News (2428)
Small Business Funding Shouldn't Be Race
According to Bloomberg, Bank of America thinks that the small businesses funding shouldn’t be a race.
Bank of America Corp. Chief Executive Officer Brian Moynihan said the U.S. government’s small business loan program should be fully funded, rather than having companies scramble for the cash required to get through the economic hit from coronavirus.
Read more...Large Businesses Start to Return PPP Loans
Large companies that received Payroll Protection Loans are being shamed into returning them, reports ABC Chicago.
Potbelly Sandwich Shop is the latest large company to say it will return money it received as part of the Payroll Protection Program.
Read more...Post Office is Necessary for Businesses
Losing the post office could be the death knell for many small businesses, reports Tech Crunch.
Since moving to the United States, I’ve come to appreciate and admire the United States Postal Service as a symbol of American ingenuity and resilience.
Read more...1 month since CARES Act signed into law — here are the #s
Exactly one month ago, President Trump signed the CARES Act into law at a Republicans-only signing ceremony at the White House. The legislation was supposed to sure up the economy, stop the hemorrhaging of jobs and as Trump put it, “we’re going to have a rebound like we have never seen before.”
Read more...Large Chain Restaurants Get Payroll Protection Loans
A loophole in the payroll protection loan program allowed large restaurants like Potbelly’s and Ruth’s Chris Steakhouse to get loans of over $5 million dollars.
Large restaurant chains have gobbled up $30 million in federal loans meant to shore up small businesses during the coronavirus crisis.
Read more...Smaller Banks Approve Loans Faster
Smaller banks were able to fund business emergency loans faster than some of the largest U.S. banks, reports Bloomberg.
Small businesses that rushed in vain to tap $349 billion in emergency U.S. loans to survive the coronavirus crisis are facing a harsh reality: Some of the nation’s top banks lagged behind relatively tiny rivals in handling applications.
Read more...More Funds for PPP
According to CNN, the administration is close to a deal that would guarantee additional money to the Payroll Protection Program.
President Donald Trump opened Sunday's coronavirus task force briefing by discussing the negotiations on Capitol Hill over additional funding for the Paycheck Protection Program, saying a deal could be announced Monday.
Read more...Paycheck Protection Off to Rough Start
According to Barron’s, the Paycheck Protection Program is off to a rocky start.
I run a company that helps small businesses get loans. Since the Small Business Administration launched its new rescue package on Friday, I’ve been working from about 7 am to midnight every day trying to get companies what they need to survive.
Read more...Small Business Disaster Loans May Dry Up
According to Yahoo, small businesses hoping to get funds from the Economic Injury Disaster Loan program may be disappointed.
A federal disaster loan program offering up to $2 million in relief is now capping out at $15,000 — and is leaving some borrowers wondering if they'll even get that.
Read more...Businesses Get Creative During Covid-19
During the mandated Covid-19 closures small businesses are finding unique ways to drum up business, reports Fast Company.
We can all agree that social distancing is necessary for the health of our communities, but it’s been catastrophic for many small businesses that rely on in-person activities to thrive.
Read more...
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