have turned into primal screams of pain. (“I SERIOUSLY CANNOT TAKE THIS WITH SBA ANY LONGER” is one of the milder replies.) She said she understood the urgency.

“It’s definitely unprecedented — across the board, across the nation — and we are seeing multiple disasters at the same time,” she said. “The agency is highly focused on just still responding to disaster and implementing this relief as quickly as possible.”

This is Ms. Guzman’s second tour at the Small Business Administration. When President Barack Obama picked Maria Contreras-Sweet in 2014 to take over the agency, Ms. Guzman went along as a senior adviser and deputy chief of staff. The women had met in the mid-1990s. Ms. Guzman, a California native with an undergraduate degree from the University of Pennsylvania’s Wharton School of Business, was hired at 7Up/RC Bottling by Ms. Contreras-Sweet, an executive there.

“I was always impressed with her ability to handle jobs with steep learning curves — she has a quick grasp of complex concepts,” Ms. Contreras-Sweet said.

Ms. Guzman spent her first stint at the agency focused on traditional projects like its flagship lending program, which normally facilitates around $28 billion a year in loans. The time, the job is radically different.

community navigators” program, which will fund local organizations, including nonprofits and government groups, to work closely with businesses owned by people with disabilities or in underserved rural, minority and immigrant communities. It’s an expansion of a grass-roots effort by several nonprofits to get vulnerable businesses access to Paycheck Protection Program loans.

Ms. Guzman said she was bullish about that effort and other agency priorities, like expanding Black and other minority entrepreneurs’ access to capital — but first, like the clients it serves, the Small Business Administration has to weather the pandemic.

And to do that, it has to stop shooting itself in the foot.

The much-awaited second attempt at opening the Shuttered Venue Operators Grant fund was preceded by one final debacle: The agency announced — and then, less than a day before the date, abandoned — a plan to open the first-come-first-served fund on a Saturday. For those seeking aid that has not yet arrived, the incident felt like yet another kick in the teeth.

Ms. Guzman said she was aware of the need for her agency to overcome its limitations and rebuild its checkered reputation.

“This is a pivotal moment in time where we can leverage the interest in small business to really deliver a remarkable agency to them,” she said. “I value being the voice for the 30 million small and innovative start-ups around the country. What I always say to my staff is that I want these businesses to feel like the giants that they are in our economy.”

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Stocks Rebound as Wall Street Shakes Off Inflation Worries: Live Updates

manufacturing activity in the United States and Europe showed a rapid pickup, as did retail sales data from Britain.

The Stoxx Europe 600 rose 0.6 percent led by gains in consumer companies. One of the biggest gainers was Richemont, the Swiss luxury goods company that owns brands including Cartier and Montblanc. Richemont shares rose after the company reported its full-year results with strong growth in sales in Asia especially for its jewelry and watch brands.

Oil prices rose. Futures of West Texas Intermediate, the U.S. crude benchmark, rose 1.4 percent to $63.48 a barrel.

There are many ways to measure how much the economy has reopened after pandemic lockdowns. One offbeat way is to compare the share prices of Clorox to Dave & Buster’s.

Nick Mazing, the director of research at the data provider Sentieo, came up with this metric to gauge shifts in postpandemic activity. The higher Clorox’s share price rises relative to Dave & Buster’s, the more people appear to be staying home and disinfecting everything than going out to crowded bars.

By this measure, the DealBook newsletter reports, conditions have nearly returned to prepandemic levels — indeed, Dave & Buster’s recently lifted its sales forecast, as nearly all of its beer-and-arcade bars have reopened.

Two more ratios that Mr. Mazing suggest comparing are Netflix versus Live Nation and Peloton versus Planet Fitness.

The first is also nearly back to where it was before the pandemic: Live Nation is preparing for a packed concert schedule, selling tickets to people who may have already binge-watched all of “Below Deck.”

The second, however, suggests that people aren’t as eager to get back to huffing and puffing at the gym as they are content to exercise at home. As restrictions lift and people feel safer in crowds, drinking and dancing appear to be higher priorities.

George Greenfield, the founder of CreativeWell, a literary agency in Montclair, N.J., applied for a loan in March with Biz2Credit. The initial amount he was offered was less than a quarter of what he was eligible for.
Credit…Ed Kashi for The New York Times

The government’s $788 billion relief effort for small businesses ravaged by the coronavirus pandemic, the Paycheck Protection Program, is ending as it began, with the initiative’s final days mired in chaos and confusion.

Millions of applicants are seeking money from the scant handful of lenders still making the government-backed loans. Hundreds of thousands of people are stuck in limbo, waiting to find out if they will receive their approved loans — some of which have been stalled for months because of errors or glitches. Lenders are overwhelmed, and borrowers are panicking, The New York Times’s Stacy Cowley reports.

The relief program had been scheduled to keep taking applications until May 31. But two weeks ago, its manager, the Small Business Administration, announced that the program’s $292 billion in financing for forgivable loans this year had nearly run out and that it would immediately stop processing most new applications.

Then the government threw another curveball: The Small Business Administration decided that the remaining money, around $9 billion, would be available only through community financial institutions, a small group of specially designated institutions that focus on underserved communities.

A roll of steel is packaged and labeled.
Credit…Taylor Glascock for The New York Times

The American steel industry is experiencing a comeback that few would have predicted even months ago.

Steel prices are at record highs and demand is surging as businesses step up production amid an easing of pandemic restrictions. Steel makers have consolidated in the past year, allowing them to exert more control over supply. Tariffs on foreign steel imposed by the Trump administration have kept cheaper imports out. And steel companies are hiring again, The New York Times’s Matt Phillips reports.

It’s not clear how long the boom will last. This week, the Biden administration began discussions with European Union trade officials about global steel markets. Some steel workers and executives believe that could lead to an eventual pullback of the Trump-era tariffs, which are widely credited for spurring the turnaround in the steel industry.

Record prices for steel are not going to reverse decades of job losses. Since the early 1960s, employment in the steel industry has fallen more than 75 percent. More than 400,000 jobs disappeared as foreign competition grew and as the industry shifted toward production processes that required fewer workers. But the price surge is delivering some optimism to steel towns across the country, especially after job losses during the pandemic pushed American steel employment to the lowest level on record.

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As Paycheck Protection Program Runs Dry, Desperation Grows

The government’s $788 billion relief effort for small businesses ravaged by the coronavirus pandemic, the Paycheck Protection Program, is ending as it began, with the initiative’s final days mired in chaos and confusion.

Millions of applicants are seeking money from the scant handful of lenders still making the government-backed loans. Hundreds of thousands of people are stuck in limbo, waiting to find out if their approved loans — some of which have been stalled for months because of errors or glitches — will be funded. Lenders are overwhelmed, and borrowers are panicking.

“Some of our lenders have been getting death threats,” said Toby Scammell, the chief executive of Womply, a loan facilitator that has nearly 1.6 million applications awaiting funding. “There’s a lot of angry, scared people who were really counting on this program and are afraid of being shut out.” More funding seems unlikely. Congress twice extended the program in December and March, anteing up nearly $300 billion total in new aid, but there is little indication that it will do so again.

The relief program had been scheduled to keep taking applications until May 31. But two weeks ago, its manager, the Small Business Administration, announced that the program’s $292 billion in financing for forgivable loans this year had nearly run out and that it would immediately stop processing most new applications.

reaching businesses owned by women and minorities, a priority for the Biden administration. But they are not intended to operate on a large scale — and suddenly thousands of desperate borrowers were beating down their door.

“I’m averaging 150 calls a day,” said Brooke Mirenda, the chief executive of the Sunshine State Economic Development Corporation, a Florida lender. “When you’re talking to borrowers who are crying because there’s $8,000 at stake and for them it’s months of their mortgage payment — that’s a really huge deal.”

In something akin to a game of musical chairs, banks and other lenders are now frantically trying to find community financial institutions to take over their backlog of applications. Even though most focus on underserved borrowers, they can process loans for any qualified applicant — but very few have the capacity to do that in large numbers.

contact community financial institutions to determine which ones are lending, but those who have tried said the effort was often fruitless.

Sheri, a photographer in Brooklyn who asked that her last name not be used to protect her privacy, wrote to more than a dozen lenders. Three replied. One was not offering P.P.P. loans, one said she did not meet its qualification rules, and the other requested more information and did not confirm whether or not it could offer her a loan.

Representatives of the Small Business Administration did not directly answer questions about the challenges of finding a willing lender.

“Community-based financial lenders play a key role in generating economic growth and opportunity in some of our most distressed communities,” Patrick Kelley, the head of the agency’s Office of Capital Access, said in a written statement.

“In just over seven days, more than 450 C.F.I.s have processed over 273,000 Paycheck Protection Program applications totaling $4.6 billion, more than 50 percent of the $9 billion remaining one week ago,” he added.

The Paycheck Protection Program has had a rocky road since its inception. Its early days, in April 2020, were plagued by technology problems and confusing rules. Big banks rebuffed many borrowers, and some prioritized bigger and wealthier businesses.

Fraud has been a constant challenge, too, and the Justice Department has charged hundreds of people with taking loans illegally. Many of the tiniest businesses were entirely shut out; a late move by the Biden administration to get more money to solo business owners wreaked havoc for lenders and contributed to the recent deluge of applications.

Now, an additional bottleneck is causing turmoil: Banks and other mainstream lenders are racing to finalize hundreds of thousands of applications that were still in progress when the Small Business Administration closed the program to new applications. Those loans could still be funded, the agency told them, but they would need to move fast.

That set off a panic, with anguished applicants besieging overwhelmed lenders — especially so-called fintechs, a group of online lenders that cranked out P.P.P. loans at a blistering pace. Many took on more customers than they could handle and are now struggling to manage irate borrowers clamoring for help and information.

George Greenfield, the owner of CreativeWell, a small literary agency and speakers’ bureau in Montclair, N.J., applied in March for a loan from Biz2Credit, a fintech lender.

But Mr. Greenfield’s application was complicated — he’s a sole proprietor, but one who, before the pandemic, had part-time employees — and Biz2Credit’s system struggled to accurately calculate his loan amount. The initial amount he was offered was less than a quarter of what he was eligible for.

Mr. Greenfield and his accountant spent more than a month trying to get the mistake fixed, with no success. Emails went unanswered. Online customer service agents could not help. And when the S.B.A. cut off new loans, his problem became urgent: If he abandoned his Biz2Credit application, he feared he would not be able to find a new lender.

“My blood is boiling,” Mr. Greenfield said last week of his stalled application. “This company has no regard for the small-business owners they said they wanted to serve.”

After a New York Times reporter contacted Biz2Credit, a company agent quickly called Mr. Greenfield and untangled his application. Within hours, he had the paperwork to finalize his loan for the correct amount. He was happy with the outcome but infuriated by the process.

Rohit Arora, the chief executive of Biz2Credit, acknowledged that Mr. Greenfield was not alone in his frustration. “We were thrown off guard by the S.B.A. shutdown,” he said. “They’re running a very chaotic program. There hasn’t been much communication.”

Biz2Credit processed more than 182,000 P.P.P. loans this year, but Mr. Arora estimated that he had tens of thousands of stranded applications that his company would be unable to fund. “For the last week, we’ve been slammed,” Mr. Arora said. “The customers have been very angry, very frustrated, very scared. I can understand.”

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As Trillions Flow Out the Door, Stimulus Oversight Faces Challenges

WASHINGTON — Lawmakers have unleashed more than $5 trillion in relief aid over the past year to help businesses and individuals through the pandemic downturn. But the scale of that effort is placing serious strain on a patchwork oversight network created to ferret out waste and fraud.

The Biden administration has taken steps to improve accountability and oversight safeguards spurned by the Trump administration, including more detailed and frequent reporting requirements for those receiving funds. But policing the money has been complicated by long-running turf battles; the lack of a centralized, fully functional system to track how funds are being spent; and the speed with which the government has tried to disburse aid.

The scope of oversight is vast, with the Biden administration policing the tail end of the relief money disbursed by the Trump administration last year in addition to the $1.9 trillion rescue package that Democrats approved in March. Much of that money is beginning to flow out the door, including $21.6 billion in rental assistance funds, $350 billion to state and local governments, $29 billion for restaurants and a $16 billion grant fund for live-event businesses like theaters and music clubs.

The funds are supposed to be tracked by a hodgepodge of overseers, including congressional panels, inspectors general and the White House budget office. But the system has been plagued by disagreements and, until recently, disarray.

released a scathing report accusing other Treasury officials of blocking him from conducting more extensive investigations.

Mr. Miller was selected to oversee relief programs managed by the Treasury Department, but the agency’s officials believed his role was to track only a $500 billion pot of money for the Federal Reserve’s emergency lending programs and funds for airlines and companies that are critical to national security. Mr. Miller said that Treasury officials were initially cooperative during the Trump administration, but that after the transition to the new administration started, his access to information dried up.

After Mr. Miller’s requests for program data were denied, he appealed to the Justice Department’s Office of Legal Counsel, which ruled against him last month. His team of 42 people has been left with little to do.

Economic Injury Disaster Loans. But federal oversight experts and watchdog groups say the exact scale of problems in the $2 trillion bipartisan stimulus relief bill in March 2020 is virtually impossible to determine because of insufficient oversight and accountability reporting.

Mr. Miller has been pursuing cases of business owners double dipping from various pots of relief money, such as airlines taking small-business loans and also receiving payroll support funds. The Small Business Administration’s inspector general said last year that the agency “lowered the guardrails” and that 15,000 economic disaster loans totaling $450 million were fraudulent.

The Government Accountability Office also placed the small-business lending programs on its “high risk” watch list in March, warning that a lack of information about the recipients of aid and inadequate safeguards could lead to many more problems than have been reported. The report identified “deficiencies within all components of internal control” in the Small Business Administration’s oversight and concluded that officials “must show stronger program integrity controls and better management.”

proposal to revamp many, but not all, of its procedures.

Oversight veterans and some lawmakers say they want to see a more cohesive approach and more transparency from the Biden administration.

“It is just staggering how little oversight there is,” said Neil M. Barofsky, who was the special inspector general for the Troubled Asset Relief Program from 2008 to 2011. “Not because of the fault of the people who are there, but because of the failure to empower them and give them the opportunity to do their jobs.”

Senator Elizabeth Warren, Democrat of Massachusetts, said she had pushed hard for more oversight last year because she believed that Trump administration officials had conflicts of interest. Despite improvements, she said, the Biden administration could be doing more.

“I kept pushing for more oversight — we got some of it, but not all of what we need,” Ms. Warren said. “We are talking hundreds of billions here.”

She added: “The Biden administration is definitely doing better, but there’s no substitute for transparency and oversight — and we can always do better.”

programs intended to speed $25 billion for emergency housing relief passed last year.

Watchdog groups are wary that speed could sacrifice accountability.

Under Mr. Trump, the Office of Management and Budget, which is responsible for setting policy in federal agencies, refused to comply with all the reporting requirements in the 2020 stimulus that called for it to collect and release data about businesses that borrowed money under the small-business lending programs.

To some observers, Mr. Biden’s budget office has not moved quickly enough to reverse the Trump-era policy. Instead, Mr. Sterling’s team is working on a complex set of benchmarks — tailored to individual programs included in the $1.9 trillion relief bill — which will be released one by one in the coming months.

stymied by disagreements about a program to prop up struggling state and local governments.

Its legally mandated report to Congress was delayed for weeks, and a member of the panel, Bharat Ramamurti, accused his Republican colleagues of stalling the group’s work. Mr. Ramamurti has since left to work for the Biden administration, and the five-person panel now has three commissioners and no chair. Its latest report was only 19 pages.

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The Paycheck Protection Program is out of money and closed to most new applications.

Four weeks before its scheduled end, the federal government’s signature aid effort for small business ravaged by the pandemic — the Paycheck Protection Program — ran out of funding on Tuesday afternoon and stopped accepting most new applications.

Congress allocated $292 billion to fund the program’s most recent round of loans. Nearly all of that money has now been exhausted, the Small Business Administration, which runs the program, told lenders and their trade groups on Tuesday. (An earlier version of this item misstated that the actions it described occurred Wednesday.)

While many had predicted that the program would run out of funds before its May 31 application deadline, the exact timing came as a surprise to many lenders.

“It is our understanding that lenders are now getting a message through the portal that loans cannot be originated,” the National Association of Government Guaranteed Lenders, a trade group, wrote in an alert to its members Tuesday evening. “The P.P.P. general fund is closed to new applications.”

the latest government data. Congress renewed the program in December’s relief bill, expanding the pool of eligible applicants and allowing the hardest-hit businesses to return for a second loan.

Lawmakers in March extended the program’s deadline to May, but they have shown little enthusiasm for adding significantly more money to its coffers. With vaccination rates increasing and pandemic restrictions easing, Congress’s focus on large-scale relief effort for small businesses has waned.

Two new grant programs run by the Small Business Administration — for businesses in the live-events and restaurant industries — began accepting applications in recent weeks, though no grants have yet been awarded.

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Pandemic Relief Fund for Restaurants Is Open, but Cash Will Go Fast

Restaurants, bars, caterers and other food businesses devastated by the pandemic began applying Monday for help from a new $28.6 billion federal aid program, but the money isn’t expected to last long.

Despite a few glitches after thousands descended on the application website for the Restaurant Revitalization Fund when it went live at noon, the process was fairly straightforward, applicants said.

That was a welcome change from the technical problems that have plagued other aid programs run by the Small Business Administration, which is managing the restaurant fund.

“It was impressively smooth,” said Sarah Horak, who co-owns three bars and restaurants in Grand Forks, N.D. She was able to submit her first application just 10 minutes after she logged on to the website.

acknowledged on a webinar last week. He said he hoped Congress would provide more money as needed.

The fund offers grants of up to $10 million. The amount each business can receive equals the difference between its 2019 and 2020 gross receipts, minus certain other federal assistance such as loans from the Paycheck Protection Program.

Alaska Crepe Co., in Ketchikan, Alaska, in 2019. He applied Monday for a grant.

“We’ve had to learn to run really lean this past year,” Mr. Yoder said. The Yoders’ business depends heavily on cruise visitors, and this year — like last year — could be a near-total loss on the tourism front.

Mr. Yoder took a full-time tech industry job last year to support his family and business. “We’re making enough to keep the doors open, but we’re certainly not profitable,” he said. “We’re losing money every day we’re open.”

Tamra Patterson, the owner of Chef Tam’s Underground Cafe in Memphis, was still trying to complete her application late on Monday afternoon. She made it through several steps but then got a message saying her responses had failed the agency’s “knowledge based authentication” check.

The S.B.A. said in a Twitter post that it was having trouble with that portion of the application process. “Your place in line is reserved and you will be able to complete your application shortly,” it informed those experiencing problems.

Ms. Patterson, who is Black, said she had not been approved for any other federal aid programs, including the Paycheck Protection Program. “Every time I tried to apply I ran into some type of hiccup,” she said.

began taking applications for the Shuttered Venue Operators Grant, a $16 billion relief fund for theaters, music clubs and other live event businesses. Nearly 9,500 businesses applied for that relief on the program’s first day, but the agency has not yet issued any grant decisions.

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Restaurant Revitalization Fund Will Open Monday, May 3

A $28.6 billion grant fund for restaurants, bars, caterers and other food businesses will open Monday, the government said on Tuesday, offering an extra lifeline to some of America’s hardest hit small businesses.

The Restaurant Revitalization Fund, which was created last month by the $1.9 trillion American Rescue Plan, will offer grants of up to $10 million to replace lost sales. The amount each businesses can receive is generally the difference between its 2019 and 2020 gross receipts, minus certain other federal assistance such as Paycheck Protection Program loans.

The money is expected to go quickly. Eligible businesses have lost hundreds of billions of dollars, according to congressional estimates, but lawmakers provided funding to cover only a sliver of that total.

“Restaurants are the core of our neighborhoods and propel economic activity on Main Streets across the nation,” said Isabella Casillas Guzman, the head of the Small Business Administration, which will disburse the grants. “They are among the businesses that have been hardest hit and need support to survive this pandemic. We want restaurants to know that help is here.”

Small Business Administration website and some point-of-sale systems. The technology companies Clover, NCR Corporation, Square and Toast are working with the agency to enable applications for their customers.

Eager restaurateurs are preparing to apply — and have started lobbying for additional funding to keep eligible applicants from being shut out.

“This is great news, but the $28.6B won’t be enough,” Russell Jackson, a New York City chef, wrote on Twitter in a message urging Congress to “refill the program as needed.”

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MacKenzie Scott Gave Away Billions. The Scam Artists Followed.

Even people with Ms. Scott’s resources can’t prevent swindlers from using their names. Scammers have copied the webpage of the federal Small Business Administration and impersonated the Federal Trade Commission, one of the agencies trying to combat exactly these sorts of cons.

Ms. Scott gives to institutions — universities, food banks, other frontline charities — not individuals. She has no accounts on social media like Facebook and Instagram, only her Medium page and a verified Twitter account with just three tweets. Her organization would never request fees upfront from grant recipients, a person with knowledge of her giving said. The person declined to comment directly on online deception taking place in Ms. Scott’s name or what actions she might take to help prevent it.

Ms. Churchill did more research and realized it was highly unlikely that Ms. Scott had been in touch with her directly, but still she could not cut herself off from the scammers right away. She had invested everything she could pull together in unlocking those promised funds.

“My son needs it for a better life. And I have already lost so much,” she said at the time.

Ms. Churchill shared dozens of screenshots and web pages, unveiling a complex network invented to prey on the hopes of the needy. She said the scammers had known that she had no money, that she was borrowing from her grandmother and her sister to cover the mushrooming fees.

After a few weeks, Ms. Churchill went to the local police. They told her that she had been conned and that there was no way to get her money back.

“This experience has ruined my life, to be honest,” she said.

She had already been struggling. Raising five children largely on her own, she relies on government support. Her mother is nearby in Sydney, but she is on dialysis and not able to help much. After Lachlan, her third born, received a diagnosis of autism, doctors said he needed specialized schooling and interventions she could not afford. Her GoFundMe page raised less than $500.

At the time the message from the “MacKenzie Scott Foundation” appeared in her inbox Ms. Churchill seemed to be in the kind of emotional distress that makes people more vulnerable to scammers, said Stacey Wood, professor of psychology at Scripps College.

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