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By MAE ANDERSON, AP Business Writer

NEW YORK (AP) — The Small Business Administration said in a policy note that green card holders won’t be allowed to apply for SBA loans, effective March 1.

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The move is the latest by the SBA as it works to tighten loan restrictions and restructure the agency.

Last year, it tightened a requirement that businesses applying for loans must be 100% owned by U.S. citizens, U.S. nationals, or lawful permanent residents, up from a 51% standard.

In December, it issued a policy note that said up to 5% of a business could be non-citizen owned. But the current policy rescinds that, as well as making lawful permanent residents ineligible, too. read more

By CHRISTOPHER RUGABER, AP Economics Writer

WASHINGTON (AP) — Higher-income Americans and those with college degrees have ramped up their spending more quickly in the past three years than other consumers, according to new data released Tuesday, evidence of worsening inequality that may explain some of the growing pessimism about the economy.

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The data, released by the Federal Reserve Bank of New York, also show that in the final three months of last year, lower-income and rural households faced higher inflation than higher-income households. The spending data focuses only on goods excluding autos, and does not capture likely spending by higher-income households on travel, restaurants and entertainment. read more

SpaceX has halted launches of its Falcon 9 rockets after an issue from a mission flown from California on Monday.

The Starlink launch from Vandenberg Space Force Base managed to get to space and deploy its payload, but the second stage had issues as it prepared for its normal deorbit burn.

“The vehicle then performed as designed to successfully passivate the stage,” SpaceX stated on its website.

After the upper stage separated from the first stage with no issues, the rocket performed two normal engine burns and its 25 Starlink satellites made it to their intended orbit. Meanwhile, the first stage, making its 31st flight, had no issue landing as planned on the droneship Of Course I Still Love You stationed in the Pacific.

The second stage normally would be brought down safely over the ocean. But instead of performing a burn to get it into the desired deorbit position, it instead vented its propellant and began to drop in altitude.

Astronomer Jonathan McDowell, who tracks thousands of orbital satellites and rockets, said late Monday the errant stage had been cataloged by the Space Force and should reenter Earth’s atmosphere quickly. read more

By STAN CHOE, AP Business Writer

NEW YORK (AP) — The U.S. stock market is losing ground amid mixed trading on Tuesday, while gold and silver bounce back from their latest sell-off.

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The S&P 500 slipped 0.9% and fell further from its all-time high set last week, even though the majority of stocks within the index rose. The Dow Jones Industrial Average was down 189 points, or 0.4%, as of 12:20 p.m. Eastern time, and the Nasdaq composite was 1.6% lower.

Several influential Big Tech stocks weighed on the market, including drops of 3.3% for Nvidia and 2.9% for Microsoft. They helped drown out a 6.5% climb for Palantir Technologies, which reported bigger profit for the latest quarter than analysts expected. Its forecast for 61% growth in revenue this year also topped analysts’ expectations. read more

Universal Orlando’s new ad campaign has a prime position during the Super Bowl broadcast Sunday.

The series, dubbed “This Changes Everything,” includes a 60-second spot titled “Lil’ Bro” that airs just before halftime of the big game, Universal says.

Epic Universe, the resort’s theme park that opened in May, has prominence in the campaign, but its tone includes all Universal Orlando Resort parks and is built on experiences made there.

“It really is about the sum of the parts,” said Alice Norsworthy, president of global marketing for Universal Destinations & Experiences.

“We spent most of last year, really, introducing Epic Universe, because there was such a story there to tell,” she said. Last year’s Super Bowl ad for Universal featured the park’s portals to its themed lands, including Super Nintendo World and Dark Universe.

This year, “Lil’ Bro” revolves around the competitive dynamic between two young siblings. Viewers see them in their home setting, then experiencing Universal attractions such as Volcano Bay water park and Transformers: The Ride – 3D at Universal Studios Florida theme park. read more