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SBA Exhausts Funds for New Disaster Loans

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WASHINGTON – Today, the SBA announced that it has exhausted funds for its disaster loan program after warnings that funding would soon run out following increased demand from Hurricane Helene. Until Congress appropriates additional funds, the SBA is pausing new loan offers for its direct, low-interest, long-term loans to disaster survivors. However, SBA is encouraging individuals and small businesses to continue to apply for loans given assurances from congressional leaders that additional funding will be provided upon Congress’s return in November.

 

The SBA’s loan application portal remains open, SBA’s disaster centers and in-person staff remain deployed across the country, and the agency will continue to accept new applications and ready borrowers to get their disaster loan offers as soon as possible once Congress appropriates funds. Disaster survivors in need of an SBA loan for personal belongings, residential property damage, and business damage and disruption should not wait to apply. Disaster survivors should start the application process immediately, regardless of SBA funding availability, so that our disaster teams can take them through the application process and position eligible applicants to receive offers and funds.

“We know that swift financial relief can help communities recover quickly to stabilize local economies,” said Administrator Isabel Casillas Guzman. “While we await Congress to provide much-needed funding, we strongly encourage eligible businesses and households to apply for SBA disaster loans. SBA will continue to support homeowners, renters, businesses and nonprofits in processing their applications to ensure they receive assistance quickly once funds are replenished.”

The SBA will continue loan processing operations including supporting current borrowers and new applicants.

  • The SBA will accept and process new applications from all 173 disaster declarations that it is supporting and queue eligible applicants. Applications in this queue can receive loan offers after additional funding from Congress becomes available and will be processed in the order in which they were received. The SBA will issue declines for new applicants who do not meet eligibility or underwriting criteria for a loan and provide information on additional resources for support.
  • SBA will also continue to support existing borrowers and applicants who have already received offers. So far, the SBA has seen around 37,000 applications for relief submitted from those impacted by Hurricane Helene alone. The SBA has already made over 700 Helene loan offers totaling about $48 million. For Hurricane Milton, SBA has already received over 12,000 applications. Importantly, despite this funding lapse, borrowers who already have a loan offer will continue to receive disbursements, and borrowers who already have existing loans may continue with servicing actions and loan modifications.
  • The SBA may continue to make a small number of new loan offers during this time, as funds may be made available through loan cancellations and similar actions.

Following federally declared disasters, the SBA steps in immediately to provide financial relief to business owners, nonprofits, homeowners, and renters with long-term, low-interest loans. Studies have shown that the SBA’s loan program is a crucial resource for small businesses(Link is external) and households(Link is external) recovering from disaster – whether it’s used for debris removal, replacing a damaged car, or covering loss of revenue due to business disruption. SBA loans allow borrowers to avoid predatory bridge loans or using a credit card with high interest rates.

Provided Congress makes funds available, SBA can make disaster loans up to $500,000 to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters may be eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property. Businesses may be eligible for loans up to $2 million for both physical damage and economic injury from business disruption.

Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters, without credit elsewhere, and terms are up to 30 years. Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement, and monthly payments begin 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Individual survivors are also encouraged to visit disasterassistance.gov(Link is external) for resources including assistance from FEMA.

Sports

GM Brands Dominate Detroit as Cadillac and Corvette Capture IMSA Chevrolet Detroit Sports Car Classic Wins

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DETROIT (FNN SPORTS) — Cadillac and Chevrolet celebrated a historic hometown sweep Saturday as both General Motors brands captured class victories in the IMSA WeatherTech SportsCar Championship’s Chevrolet Detroit Sports Car Classic.

Competing in the shadow of General Motors’ Renaissance Center headquarters along the Detroit Riverwalk, the No. 31 Cadillac Whelen Cadillac V-Series.R driven by Jack Aitken and Earl Bamber dominated the 100-minute race to secure the overall victory and Grand Touring Prototype (GTP) class win.

In Grand Touring Daytona Pro (GTD PRO), Antonio Garcia and Alexander Sims powered the No. 3 Corvette Racing by Pratt Miller Motorsports Corvette Z06 GT3.R to victory, giving Chevrolet a celebrated win on its home turf.

Cadillac Continues Detroit Dominance

The No. 31 Cadillac controlled the race from start to finish, executing a near-flawless performance in front of General Motors executives, employees, and supporters.

The victory marked Cadillac’s fifth IMSA triumph in Detroit, adding to previous wins in 2017, 2018, 2021, and 2022. The result also extended the No. 31 team’s streak to seven consecutive GTP podium finishes.

“To do it here at the home of GM and Cadillac with so many friends and family with us, my team absolutely nailed it,” Aitken said after the race.

The No. 25 BMW M Team WRT BMW M Hybrid V8 finished second in class, while the No. 10 Cadillac Wayne Taylor Racing Cadillac V-Series.R completed the GTP podium.

Meanwhile, the No. 93 Acura Meyer Shank Racing with Curb Agajanian Acura ARX-06 earned the IMSA Michelin Sustainability in Racing Award with its fourth-place finish.

Corvette Capitalizes on Late-Race Drama

While Cadillac’s victory was largely under control, the GTD PRO race featured significant late-race drama.

Garcia nearly lost the lead when Jack Hawksworth attempted a pass entering Turn 1 in the No. 14 Vasser Sullivan Racing Lexus RC F GT3. Contact between the two cars triggered a penalty against Hawksworth, whose Lexus received a drive-through penalty for incident responsibility.

Despite the pressure, Garcia maintained control on the final restart to secure his first IMSA victory in Detroit and the 32nd IMSA win of his career.

“Super happy to be in victory lane in Chevrolet land,” Garcia said. “I think all the big bosses will be very happy, as we are. It was a fantastic drive by Alex, who put the car on pole and opened a big gap early.”

The late-race chaos opened the door for the No. 9 Pfaff Motorsports Lamborghini Temerario GT3 driven by Andrea Caldarelli and Sandy Mitchell to earn the new car’s first podium finish in second place.

The No. 65 Ford Mustang GT3 driven by Christopher Mies and Frederic Vervisch rounded out the GTD PRO podium in third.

Championship Battle Tightens Heading to Watkins Glen

Both class winners started from the Motul Pole Award position and successfully converted pole into victory despite two late caution periods that reshuffled the field and intensified competition during the closing laps.

The victory unofficially moves Aitken into the lead of the GTP championship standings, while the No. 4 Corvette pairing of Nicky Catsburg and Tommy Milner maintains the GTD PRO points lead, though by a reduced margin.

The IMSA WeatherTech SportsCar Championship returns June 28 for the Sahlen’s Six Hours of The Glen at Watkins Glen International, one of the premier endurance races on the North American sports car calendar.

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Tech

NASA Rolls Out Massive SLS Rocket Stage for Artemis III Mission to Kennedy Space Center

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Pictured above is the top four-fifths of the SLS (Space Launch System) core stage – the section containing the liquid hydrogen tank, liquid oxygen tank, intertank, and forward skirt. NASA will roll the largest section of the agency’s SLS rocket that will launch the second crewed Artemis mission under the Artemis III mission out of NASA’s Michoud Assembly Facility on Monday, April 20. Credit: NASA

NEW ORLEANS (FNN) — NASA will roll out the largest section of its Space Launch System rocket on Monday, April 20, marking a major milestone for the Artemis III mission.

The section, representing the top four-fifths of the SLS core stage, is being moved from NASA’s Michoud Assembly Facility in New Orleans. It includes the liquid hydrogen tank, liquid oxygen tank, intertank and forward skirt. The structure will be loaded onto NASA’s Pegasus barge for transport to Kennedy Space Center in Florida.

CORE STAGE DELIVERY AND INTEGRATION

Once the core stage arrives at Kennedy Space Center, teams will complete final outfitting and vertical integration. The hardware will then be transferred to NASA’s Exploration Ground Systems Program for stacking and launch preparation.

The Artemis III engine section and boat-tail, which protects the engines during launch, were previously moved to the Vehicle Assembly Building in July 2025. The four RS-25 engines are scheduled to arrive from Stennis Space Center in Mississippi no later than July 2026 for integration.

POWERING THE ARTEMIS III MISSION

Equipped with four RS-25 engines, the SLS core stage will generate more than 2 million pounds of thrust, enabling the launch of astronauts aboard the Orion spacecraft.

Artemis III is currently targeted for launch in 2027, following the successful Artemis II mission, which completed a crewed flight around the Moon on April 10.

NASA’S MOON-TO-MARS STRATEGY

The Artemis III mission is part of NASA’s broader Artemis program, aimed at returning astronauts to the Moon and establishing a sustained human presence.

The mission will test critical capabilities, including rendezvous and docking between the Orion spacecraft and commercial systems needed for future lunar landings, currently planned for 2028.

NASA is working in partnership with Boeing, the SLS core stage lead contractor, and L3Harris Technologies, the lead contractor for the RS-25 engines. The core stage remains the backbone of the SLS rocket and is manufactured at the Michoud Assembly Facilit

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Tech

NASA’s Artemis II Astronauts Begin Historic Journey Around the Moon After Key Orion Engine Burn

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Earth's crescent is seen from a solar array camera on the Orion spacecraft on the first flight day of the Artemis II mission. Credit: NASA

CAPE CANAVERAL, Fla. (FNN) — For the first time in more than 50 years, astronauts on a NASA mission are headed around the Moon after successfully completing a critical burn of the Orion spacecraft’s main engine.

The approximately six-minute firing of Orion’s service module engine Thursday — known as the translunar injection burn — accelerated the spacecraft and its crew beyond Earth’s orbit, placing them on a trajectory toward the Moon.

Aboard the spacecraft are NASA astronauts Reid Wiseman, Victor Glover and Christina Koch, along with Canadian Space Agency astronaut Jeremy Hansen.

“Today, for the first time since Apollo 17 in 1972, humans have departed Earth orbit,” said Dr. Lori Glaze, acting associate administrator for NASA’s Exploration Systems Development Mission Directorate. “Reid, Victor, Christina and Jeremy now are on a precise trajectory toward the Moon. Orion is operating with crew for the first time in space, and we are gathering critical data and learning from each step.”

NASA’s Space Launch System rocket and Orion spacecraft lifted off from Launch Pad 39B at Kennedy Space Center at 6:35 p.m. EDT on April 1, beginning a planned 10-day test mission around the Moon and back.

Successful Launch and Spacecraft Activation

Shortly after reaching space, Orion deployed its four solar array wings, allowing the spacecraft to generate power from the Sun. The crew and mission controllers then began transitioning the spacecraft from launch to normal flight operations while checking critical onboard systems.

About 49 minutes into the flight, the rocket’s upper stage fired to place Orion into an elliptical orbit around Earth. A second burn propelled the spacecraft — named “Integrity” by the crew — into a high Earth orbit extending roughly 46,000 miles above the planet for nearly 24 hours of system testing.

Following the maneuver, Orion separated from the upper stage and began flying independently.

System Tests and Crew Operations in Space

During the early phase of the mission, the astronauts conducted a manual piloting demonstration to evaluate Orion’s handling capabilities using the Interim Cryogenic Propulsion Stage as a docking target.

After the test, Orion executed an automated departure burn to safely move away from the stage. The propulsion stage later performed a disposal burn before re-entering Earth’s atmosphere over a remote area of the Pacific Ocean.

Before its re-entry, four small CubeSats were deployed from the rocket’s Orion stage adapter to conduct separate scientific missions.

Mission teams also transitioned communications to NASA’s Deep Space Network while the crew adjusted to the space environment. Astronauts completed their first rest periods, performed onboard exercise routines, restored the spacecraft’s toilet to normal operations and prepared the spacecraft for the translunar injection burn.

Lunar Flyby and Artemis Program Goals

The crew is scheduled to conduct a lunar flyby Monday, April 6, when astronauts will capture high-resolution images and make observations of the Moon’s surface — including portions of the lunar far side rarely seen directly by humans.

Although the far side will only be partially illuminated during the flyby, the lighting conditions are expected to cast long shadows across the terrain, highlighting ridges, slopes and crater rims that are difficult to observe under full sunlight.

After completing the flyby, the astronauts will return to Earth and splash down in the Pacific Ocean off the coast of San Diego.

The mission marks a major milestone for NASA’s Artemis program, which aims to send astronauts on increasingly ambitious missions to explore the Moon, advance scientific discovery, stimulate economic growth and prepare for the first crewed missions to Mars.

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