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Rep. Chu Raises Alarm About the Impending Shut Down of Critical Small Business Administration Loan Program

first_imgGovernment Rep. Chu Raises Alarm About the Impending Shut Down of Critical Small Business Administration Loan Program Published on Wednesday, July 22, 2015 | 2:02 pm More Cool Stuff Name (required)  Mail (required) (not be published)  Website  Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Today, Rep. Judy Chu (CA-27) spoke on the House floor to call attention to the looming shut down of the Small Business Administration’s (SBA) 7(a) loan program. The flagship program is designed to give small businesses access to capital through long-term loans in situations where capital cannot be found through conventional bank loans. Due to an increase in lending, SBA could reach the $18.75 billion legal lending limit for the 7(a) program as early as the end of July. Once this cap is reached, all 7(a) lending will be forced to come to a halt until the next fiscal year has begun.Rep. Chu stated, “I’m here to ring the alarm bell on the pending expiration of a very important program next week. It is the Small Business Administration’s flagship 7(a) loan program, which provides long-term loans to small business that are unable to secure financing through traditional channels. About 80% of small-business owners who apply for a non-SBA loan get rejected. It is SBA’s 7(a) that gets them the money they need to succeed.“In my district alone, more than $2 billion dollars in capital have been provided to small businesses since 1990. Not only does 7(a) lending directly support American jobs, it also operates at zero cost to taxpayers.“We cannot let this successful program lapse. At the current rate of lending, this program could be forced to shut down as soon as next week. I urge the Speaker to act on this critical issue before August recess and make sure that our small businesses thrive.”The full speech can also be found here. Business News Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Community News Top of the News Herbeauty10 Brutally Honest Reasons Why You’re Still SingleHerbeautyHerbeautyHerbeautyHe Is Totally In Love With You If He Does These 7 ThingsHerbeautyHerbeautyHerbeautyThe Most Heartwarming Moments Between Father And DaughterHerbeautyHerbeautyHerbeauty12 Female Fashion Trends That Guys Can’t StandHerbeautyHerbeautyHerbeautyBaby Boom: The Stars Are Getting Busy In QuarantineHerbeautyHerbeautyHerbeautyA Mental Health Chatbot Which Helps People With DepressionHerbeautyHerbeautycenter_img Community News Your email address will not be published. Required fields are marked * Subscribe First Heatwave Expected Next Week Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy 0 commentsShareShareTweetSharePin it Make a comment EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPasadena Public WorksPasadena Water and PowerPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimeslast_img read more

SCA clarifies its new attendance policy

first_img“There needs to be more communication from the administration to the student body whenever they’re going to implement a new policy,” Murphy said. “There needs to be more opportunity for students to give feedback on administration.” Isaacs said the way the policy had been worded led to confusion, with students thinking they would no longer have excused absences. However, Isaacs said  students will be allowed two unexcused absences in addition to excused absences.  Murphy said the administration should listen to student voices before implementing policies in order to strengthen communication and enhance transparency within the administration. Isaacs said that as soon as he heard student feedback about the policy, he realized the miscommunication that had taken place and decided to rewrite the policy.  Roma Murphy, a senior majoring in writing for screen and television, said none of her professors had mentioned the change or updated their syllabuses with the new policy. She also said she thinks the attendance policy changes should be addressed to the student body. “We voted on it as a full-time faculty back in November,” Isaacs said. “We had discussed opening up the idea of allowing for an extra unexcused absence and then letting the students know the line that we would allow in terms of them not having to account for their coming to class.” Isaacs explained the reasoning behind the policy was to allow students to miss class without having to submit excuse notes.  “We were trying to make it a little more flexible — where we went wrong was not putting in the exceptions,” Isaacs said. “If you had an emergency, a family emergency, certainly a health or an emotional issue, religious holiday — all of those kinds of things are, of course, going to be allowed.”  The previous version of the attendance policy stated the department would no longer distinguish between excused and unexcused absences starting this semester. Beyond the first two absences, each missed class lowers students’ course grades by 10%, and two late arrivals count as one full absence.  In the past policy no unexcused absences were allowed.  center_img “It’s not meant to be punishing,” Isaacs said. “It’s meant to allow them a little more freedom and the idea that there are exceptions beyond the two unexcused absences.”  SCA students drafted an official complaint to the administration last month stating that the attendance policy was harmful to students’ physical and mental well-being in a department as competitive as SCA.  The clarified policy was emailed to professors Wednesday so they could update their syllabuses and inform their students of the changes. However, multiple students told the Daily Trojan they had not been made aware of the clarification. “In an environment as high-stress as SCA, in which students work full-time jobs on top of taking full courseloads, it is imperative that students have the chance to rest,” the letter read. “Of course, it would be optimal if that time of rest did not have to come during class hours, but students should be free to take that time if necessary, as we discussed in the memorial meeting last semester.”  The new policy states that absence exceptions will be made for religious holidays and DSP accommodations. It also states that students can get instructor approval to miss class for medical and family emergencies and to accommodate personal well-being needs.  In response to student complaints regarding the new attendance policy, the department made changes Wednesday to clarify that excused absences could be used in exceptional situations such as family emergencies, the Acting Chair of the School of Cinematic Arts’ John Wells Division of Writing for Screen and Television David Isaacs said. “The updated version of the policy needs to be sent to the student body as a whole,” Murphy said. “Students don’t have the information with which they can advocate for themselves.”last_img read more