Small Business Administration

sbLiftOff and National Veteran Small Business Coalition Launch Virtual Symposium VETERANS ETA 2021

Tuesday, May 11, 2021 - 6:36pm

b'HERNDON, Va. and WASHINGTON, May 11, 2021 /PRNewswire/ --sbLiftOff, a lower middle-market M&A advisory firm, and the National Veteran Small Business Coalition, today announced the launch of VETERANS ETA 2021: Capital Fueling Veteran Entrepreneurship, a two-hour virtual event on June 3, 2021.

Key Points: 
  • b'HERNDON, Va. and WASHINGTON, May 11, 2021 /PRNewswire/ --sbLiftOff, a lower middle-market M&A advisory firm, and the National Veteran Small Business Coalition, today announced the launch of VETERANS ETA 2021: Capital Fueling Veteran Entrepreneurship, a two-hour virtual event on June 3, 2021.
  • VETERANS ETA 2021 is the first national symposium of veteran buyers and sellers, capital sources, service providers, business schools and other supporters of veteran entrepreneurship through acquisition (ETA).\n"Business ownership among America\'s veterans has fallen precipitously since the post-World War II era when nearly half of all veterans owned and operated businesses.
  • It\'s time to knit together all the resources veterans need to successfully find and buy a good small business," said Sharon B. Heaton, CEO of sbLiftOff, an advisory firm that often serves veterans.\nThe symposium features a premier lineup of veteran small business owners and financial services executives who will share war stories and lessons learned, discuss available financing sources, the challenges of accessing capital, and the importance of the public and private sectors coming together to support veterans entering the small business community.\n"Research and experience have proven veterans are powerhouse business leaders," commented Scott Jensen, Executive Director, National Veteran Small Business Coalition.
  • More information is available at www.sbliftoff.com .\nThe National Veteran Small Business Coalition is the largest non-profit trade association in the country representing veteran- and service-disabled, veteran-owned small businesses (VOSB and SDVOSB) in the Federal marketplace.

SomerCor Awarded Prestigious SBA Accredited Lender Program (ALP) Status

Tuesday, May 11, 2021 - 3:00pm

b'CHICAGO, May 11, 2021 /PRNewswire/ -- SomerCor , a Chicago-based Certified Development Company (CDC), is proud to announce it was awarded Accredited Lender Program (ALP) status by the U.S. Small Business Administration (SBA).

Key Points: 
  • b'CHICAGO, May 11, 2021 /PRNewswire/ -- SomerCor , a Chicago-based Certified Development Company (CDC), is proud to announce it was awarded Accredited Lender Program (ALP) status by the U.S. Small Business Administration (SBA).
  • ALP is a prestigious designation granted by the SBA to high performing, non-profit SBA 504 lending companies.\nTo achieve ALP status, SomerCor underwent an extensive SBA qualification process that included the evaluation of staff expertise, as well as an assessment of performance metrics related to SomerCor\'s loan processing, portfolio growth and servicing, and compliance with SBA lending regulations.\nCDCs with ALP designation are granted an increased authority in the processing, closing, and servicing of SBA 504 loans, resulting in an expedited lending experience for borrowers and lending partners.
  • In addition, pending SBA final rules, SomerCor will be able to participate in the new SBA 504 Express Loan program.
  • I am excited by the new ways we can better serve small businesses and our lending partners.

Calvin B. Taylor Bankshares, Inc. (OTCQX: TYCB), Parent Company of Calvin B. Taylor Bank, Reports First-Quarter 2021 Financial Results

Thursday, May 6, 2021 - 11:33pm

b'Berlin, Maryland, May 06, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Calvin B. Taylor Bankshares, Inc. (the \xe2\x80\x9cCompany\xe2\x80\x9d) (OTCQX: TYCB), parent company of Calvin B. Taylor Bank, today reported unaudited financial results for the first-quarter ended March 31, 2021.\xc2\xa0 Highlights of the company\xe2\x80\x99s financial results for the first-quarter ended March 31, 2021 (\xe2\x80\x9c1Q21\xe2\x80\x9d) as compared to the first-quarter ended March 31, 2020 (\xe2\x80\x9c1Q20\xe2\x80\x9d) and the fourth-quarter ended December 31, 2020 (\xe2\x80\x9c4Q20\xe2\x80\x9d) are noted below and included in the following tables.\n\xc2\xb7\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0 Net income increased $684 thousand to $2.60 million in 1Q21, a 35.8% increase compared to 1Q20\n\xc2\xb7\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0 Net income increased $1.18 million in 1Q21 compared to 4Q20, a 83.6% increase\n\xc2\xb7\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0 Organic asset growth continued in 1Q21 with assets growing $39.6 million, or 5.6%, since December 31, 2020\n\xc2\xb7\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0 Organic loan growth continued in 1Q21 with loans growing $32.2 million, or 7.6%, since December 31, 2020\nLoan interest revenue, including fees, increased to $4.96 million in 1Q21, as compared to $4.50 million in 1Q20 and $4.81 million in 4Q20, as the result of continued organic loan growth and funding of Small Business Administration Paycheck Protection Program (\xe2\x80\x9cSBA PPP\xe2\x80\x9d) loans.\xc2\xa0 SBA PPP loan balances increased in 1Q21 as new loan origination activity associated with 2nd draw SBA PPP loans exceeded loan repayments by the SBA associated with loan forgiveness of existing 1st draw SBA PPP loans.\xc2\xa0 Upon repayment by the SBA, unamortized net loan fees are recognized and reported as loan interest revenue which resulted in an increase in loan interest revenue in 1Q21 as compared to 4Q20.\xc2\xa0 SBA PPP loan interest revenue increased from $335 thousand in Q420 to $458 thousand in 1Q21.\xc2\xa0 SBA PPP loan originations in 1Q21 resulted in an increase in unamortized net loan fees from $756 thousand as of December 31, 2020 to $1.9 million as of March 31, 2021.\nNet interest income increased 2.3% to $5.08 million in 1Q21, as compared to $4.96 million in 1Q20 and 4Q20.\xc2\xa0 Increases in loan interest revenue, as noted above, were partially offset by lower yields on other earning assets as interest rates remain historically low.

Key Points: 
  • b'Berlin, Maryland, May 06, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Calvin B. Taylor Bankshares, Inc. (the \xe2\x80\x9cCompany\xe2\x80\x9d) (OTCQX: TYCB), parent company of Calvin B. Taylor Bank, today reported unaudited financial results for the first-quarter ended March 31, 2021.\xc2\xa0 Highlights of the company\xe2\x80\x99s financial results for the first-quarter ended March 31, 2021 (\xe2\x80\x9c1Q21\xe2\x80\x9d) as compared to the first-quarter ended March 31, 2020 (\xe2\x80\x9c1Q20\xe2\x80\x9d) and the fourth-quarter ended December 31, 2020 (\xe2\x80\x9c4Q20\xe2\x80\x9d) are noted below and included in the following tables.\n\xc2\xb7\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0 Net income increased $684 thousand to $2.60 million in 1Q21, a 35.8% increase compared to 1Q20\n\xc2\xb7\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0 Net income increased $1.18 million in 1Q21 compared to 4Q20, a 83.6% increase\n\xc2\xb7\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0 Organic asset growth continued in 1Q21 with assets growing $39.6 million, or 5.6%, since December 31, 2020\n\xc2\xb7\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0\xc2\xa0 Organic loan growth continued in 1Q21 with loans growing $32.2 million, or 7.6%, since December 31, 2020\nLoan interest revenue, including fees, increased to $4.96 million in 1Q21, as compared to $4.50 million in 1Q20 and $4.81 million in 4Q20, as the result of continued organic loan growth and funding of Small Business Administration Paycheck Protection Program (\xe2\x80\x9cSBA PPP\xe2\x80\x9d) loans.\xc2\xa0 SBA PPP loan balances increased in 1Q21 as new loan origination activity associated with 2nd draw SBA PPP loans exceeded loan repayments by the SBA associated with loan forgiveness of existing 1st draw SBA PPP loans.\xc2\xa0 Upon repayment by the SBA, unamortized net loan fees are recognized and reported as loan interest revenue which resulted in an increase in loan interest revenue in 1Q21 as compared to 4Q20.\xc2\xa0 SBA PPP loan interest revenue increased from $335 thousand in Q420 to $458 thousand in 1Q21.\xc2\xa0 SBA PPP loan originations in 1Q21 resulted in an increase in unamortized net loan fees from $756 thousand as of December 31, 2020 to $1.9 million as of March 31, 2021.\nNet interest income increased 2.3% to $5.08 million in 1Q21, as compared to $4.96 million in 1Q20 and 4Q20.\xc2\xa0 Increases in loan interest revenue, as noted above, were partially offset by lower yields on other earning assets as interest rates remain historically low.
  • \xc2\xa0Net interest margin decreased to 3.05% in 1Q21, as compared to 3.93% in 1Q20, and is attributable to significant increases in average deposits from customer behavior changes and government economic stimulus programs related to the COVID-19 pandemic.\xc2\xa0 Average deposits increased in 1Q21 by $174.9 million, or 38.8%, when compared to 1Q20 and increased $17.5 million, or 2.9%, as compared to 4Q20.\xc2\xa0 SBA PPP loan originations of $29.2 million and additional government economic stimulus payments in 1Q21 was a primary factor in the continued growth in average deposits when compared to 4Q20.\nThe provision for loan losses was $125 thousand in 1Q21, as compared to $220 thousand in 1Q20 and $165 thousand in 4Q20.\xc2\xa0 The provision for loan losses recorded in 1Q21 was primarily attributable to loan portfolio growth and further adjustments to qualitative factors used to estimate the allowance for loan losses.\xc2\xa0 Qualitative factors were adjusted due to the continued uncertainty associated with the economic recovery from the COVID-19 pandemic.\xc2\xa0 Net charge offs were $6 thousand in 1Q21, as compared to $29 thousand in 1Q20 and $15 thousand in 4Q20.\xc2\xa0 Government economic stimulus payments, PPP loans, foreclosure moratoriums, and increasing residential real estate prices have mitigated charge offs during the COVID-19 pandemic.\xc2\xa0 However, uncertainty about borrowers\xe2\x80\x99 ability to repay and real estate values subsequent to the pandemic and related reduction in government economic stimulus has prevented a reduction in the allowance for loan losses at this time.\nNoninterest income increased to $1.34 million in 1Q21, as compared to $605 thousand in 1Q20 and $775 thousand in 4Q20.\xc2\xa0 The increase in noninterest income is primarily attributable to nonrecurring income recognized in 1Q21 related to income from death proceeds of bank owned life insurance policies.\xc2\xa0 While income from increases in cash surrender value of bank owned life insurance is generally consistent and recurring income, the income from death proceeds is not, and is triggered upon the death of an insured employee or former employee.\xc2\xa0 Bank owned life insurance investments are used to recover present and long term costs of employee benefits and compensation.\xc2\xa0 \xc2\xa0Noninterest income also increased as a result of improving consumer spending as COVID-19 pandemic restrictions are removed which has resulted in higher debit card interchange income in 1Q21 as compared to 1Q20 and 4Q20.\xc2\xa0 Other sources of noninterest income have been negatively impacted by the COVID-19 pandemic including certain deposit account and placement fees, but were offset by higher interchange and overdraft fees in 1Q21.\nNoninterest expense increased to $3.04 million in 1Q21, as compared to $2.79 million in 1Q20, which can be attributed to the opening of a new branch in Onley, Virginia in July 2020, costs to purchase personal protective equipment, cleaning supplies, and cleaning services associated with the COVID-19 pandemic, increases in employee benefits expense and higher FDIC deposit insurance premiums due to significant deposit growth.\xc2\xa0 The increases in noninterest expense were offset by increases in net interest income and noninterest income, which decreased the efficiency ratio from 50.24% in 1Q20 to 47.80% in 1Q21.
  • \xc2\xa0Noninterest expense decreased in 1Q21 to $3.04 million, as compared to $3.76 million in 4Q20, which primarily relates to higher salaries expense associated with yearend discretionary bonuses and 401K contributions recorded in 4Q20.\xc2\xa0 A reduction in noninterest expense accompanied by increases in net interest income and noninterest income decreased the efficiency ratio to 47.80% in 1Q21, as compared to 65.72% in 4Q20.\nNet income increased 35.8% to $2.60 million in 1Q21, as compared to $1.91 million in 1Q20, and is primarily attributable to nonrecurring and nontaxable income of $618 thousand recorded in 1Q21 related to income from bank owned life insurance death proceeds.\xc2\xa0 Average assets had a comparable increase of 32.8% in 1Q21, as compared to 1Q20, which resulted in a modest increase to Return on Average Assets (\xe2\x80\x9cROA\xe2\x80\x9d) from 1.41% in 1Q20 to 1.44% in 1Q21.\xc2\xa0 Average equity increased 4.5% to $95.15 million in 1Q21, as compared to 1Q20, but net income growth of 35.8% during the same period increased the Return on Average Stockholders\xe2\x80\x99 Equity (\xe2\x80\x9cROE\xe2\x80\x9d) from 8.40% in 1Q20 to 10.91% in 1Q21.\nNet income increased 83.6% to $2.60 million in 1Q21, as compared to $1.41 million in 4Q20, due to nonrecurring and nontaxable income of $618 thousand recorded in 1Q21 related to income from bank owned life insurance death proceeds and higher noninterest expense in 4Q20 related to year end discretionary bonuses and 401K contributions.\xc2\xa0 Average assets continued their recent pattern of growth and increased 2.6% in 1Q21 as compared to 4Q20 and was primarily the result of additional government economic stimulus including 2nd draw SBA PPP loans.\xc2\xa0 Average equity also increased during 1Q21, and was 0.9% higher than 4Q20.\xc2\xa0 The significant growth in net income compared to the modest increases in average assets and average equity resulted in an increase in ROA from 0.80% in 4Q20 to 1.44% in 1Q21 and an increase in ROE from 6.00% in 4Q20 to 10.91% in 1Q21.\xc2\xa0 Dividends declared were $0.29 per share in 1Q21 and 4Q20, and $0.26 per share in 1Q20.\xc2\xa0 Dividend payout ratios were 30.90% for 1Q21, 37.74% for 1Q20, and 56.89% for 4Q20.\nTotal assets were $751.4 million as of March 31, 2021, as compared to $545.3 million as of March 31, 2020 and $711.8 million as of December 31, 2020.\xc2\xa0 Significant asset growth was primarily the result of customer behavior changes and government economic stimulus programs related to the COVID-19 pandemic which resulted in a significant increase in customer deposits.\xc2\xa0 Deposits totaled $653.5 million as of March 31, 2021, as compared to $451.5 million as of March 31, 2020 and $614.4 million as of December 31, 2020.
  • \xc2\xa0A portion of deposit growth since March 31, 2020 was utilized to fund loan originations including $62.7 million of SBA PPP loans.\xc2\xa0 SBA PPP loans, net of unamortized loans fees, were $41.9 million as of March 31, 2021 as compared to $24.1 million as of December 31, 2020.\xc2\xa0 SBA PPP loan balances increased in 1Q21 as new loan origination activity associated with 2nd draw SBA PPP loans exceeded loan repayments by the SBA associated with loan forgiveness of existing 1st draw SBA PPP loans.\xc2\xa0 Total loans as of March 31, 2021 were $455.7 million as compared to $370.9 million as of March 31, 2020 which represents growth of $84.8 million, or 22.9%.\xc2\xa0 The growth in loans since March 31, 2020 is attributable to $41.9 million in SBA PPP loans and $42.9 million of organic loan growth attributable to strong commercial and residential real estate loan demand in our markets.\xc2\xa0 Loans increased $32.2 million, or 7.6%, since December 31, 2020 which can be attributed to $17.8 million in SBA PPP loan growth and $14.4 million of organic loan growth attributable to continued strong demand in commercial and residential real estate loans in our markets.\xc2\xa0 The loans to deposits ratio as of March 31, 2021 was 69.7%, as compared to 82.2% as of March 31, 2020 and 68.9% as of December 31, 2020.\nAs a result of the COVID-19 pandemic and related economic uncertainty in our markets, a temporary loan payment deferral program was established in the 2nd quarter of 2020 for both commercial and consumer borrowers impacted by the pandemic.\xc2\xa0 The Coronavirus Aid, Relief, and Economic Security Act (\xe2\x80\x9cCARES Act\xe2\x80\x9d) provided financial institutions the ability to provide loan payment accommodations and short-term modifications without requiring the loans to be reported and accounted for as Troubled Debt Restructurings.\xc2\xa0 The majority of borrowers in the program received 6 month payment deferral periods and the related deferral period expired in 4th quarter of 2020.\xc2\xa0 Certain borrowers voluntarily resumed their contractual payments prior to the end of the deferral period.\xc2\xa0 As of December 31, 2020, all loans in the temporary payment deferral program were restored and resumed contractual payments.\xc2\xa0 As of March 31, 2021, loans past due 30 days or more totaled $2.3 million which includes $459 thousand of loans that previously received temporary payment deferral.\nAverage assets grew by 32.8% to $722.3 million in 1Q21, as compared to $544.1 million in 1Q20.\xc2\xa0 Significant average asset growth was primarily the result of customer behavior changes and government economic stimulus programs related to the COVID-19 pandemic which resulted in a significant increase in average deposits.\xc2\xa0 Average loans grew 19.1% to $440.4 million in 1Q21, as compared to $369.9 million in 1Q20.\xc2\xa0 SBA PPP loans contributed to $32.2 million of the increase in average loans while the remaining $38.3 million increase in average loans was attributable to strong commercial and residential real estate loan demand in the last 12 months.\xc2\xa0 The average loans to average deposits ratio decreased to 70.4% in 1Q21, as compared to 82.0% in 1Q20, and relates to significant growth in average deposits associated with the COVID-19 pandemic.\n'

Immigrant Entrepreneurs 40 Percent More Likely to Start Small Businesses

Thursday, May 6, 2021 - 3:18pm

"I could not secure promotionsNo employers valued me, but I value myself, so I started a business.

Key Points: 
  • "I could not secure promotionsNo employers valued me, but I value myself, so I started a business.
  • "\nIn the U.S., immigrant business owners are more likely to seek all forms of financial support and less likely to receive it, compared to native-born business owners.
  • SCORE\'s 10,000 volunteers provide free mentoring, workshops and educational services to 1,500+ communities nationwide, creating 45,027 new businesses and 74,535 non-owner jobs in 2020 alone.
  • Follow @SCOREMentors on Facebook , Instagram and LinkedIn .\nFunded [in part] through a Cooperative Agreement with the U.S. Small Business Administration.\n'

BCT-The Community's Bank Announces Addition of Experienced SBA Lending Team

Thursday, May 6, 2021 - 1:30pm

b'CHARLES TOWN, W.Va., May 6, 2021 /PRNewswire/ --(OTC:PTBS) BCT-Bank of Charles Town, also known as The Community\'s Bank, announced the expansion of its commercial lending initiatives with the appointment of a new commercial lending team focused on Small Business Administration (SBA) lending programs.

Key Points: 
  • b'CHARLES TOWN, W.Va., May 6, 2021 /PRNewswire/ --(OTC:PTBS) BCT-Bank of Charles Town, also known as The Community\'s Bank, announced the expansion of its commercial lending initiatives with the appointment of a new commercial lending team focused on Small Business Administration (SBA) lending programs.
  • The team joins BCT as a unit and will provide commercial lending services both through SBA programs as well as traditional commercial options.
  • "Having Michelle, Teri, and Kate bring their successful track record in SBA lending strengthens our capabilities in commercial lending and expands our geographic service area in the region.
  • "\nThe BCT SBA Lending team consists of:\nMichelle R. Douglas - Senior Vice President, SBA Program Manager.

CloudBees Awarded Small Business Innovative Research Contract to Accelerate Adoption of DevSecOps Within U.S. Air Force

Wednesday, May 5, 2021 - 2:00pm

b'CloudBees , the enterprise software delivery company, today announced the award of a Phase 1 Small Business Innovative Research (SBIR) contract to accelerate adoption of DevSecOps software delivery solutions to the U.S. Air Force and other federal government agencies.

Key Points: 
  • b'CloudBees , the enterprise software delivery company, today announced the award of a Phase 1 Small Business Innovative Research (SBIR) contract to accelerate adoption of DevSecOps software delivery solutions to the U.S. Air Force and other federal government agencies.
  • The contract creates a streamlined approach for U.S. government agencies to procure CloudBees Software Delivery Automation and integrate DevSecOps principles for Continuous Authorization and Accreditation.
  • \xe2\x80\x9cWhile pressures to build and deploy software rapidly are at an all-time high, the Air Force, Department of Defense (DoD) and other federal government operators cannot compromise security.
  • Teams from any DoD or civilian agency can pull the hardened Docker container image out of the Iron Bank.

Lightspeed partners with U.S. Small Business Administration to expedite hospitality industry relief

Tuesday, May 4, 2021 - 10:00pm

b'MONTREAL, May 4, 2021 /PRNewswire/ - Lightspeed (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel commerce platforms, today announced a partnership with the U.S. Small Business Administration (SBA) to help hospitality merchants access new funds made available through the $28.6 billion Restaurant Revitalization Fund (RRF).

Key Points: 
  • b'MONTREAL, May 4, 2021 /PRNewswire/ - Lightspeed (NYSE: LSPD) (TSX: LSPD), a leading provider of cloud-based, omnichannel commerce platforms, today announced a partnership with the U.S. Small Business Administration (SBA) to help hospitality merchants access new funds made available through the $28.6 billion Restaurant Revitalization Fund (RRF).
  • "\nThrough May 25, the SBA will prioritize processing and awarding funds to businesses that are majority owned and controlled by women, veterans, or socially and economically disadvantaged groups.
  • Applications from businesses that do not qualify can still be submitted and will be reviewed after May 25.
  • With smart, scalable and dependable point of sale systems, Lightspeed provides all-in-one solutions that drive innovation and digital transformation within the retail, hospitality, and golf industries.

CVD MesoScribe Technologies Awarded US Air Force Contract Valued at $750K

Tuesday, May 4, 2021 - 9:05pm

b'CVD Equipment Corporation (NASDAQ: CVV ), announced today that its subsidiary, CVD MesoScribe Technologies Corporation has been awarded a Small Business Innovation Research (SBIR) Phase II contract, valued at approximately $750K.

Key Points: 
  • b'CVD Equipment Corporation (NASDAQ: CVV ), announced today that its subsidiary, CVD MesoScribe Technologies Corporation has been awarded a Small Business Innovation Research (SBIR) Phase II contract, valued at approximately $750K.
  • The two (2) year contract was awarded following successful completion of the Company\xe2\x80\x99s Phase I SBIR contract with the Air Force.\nThe Phase II SBIR contract was issued on March 11th, 2021 by the Air Force Research Laboratory (AFRL) at Wright Patterson AFB, OH to further develop MesoScribe\xe2\x80\x99s Direct Write technology to deposit high quality metallic and ceramic coatings onto gas turbine engine components.
  • The proposed technology development will not only benefit the hypersonics community but provides opportunities to solve material challenges associated with sensor integration onto CMC parts within advanced gas turbine engines.
  • Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow\xe2\x80\x99s technologies\xe2\x84\xa2.

UNITE HERE Local 11 Claims Mr. C Beverly Hills Received $3.55 Million in “Paycheck Protection Program” Loans Despite Employing Only 7% of Housekeeping Workers During Pandemic

Saturday, May 1, 2021 - 1:39am

b'Mr.

Key Points: 
  • b'Mr.
  • C Beverly Hills housekeeping workers yesterday filed a complaint with the Small Business Administration asking whether the hotel\xe2\x80\x99s $3.5 million in Paycheck Protection Program (\xe2\x80\x9cPPP\xe2\x80\x9d) loans meant for small businesses actually went to workers as intended by Congress.\nThe luxury hotel was approved for a $1.549 million PPP loan on May 1, 2020 through owner Morning View Hotels- BH I LLC , and a $2 million loan on February 14, 2021 through the same entity.
  • Yet hotel chains like Mr. C appear to have used a loophole in the law to apply for these limited funds.
  • Workers want to ensure that any funds received by Mr. C are used as Congress intended: to put workers back to work.\nMeanwhile, the SBA has proceeded with processing loan forgiveness applications; as of April 8, SBA had forgiven and paid back over $228 billion \xe2\x80\x94while denying forgiveness for only $700 million.

Zions Bancorporation’s Board Approves Various Capital Actions Including Dividends, Common Share Repurchases, and Redemption of Series H Preferred Shares

Friday, April 30, 2021 - 5:25pm

Zions currently expects to redeem the Series H shares during the second quarter of 2021.

Key Points: 
  • Zions currently expects to redeem the Series H shares during the second quarter of 2021.
  • Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming.
  • Zions is a national leader in small business lending, including Small Business Administration lending, ranking as the nation\xe2\x80\x99s 10th largest provider of the SBA\xe2\x80\x99s Paycheck Protection Program loans (2020-2021).
  • Investor information and links to local banking brands can be accessed at zionsbancorporation.com.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20210430005479/en/\n"