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Small business owners are concerned that a federal loan program, the Economic Injury Disaster Loan, is providing too little money – too late. The delay, and the diminished funding, are leaving some business owners with questions, concerns and a fear that they’ll have to shut their doors.One of those businesses is GoPegasus, a transportation company based in Orlando, Florida. It’s been months since any of its dozens of buses have even moved, even though business should be booming right now.“There are days that it's really tough to wake up in the morning, I'm gonna tell you I... But you have to do it like us, 26 years. It's a life,” said Claudia Menezes, the vice president of GoPegasus said.And even though their business has stopped - Menezes said they’ve seen more than million in cancellations so far - their bills haven’t. Things like employees, bus maintenance and insurance all still have to be paid. Which is why Menezes said GoPegasus applied for an EIDL loan in the first place. In the 26 years GoPegasus has been in business, Menezes said they have received two such loans before, one immediately following September 11, 2001, and another after Hurricane Irma.The EIDL is a low-interest loan, separate from the Paycheck Protection Program, that the federal Small Business Administration awards after a disaster. EIDL funds can be paid back to the government over decades.The coronavirus pandemic means any business owner with 500 employees or fewer can apply for one of these loans.Menezes said that when they applied for a loan in March, the maximum cap was million, and the company was approved for a 0,000 loan, but before they got the money, the loan program was capped.In May, the SBA capped all EIDL loans at 0,000. An SBA representative said that decision was made “in order to help as many small businesses and nonprofit organizations as possible. However, most applicants will not be affected by the limit because loan amounts are calculated based on economic injury and 6-monts of actual working capital needs. As of June 29, 2020, the average EIDL loan for COVID-19 is well under the limit at approximately ,000.”Menezes said with the smaller loan, she doesn’t know if GoPegasus will be able to stay in business. She’s appealed the loan amount and said she’s called, written letters and reached out to her federal representatives but has no information on the status and is just waiting.“It’s almost impossible to plan and that's our situation at this point, so what are we gonna do? We're really running out of resources,” said Menezes.Kelly West and her family have a similar story. This is the first time her family’s company, Skydive Greene County, applied for a federal EIDL loan and she described the experience as “horrific.”“I might sound a little dramatic, but it's been an emotional roller coaster,” said West.She’s the operations manager for the company and said she originally filed a loan application in March. She said she needed to fix an error on that original application, but after she did, the nearly 60-year-old family business’ loan was only partially funded. She said she’s appealed, written to federal representatives and even got a senator involved but now she’s waiting – with no idea if or when she’ll learn moreTalking about small business owners and the importance of funding EIDL loans, West said that, “these are people, not just their income, but these are our dreams, our hopes, our dreams, our life’s work.”Menezes and West are not alone. In a July 1 meeting of the U.S. House of Representatives’ Small Business Committee, representatives from both sides of the aisle shared similar small business stories from each of their districts with James Rivera, an Associate Administrator for the Office of Disaster Assistance in the U.S. Small Business Administration. Most of the stories told by the representatives had similar themes – not enough money and not enough information.In reference to the 0,000 cap, Rep. Pete Stauber, (R-MN) told Rivera that “it seems that the SBA has taken some liberties to reduce the cap of loans given out from million to 0,000. While this is likely to ensure that the maximum number of businesses receive some sort of funding during this crisis, my constituents are rightfully upset. They feel like they are being cheated out of what they were promised by our government.”Rep. Angie Craig (D-MN) talked about the lack of information and customer service her constituents received from the SBA in the loan process, and told Rivera, “I have a lot of businesses in my district where if this was the level of customer service that they provided they would be out of business three months ago.”The SBA points to what they have done. Rivera told representatives that some wait times have been longer but the average time to get a loan filled is 41 days. While some representatives questioned how long that time frame was, Rivera said loans that are applied for now – after a new application portal was rolled out in June – have an even shorter turnaround time.A representative of the SBA said in an email that, “following the passage of the CARES Act, SBA created and implemented an entirely new online EIDL application portal and distribution system…This system has now handled more than eight million applications, allowing the SBA to distribute funds to those small businesses in less than two days.”Rivera also said in Congress that there’s a huge demand for funds – bigger than ever before, and that the SBA has awarded 6.8 million business about 7 billion, and still has about 0 billion left to award.Both Menezes and West said that if they knew back in March what they would have to go through – and are still going through -- they likely would have tried to get loan help elsewhere.“It's a one thing to have a yes or no answer and to know right away. So we could have made alternative plans to get different financing if we needed it,” said West. “But then when you're promised something and then it doesn't come through, and then you're promised by somebody else and it doesn't come with them, now what is three or four different times. You feel like you’re just beat up.”Menezes echoed that sentiment, and also said after 26 years in business, she doesn’t know if her company will make it through this one.“It is like it makes the situation even worse because you don't know what you do, what you can do, what to do. We’re in the mercy of something - a miracle to happen,” said Menezes. 6518

South Korea said Saturday that North Korea has accepted its proposal to hold high-level inter-Korean talks next week.In a statement, South Korea's Unification Ministry said the talks are planned for Thursday.The talks were first proposed by South Korea to be held in the Panmunjom truce village in the Korean Demilitarized Zone.North Korea said it will be represented by a three-member delegation led by Ri Son Kwon, chairman of the Peaceful Reunification of the Fatherland Committee.South Korea stated earlier that its three-member delegation will be led by Unification Minister Cho Myoung-gyon.The announcement came a day after South Korean President Moon Jae-in teased the possibility of another meeting, this one among the United States, North Korea and South Korea.Moon said negotiations are continuing ahead of the "historic talks" planned for next month with North Korean dictator Kim Jong Un. He's expected to meet with Kim in April, the first time the North Korean leader has publicly met with a foreign head of state."Through these talks and future talks, we must end the nuclear and peace issue on the Korean Peninsula. It is necessary to make it possible for the two Koreas to live together peacefully without interfering with each other or damaging each other," Moon said this week.The meeting between Moon and Kim is just a warm-up for the main event, however, with US President Donald Trump accepting an invitation to meet with the North Korean leader sometime before the end of May.It will be the first time a sitting US president has met with a member of North Korea's ruling Kim family.  1618

SORRENTO VALLEY, Calif. (KGTV) - Another San Diego-based company is moving forward on developing a vaccine for the coronavirus. Sorrento Therapeutics is working on several projects that they believe could lead to viable vaccines or treatments. One of them was announced on Monday. Sorrento Therapeutics said it was partnering with Boston-based Smartpharm to create a gene-encoded antibody vaccine. “In the effort to more quickly resolve the global COVID-19 crisis, our company has initiated a rapidly accelerated program for the identification of potent neutralizing antibodies against SARS-CoV-2 coronavirus antigens that may be used for either treatment or prophylaxis,” said Henry Ji, CEO of Sorrento Therapeutics. Sorrento Therapeutics is also working on another vaccine called the I-Cell project. That vaccine uses a decoy virus to activate a person’s immune system to train it to attack the real virus. It’s also developing a protein called COVIDTRAP that can bind to the receptors on the coronavirus, thus blocking it from being able to bind to the receptors on healthy human cells. If proven succesful, it could be used as a treatment or preventative measure.How long will it take for them to be ready?“That all depends on what leeway the FDA gives us,” said Mark Brunswick, Senior Vice President of Regulatory Affairs at Sorrento Therapeutics. If they can get fast tracked, he estimates they can start clinical trials in 2 months, as opposed to 9-12 months normally. 1483

SPRING VALLEY (CNS) - A juvenile driving a stolen minivan led deputies on a 15-minute East County road chase Tuesday before bailing out of the still- rolling vehicle near Sweetwater Reservoir and making a failed attempt to escape on foot.The chase began shortly after 8:30 a.m., when a deputy spotted the occupied van in the area of Bancroft Drive and Troy Street in Spring Valley and determined that it had been reported missing by the operators of a group home in the area on Monday, according to sheriff's officials.When the deputy tried to pull him over, the boy behind the wheel of the stolen vehicle drove off and refused to yield, Sgt. Scott Roller said. The youth sped to the south and east over various streets before jumping out of the moving vehicle in a school zone on La Presa Avenue and fleeing on foot.The suddenly driverless minivan continued traveling down the street briefly, then crashed to a halt against a jersey wall. Deputies caught up with the underage suspect a short time later and took him into custody.The boy, whose name was withheld because he is a minor, was taken to a hospital for evaluation of minor injuries he suffered while trying to outrun the pursuing patrol personnel, Roller said.The sergeant declined to release the suspect's age, citing ongoing investigation in the case. 1322

Sorry, kids — snow days are off the table for the upcoming academic year in New York City.If there's snow in the forecast, students will learn from home, according to New York State Education Department guidance. School also won't be canceled for any other kind of inclement weather. The city usually builds at least one snow day into the year's academic calendar.Education Department spokesman Nathaniel Styer said there will also be remote instruction on Election Day.“As we reopen schools for this critical school year, we are utilizing all of the lessons learned from remote schooling this spring to maximize our students’ instructional time," Styer said.Virtual orientation started Wednesday for thousands of students in New York City. On Monday, most school buildings will reopen with a blended learning schedule. This story originally reported by Aliza Chasan on pix11.com. 889

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