SBA Opens Temporary Refinancing Program to Real Estate Mortgages Maturing after December 2012

Small business owners with eligible commercial real estate mortgages maturing after Dec. 31, 2012, will be able to secure more stable, long-term financing through the U.S. Small Business Administration’s temporary 504 refinancing program as a result of a change that will be published in The Federal Register by April 6.In February, SBA implemented a temporary refinancing program enacted under the Small Business Jobs Act of 2010, which allowed small businesses facing maturing commercial real estate mortgages or balloon payments before Dec. 31, 2012, to refinance with an SBA 504 loan. The SBA change will lift the date limitation and will allow more small businesses to secure stable, long-term financing and avoid potential foreclosure on mortgages approved before and during the recession that were based on inflated real estate values.

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New Jersey Real Estate Developer Sentenced to Over 3 Years in Prison for Economic Corruption

Altman, a Union City, New Jersey-based real estate developer, was sentenced today to 41 months in prison for offenses related to his arranging a $20,000 cash bribe to a Jersey City public official and laundering money he thought was criminally obtained, U.S. Attorney Paul J. Fishman announced.Altman, 41, of Monsey, N.Y., previously pleaded guilty to two counts of an indictment charging conspiracy to obstruct commerce by extortion under color of official right (count one) and conspiracy to launder money (count four). He entered his guilty plea before U.S. District Judge Jose L. Linares, who also imposed the sentence today in Newark federal court.

The extortion charge arose from a $20,000 bribe that Altman arranged for Solomon Dwek, who was working as a confidential witness for the government, to pay John Guarini, 61, of Bayonne, N.J., who served as a Jersey City Housing Department property improvement field representative. The money laundering charge arises from a scheme in which Altman, along with co-conspirators, used purported charitable, non-profit entities to

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