-veteran-had-over-72000-in-student-loans-under-the-biden-administration-his-debt-was-forgiven/#respond Mon, 20 Sep 2021 13:36:20 +0000 http://joypeppers.com/a-disabled-veteran-had-over-72000-in-student-loans-under-the-biden-administration-his-debt-was-forgiven/

Earlier this month, Allison Gill saw her online student loan debt drop from $ 72,400.97 to… $ 0.

It was an emotional and uplifting moment for Gill, who posted a photo on Twitter to its over 143,000 subscribers with the caption “Thank you, @POTUS.”

Gill, a disabled veteran, is one of the most 500,000 borrowers which saw its student debt canceled as part of the Biden administration’s attempt to fix the federal student loan system. At the end of August, the Biden administration announcement that borrowers with total or permanent disabilities would have their student loans canceled. The change applied to borrowers identified through an existing data match with the Social Security Administration.

“I felt immense relief. I mean, I cried about it. I really cried about it,” said Gill.

Almost $ 10 billion in student loan debt has been written off since President Biden took office. Beneficiaries include people with disabilities, those who have been swindled by for-profit schools and soldiers deployed in war zones.

Gill falls into two of these categories.

She racked up her loans while earning a doctorate to secure a specific government job – a job she was laid off in 2020 under the Trump administration.

Gill, 47, of San Diego, joined the Navy in 1994, the first year they licensed women to serve as nuclear reactor technicians and mechanics. She says she was recruited because of her high test scores and was brought to Naval Nuclear Power Training Command. In the few years she served, says Gill, she was sexually assaulted – twice.

“I have 100% PTSD from this trauma,” she said.

In 1996, Gill was honorably released. (She appeared in the 2012 documentary, The invisible war, an investigative documentary into the outbreak of soldier rape in the U.S. military.)

After leaving the military, Gill received his bachelor’s degree in behavioral science, free of charge due to his status as a disabled veteran. Then she got her masters degree, paid for by the GI Bill (The GI Bill provides educational assistance to military personnel, veterans and their dependents.)

In 2009, after graduation, Gill found a job as a medical clerk with the Department of Veterans Affairs, or VA. She loved her job so much that in 2010 she decided to get her doctorate in health administration; it was a decision she knew would help her advance in the VA both in terms of job title and pay.

After seven years, she had about $ 76,000 left in student loans. But she landed the job she hoped for as a health systems specialist.

Gill continued to work for the VA while paying off her loans, but in 2017 she started a podcast that would ultimately leave her jobless. This was around the time of Special Advocate Robert Mueller’s investigation into the 2016 election and the Trump campaign’s relationship with Russia. Gill became fascinated with the situation and wanted to create a place where people could get all the latest news. So she started a podcast nights and weekends called Mueller, she wrote.

“It was a hobby because I worked for the federal government,” she said. “I didn’t use my name or my title. And I hired a lawyer to advise me on how not to violate the Hatch Act.” (The Hatch Act prohibits federal employees from engaging in certain forms of political activity.)

But the Office of the Legal Counsel has opened a investigation in his podcast – which had gained popularity with over 100,000 subscribers and fans.

I was told that I could not be represented on any of the calls, and that started the long journey that eventually took me out of my federal government job, ”she said.

After being fired, Gill continued to podcast. Then she and a group of other podcasters raised half a million dollars for President Biden and Vice President Harris’ campaign, as well as Jon Ossoff and Raphael Warnock’s Senate campaigns in Georgia.

“The irony is that Trump fired me. But then I was able to turn around and help him fire him,” she laughed.

And now, because of the president she helped get elected, her loans have been canceled.

Gill is grateful for Biden’s initiative, but hopes he takes it even further.

“My number one feeling was instant relief, but my number two thought is still why aren’t we doing this for every American?” Gill said.


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Biden did not cancel student loans, but does not pay for student loan forgiveness http://joypeppers.com/biden-did-not-cancel-student-loans-but-does-not-pay-for-student-loan-forgiveness/ http://joypeppers.com/biden-did-not-cancel-student-loans-but-does-not-pay-for-student-loan-forgiveness/#respond Sun, 19 Sep 2021 23:01:24 +0000 http://joypeppers.com/biden-did-not-cancel-student-loans-but-does-not-pay-for-student-loan-forgiveness/

President Joe Biden hasn’t canceled your student loans, but don’t pay for your student loan cancellation.

Here’s what you need to know – and what it means for your student loans.

Student loans

If you follow the latest headlines on student loans, you know that Biden hasn’t embraced full-scale student loan cancellations. Despite pressure from Senator Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY) to cancel up to $ 50,000 in student loans, Biden chose to focus on canceling targeted student loans. Since becoming president, Biden has canceled more student loans than any president. This includes $ 10 billion in student loan cancellations, including $ 1.5 billion in student loans canceled in this way and $ 5.8 billion in canceled student loans for student loan borrowers with total and permanent disabilities. . (Find out here how to apply for a student loan forgiveness). Without a large-scale student loan forgiveness, you might be wondering, “Should you stop paying your student loans?” If you haven’t got your student loan forgiveness, you might be tempted to pay a company to help you with your student loan forgiveness. Why? The lack of large-scale student loan cancellations has resulted in some student loan borrowers falling victim to potential student loan scams. Here is what you need to know in order not to lose money:

1. There is no Biden student loan forgiveness

If someone promises you “Biden Student Loan Cancellation”, that’s a scam. The term “Biden student loan cancellation” refers to student loan cancellation through the US Department of Education for your federal student loans. Biden’s student loan cancellation also refers to the student loan cancellation adopted by Biden under applicable law. Therefore, “Biden student loan cancellation” refers to the cancellation of the federal student loan through the federal government. No business can cancel your student loans. Don’t believe a company that promises student loan forgiveness. (However, here’s how to get a student loan discount). A typical scam involves a company – usually through an email or ad – that promises to cancel your student loans through the Biden student loan forgiveness program. Here’s the thing: There is no Biden student loan forgiveness through a business. This scam resembles the Public Service Loan Forgiveness program, which Congress created and which President George W. Bush, not Biden, enacted in 2007. However, only the US Department of Education can cancel your student loans through the Public Service Loan Forgiveness program. , not a private company. (Biden Student Loan Cancellation Means 3 Things For Your Student Loans).


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