SBA Loans offer resources for small business owners… except sex offenders.
A member pointed something out that we were not aware of, but in times of crisis (such as we are in), becomes critical to businesses.
The US Small Business Administration (SBA) provides small businesses with low interest loans to help recover from disasters, including the present financial disaster that is caused by the Coronavirus outbreak. The loans can save companies and their employees from going under during these difficult times. The SBA is here to save small businesses… unless they are owned by a person required to register as a sex offender! They are ineligible.
To qualify for loans from institutions participating in the small business lending fund, businesses must certify that none of their principals has been convicted of, or pleaded no contest to, a sex offense against a minor. (Annually, until the Redemption Date, a participating institution must certify to Treasury that for each loan originated by the institution or any of its affiliates that was funded in whole or in part using SBLF funds, the institution has obtained from the business to which it made such loan a written certification that no principal of such business has been convicted of a sex offense against a minor (as such terms are defined in section 111 of the Sex Offender Registration and Notification Act, 42 U.S.C. §16911). These certifications must be retained by the institution in accordance with standard record keeping practices established by the appropriate federal banking agency)
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Hmmmm, not sure what to do, I applied for and received a SBA load on the first round, I have since applied for the 2nd round, now I am being told that I do not qualify because I’m on the “hit list “.. no record, adj. withheld. how did I get A OK on the first loan, but now status is a problem for the 2nd. sentenced in 2004, 17 years ago. not even a speeding ticket since.
First time commenting on here, but just wanted to share that I got approved and funds in my account through the PPP Program. I been reading the posts on here for years and appreciate all the hard work being done on our behalf!!!! If the PPP is something that fits your business needs, it may not be to late to apply!!
Thanks for sharing the good news, Jeremy.
Good Day,
My conviction was over 8 years ago,,,,,,
I applied online for the initial $10K and received a confirmation; and today received the information to contact my local bank in order to proceed…Still waiting for the process to begin….My Lawyer/Accountant said i was ‘Good to Go’….we shall see….Still waiting for the main SBA Loan Website to be up and running; apparently it crashed the other day!; so I can apply for the REST!
hope this helps others!
Did you get the advance in your bank yet ?
Linda, I got my SBA EIDL advance 3 days ago and the same day the bank called me and gave the SBA approval number for my PPP loan. I guess it matters more if you have business history and good credit than if you ars listed on a S.O.R.
@FAC is it possible to get clarity on the PPP SBA Loan that currently went into effect today. More specfically the question number 6:
Within the last 5 years, for any felony, has the Applicant (if an individual) or any owner of the Applicant 1)
been convicted; 2) pleaded guilty; 3) pleaded nolo contendere; 4) been placed on pretrial diversion; or 5) been
placed on any form of parole or probation (including probation before judgment)?
If a person was convicted in years 2008 through 2011 and was on probation up until say 2 or 3 years ago that would (by my interpretation) mean that you fall under that 5 year window?
Is there any way for clarification and a separate dedicated post for this for those of us that own our own business?
2011 would have been more than 5 years ago. you should be good to go.
Someone in Washington has been listening. Today the application for the P.P.P. loan for small business has been changed. The question now ask for the last 5 years instead of 7 years have you been convicted of a felony. They took out the part about for a crime against a minor and misdemeanor conviction. I don’t know if they have changed the qualifications for the grants or other loans but this is a start.
So, small businesses that are owned by sex offenders that;
*provide employment opportunities
*boost the local economy
*allows the offender to contribute to the general welfare of the public including taxes through income and sales
are being told in essence ‘too bad, we don’t care about those being employed by you nor do we care about the service being provided that generates income for the offender, employees, state and local government as well as for the federal government. Go hungry. Go homeless. None of you matter.’
Really? I could end up on the street because I may be working for a sex offender and the SBA won’t help my place of employment because the owner of the business is a sex offender? How is this fair to me and my family? How does the SBA expect me to pay my bills? Why should I have to look for another job, a job I love and enjoy because someone decided that a business owned by a sex offender isn’t worthy of being saved or helped in a time of need? When did this country become so unAmerican?!!
This wrong and someone needs to stand up a fight against this very inappropriate policy effectively harming not just the offender but too the people who work for them and the good generated by their business for the community both local and federal.