News (2430)
PPP Funds Subject to Fraud
Watchdog group finds that many abused teh Paycheck Protection Program, reports Fox 6.
A report from the Office of Inspector General of the U.S. Small Business Administration published on Tuesday details complaints of thousands of instances involving suspected fraud from financial institutions apparently receiving economic assistance from the Coronavirus Preparedness and Response Supplemental Appropriations Act and the Paycheck Protection Program and Health Care Enhancement Act.
Read more...Smaller Firms Found it Hard to Get Funds
According to WAMU, D.C. small businesses struggled to get PPP funding, while larger businesses received funding.
After Mayor Muriel Bowser ordered D.C. restaurants to close in mid-March to mitigate COVID-19, Pop’s SeaBar in Adams Morgan saw an initial 70% drop in revenue, says Dustin Beruta, the seafood restaurant’s general manager.
Read more...Company Offering Small Business Relief
Home improvement company Lowes is offering small businesses grants, reports ABC 13.
Small businesses struggling during the COVID-19 pandemic may be able to get some help soon.
Read more...Keeping Your Business Steady
According to Entrepreneur, there are a few things small businesses can do to help them remain to keep their business steady.
The COVID-19 pandemic has completely upended our normal way of doing business.
Read more...Small Business Might Face Bigger Tax Bill
Despite having their payroll protection loans forgiven; many small businesses will find that they owe taxes thanks to the loan, reports the Hill.
Many businesses have suffered during this economic downturn caused by the coronavirus pandemic. You've read about them in the media. But what you don't read about as often are the many other businesses around the country that haven't suffered as much. It probably hasn't been a very profitable year for those businesses, but they’ve kept things going.
Read more...Small Business in Trouble Again
According to Reuters, as the last of the payroll protection money is disbursed many small businesses find themselves short of cash.
The number of outright failures of U.S. small businesses in the first months of the coronavirus pandemic was comparatively modest, but the months ahead look far grimmer as cash balances dwindle, federal help expires, and the disease surges back.
Read more...Wells Fargo Adds New Program to Help Small business
Wells Fargo has launched a new program to provide relief to small businesses, reports KUTV.
Wells Fargo announced an approximately $400 million effort to help small businesses impacted by the ongoing COVID-19 pandemic.
Read more...Treasury Department Wants to Waive Verification
According to the Washington Post, the federal government is considering removing the requirement that companies prove how they used the Payroll Protection Loan money.
Treasury Secretary Steven Mnuchin suggested Friday that the government should consider forgiving all taxpayer-backed small loans under the federal Paycheck Protection Program without verifying how the funds were used, a decision that could wipe away debt for millions of small businesses but would also substantially increase the risk of fraud.
Read more...Retirement Match Goes Away
The pandemic has caused small businesses to eliminate the employer matching portion of their retirement program, reports the Kenosha News.
Saving for retirement is important. Without independent savings, seniors risk struggling financially when they attempt to live on Social Security alone, especially when we consider that the average recipient today collects just around $1,500 a month, or $18,000 a year, in benefits.
Read more...Covid Surge Worries Small Business
According to Yahoo News, the surge in Covid-19 across America is worrying small business owners who may not be able to withstand another shut down.
The resurgence of COVID-19 across the country this summer has deepened anxiety for millions of American small business owners who face another imminent cash crunch in their battle to survive a historic pandemic.
Read more...
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