Already slammed by inflation, small businesses struggle to repay COVID-19 disaster loans
CBSN
Even as the U.S. economy continues to heal from the devastating impact of COVID-19, many small businesses are grappling with another serious financial challenge: repaying the federal pandemic relief loans they got to help them survive the crisis.
Nearly 4 million small business owners who received such "disaster" loans are now required to pay them back — a strain for many employers amid the ongoing scourge of inflation, growing risk of recession and risk that COVID-19 will flare up as winter approaches.
"These were loans made from the Federal Disaster Program and they have 30-year terms and a low interest rate which made them attractive to many small businesses," said Ruth Simon, a senior special writer at the Wall Street Journal, in an interview with CBS Mornings.
Kyiv — The White House wants Congress to provide at least $200 billion more in funding for the war in Iran, and President Trump says that's partly due to aid for Ukraine having depleted U.S. weapons stockpiles as it fends off Russia's ongoing full-scale invasion. In:
A statue of Christopher Columbus has been placed on the grounds of the Eisenhower Executive Office Building adjacent to the White House — the latest effort by the Trump administration to honor the explorer whose legacy has drawn increasing criticism in recent years. In:
OnlyFans owner Leonid Radvinsky, a reclusive billionaire who transformed a little-known adult-content site into a cultural touchstone, has died of cancer, the company said Monday. Radvinsky was 43. Edited by Alain Sherter
Washington — President Trump said early Monday that he is postponing airstrikes on Iran's power plants after "very good and productive conversations" over the last two days about reopening the Strait of Hormuz. However, Iran's foreign ministry denied any such talks. Claire Day contributed to this report. In:
Immigration and Customs Enforcement agents began deploying to some U.S. airports on Monday as a partial government shutdown causes shortages of Transportation Security Administration officers who have resigned or called out of work. Skyler Henry contributed to this report. In:
London — Police in London are investigating a suspected antisemitic hate crime after vehicles belonging to a Jewish ambulance service were set on fire early Monday morning. In:
Washington — The Supreme Court is considering Monday a major elections dispute involving whether federal law bars states from counting mail ballots that are postmarked by, but received after Election Day.
Stocks look set to surge in early trading on Monday after President Trump postponed an ultimatum for Iran to reopen the Strait of Hormuz, saying that the U.S. is engaged in "good and productive" negotiations with Tehran. Edited by Alain Sherter In:
New York's La Guardia Airport was closed late Sunday night after an arriving Air Canada Express plane and ground vehicle collided, according to flight tracking service FlightRadar24.
Savannah Guthrie is renewing pleas to neighbors, friends and residents of Tucson, Arizona, to jog their memories in the hopes of sparking new leads in the disappearance of her mother, Nancy. In:
Officials at Immigration and Customs Enforcement have been scrambling to carry out a weekend directive from President Trump to have immigration agents provide security at airports amid the partial government shutdown, multiple sources familiar with the internal deliberations told CBS News. In:
Fentanyl was found inside Barbie doll packages being sold at a discount store in Missouri, police said on Saturday. In:
New Jersey Senator Cory Booker hasn't been the mayor of Newark since 2013. But when he walks around his neighborhood, you'd never know it. One passer-by yelled out, "The best mayor ever!" In: