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Draya Michele — model, swimwear designer, actress, and frequent Twitter trending topic — has some questions, and we’re here to answer them. In a tweet, Michele called out her “scamming scammers” and asked about the steps to paying back an SBA (Small Business Association) loan, under which falls other loan types like the aforementioned PPP loans. Hey I got a question for my little scamming scammers. Lol. If you get a SBA loan and it’s under a business name what are the steps to paying it back and if it is under the business name and you go into default does it go under your personal credit? — Draya Michele (@drayamichele) March 17, 2022 As one might imagine, the comments did not go over well, with one alleged former employee of the SBA summing up the answer as succinctly as the social platform would allow. I worked for SBA for 3 years. With a question like this, you giving them every reason to look at you and they will — The Cowboy Isley (@HankorJefe) March 17, 2022 Fortunately...
Mar 18, 2022
There’s been a lot of trickery going on when it comes to various scams across the internet and one certain move has landed musician Baby Blue in the hot seat. Complex reports that the Pretty Ricky bandmate, whose government name is Diamond “Blue” Smith has officially turned himself in to start his 20-month prison sentence due to his alleged involvement in a $24 million COVID-19 loan scam. In a recent interview, he says that a lie got him caught up in the madness that ultimately led to time in prison. He claims, according to the outlet, that as the “only” man with face masks in America, he “made a quarter of a million dollars in 20 days” after managing to sell two million masks. And he alleges that those said masks came from a clothing manufacturer in China.
Feb 16, 2022
Last year, small Black-owned and minority-owned businesses were reported as being denied access to PPP funding to help keep their businesses afloat. In an effort to change that, Black-run website BlackBusiness.com and a reputable community lender have partnered together to launch PPPLoans.com — a new initiative to specifically help more Black-owned businesses apply for and qualify for these business funds, Black Enterprise reports. According to Black News, the Paycheck Protection Program has officially reopened with more than $280 billion in funding, and will initially only be available to community financial institutions that offer this capital access to small businesses in underserved and underprivileged communities. Several initiatives have already been put in place to ensure Black and other minority business owners get a fair chance to secure these loans who couldn’t during the previous rounds of PPP lending or weren’t able to apply. In addition to launching this platform,...
Jan 16, 2021
Magic Johnson’s EquiTrust Life Insurance company has teamed up with Carver Federal Savings Bank and MBE Partners to provide $225 million in Paycheck Protection Program (PPP) loans to minority and women-owned businesses, according to Black Enterprise . This is in addition to the combined $100 million in PPP loans that the corporations have provided during the coronavirus, bringing the total to $25 million in funds. These loans are for all nonprofits, religious organizations, minority, and women-owned businesses that were left out of the Small Business Administration funding. “These businesses are a vital part of our economy and essential to the economic growth necessary for recovery from the pandemic. We have a responsibility to ensure an equitable distribution of federally backed capital to minority-owned small businesses,” Chair of EquiTrust Life Insurance, Earvin “Magic” Johnson, said. The coronavirus pandemic has had a tremendous impact on business owners, especially those that...
Aug 27, 2020