A Santa Clarita Valley man was sentenced today to 51 months in federal prison for scheming to fraudulently obtain approximately $1.8 million in COVID-19 relief guaranteed by the Small Business Administration (SBA) through the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program...

Hassan Kanyike, 29, of Santa Clarita, pleaded guilty Monday to perpetrating a scheme to fraudulently obtain approximately $1.8 million in COVID-19 relief guaranteed by the Small Business Administration through the Economic Injury Disaster Loan program and the Paycheck Protection Program. According to...

LOS ANGELES – Raymond Magana of Santa Clarita pleaded guilty Tuesday to a federal criminal charge that he fraudulently obtained more than $1 million in Paycheck Protection Program or PPP loans for his sham companies by submitting fake tax documents and fraudulent employee information. Magana, 40, pleaded...

H.R. 7010, the “Paycheck Protection Flexibility Act,” which will enhance and improve the Paycheck Protection Program to better ensure American small businesses can weather the COVID-19 pandemic, was signed into law by the president June 5. Sponsored by Rep. Dean Phillips (D-Minnesota 3), the bill...

After a well-established Santa Clarita Valley small business’s application for a federal Paycheck Protection Program or PPP loan got hung up in a big bank’s bureaucracy for almost a month, the business owner contacted a local bank to come to the rescue. Mission Valley Bank’s CEO and small business...

U.S. Treasury Secretary Steve Mnuchin announced plans Tuesday to conduct a full audit of the largest recipients of emergency small business loans through a COVID-19 relief program. Established to quell financial hardships brought on by the COVID-19 pandemic, forgivable loans provided through the $660...

Mission Valley Bancorp announced Tuesday net income of $816 thousand, or $0.25 per diluted share, for the first quarter of 2020 compared to net income of $701 thousand, or $0.22 per diluted share, for the first quarter of 2019, representing an increase of 16.47%. March 31, 2020 First Quarter Highlights ...

Only 10% of the Santa Clarita Valley businesses that applied for Paycheck Protection Program (PPP) relief received it and only 5% have received complete funding from the Emergency Injury Disaster Loan program, according to a recent survey by the SCV Economic Development Corp., SCV Chamber of Commerce...

By Tim Ryan and Megan Mineiro Old Town Newhall. Photo credit: SCV Chamber. WASHINGTON (CN) ­— A new Small Business Administration loan program is out of money, the agency said Thursday amid a deadlock in Congress over new funding to help employers cover payroll and expenses during the coronavirus...

Federal courts across the country are being asked to step in as small businesses hit roadblocks applying for billions of dollars in COVID-19 relief funds. Pointing out a “significant flaw” in the government’s emergency coronavirus response bill, a federal judge nevertheless declined to block Bank...