News (2424)
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...Some Business Didn't Apply for Payroll Protection
Many small businesses opted to forgo applying for a payroll protection loan, reports Motley Fool.
When COVID-19 emerged as a domestic threat back in March, local officials acted quickly, and that involved shuttering non-essential businesses in an effort to keep people in their homes and curb the spread of the virus. But while imposing lockdowns made sense from a health perspective, it was detrimental from an economic standpoint, as unemployment shot up overnight and countless small businesses began hemorrhaging cash in the absence of incoming revenue.
Read more...It's Easier for Businesses Owners to Walk Away
According to the Street, many small business owners are contemplating using bankruptcy, which is now easier for small businesses under the SMall Business Reorganization Act of 2019.
In 2008, homeowners walked away from mortgages. Thanks to the Small Business Reorganization Act of 2019 (SBRA), in effect as of February 19, 2020, small businesses have an easier shot at doing the same.
Read more...Jobs Can Be Done Remotely
According to the Guardian, business owners have had a revelation; that many jobs can be done remotely.
For years, many business owners my age – in our 50s, which by some accounts is about the average age of the typical US business owner – have complained about the younger, millennial generation.
Read more...Businesses Fear Second Shutdown
According to WHNT, having barely survived one shutdown, many small businesses fear they won’t survive another.
The economic shutdowns and confusing scramble for federal loans and other aid were hard enough for small business owners. But now they face even more hurdles in their bid to survive.
Read more...Small Business Get Relief Extension
President Trump has officially signed an extension for the small business loan relief program, reports CNBC.
President Donald Trump on Saturday signed into law a temporary extension of a subsidy program for small businesses battered by the coronavirus.
Read more...New Tech Tool Launches Empowering Amazon Shoppers to Support Small Businesses Amid COVID-19 Pandemic
As the coronavirus pandemic continues to have a devastating impact on America’s small business community, Tribe (jointribe.us), a tech company helping empower consumer spending, today launched a new, free tech tool specifically designed to aid and support small businesses across the country.
Read more...
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