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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. 

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Small Businesses Expect to Fail

Even with help from the federal government’s Paycheck Protection Program and other loans/grants, many small businesses expect to close, reports CNBC.

Millions of small businesses have gotten federal aid to help weather the recession caused by the coronavirus pandemic.

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Black Owned Small Business Loan Program at Hennessy

According to Black Enterprise, small businesses can apply for financial help from Hennessy’s  Unfinished Business Program. 

Hennessy is stepping up to help minority small businesses struggling with the effects of COVID-19 by providing immediate financial support through a new program called Unfinished Business.

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Layoffs Coming Despite Loans

Despite getting funds from the Paycheck Protection Program many small businesses expect to layoff staff, reports CBS News. 

A significant number of U.S. small business owners who got money from the government-backed small business coronavirus relief program say they will end up laying off hundreds of thousands of workers anyway.

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Lawmakers Ponder More Help for Business

With the Paycheck Protection Loan program coming to an end lawmakers are worried that it wasn’t enough to sustain the economy, reports Politico. 

Washington’s massive small business rescue is ending after delivering more than half a trillion dollars to millions of employers. Now, everyone from key lawmakers to the Federal Reserve says it may not be enough.

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New Loan Application Easier

According to NJ Biz, there is a new shorter, more user-friendly application for government funds to help small businesses hit by Covid-19.

The Trump administration rolled out a much shorter and “user-friendly” application for a federal aid program aimed at propping up small businesses hit hard by the COVID-19 pandemic and ensuing recession ahead of a June 30 deadline.

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Paycheck Protection Info Remains Secret

Data regarding what firms received Paycheck Protection Program loans will not be released, reports the Hill. 

The U.S. Small Business Administration (SBA) and Treasury Department announced Friday that they will provide data regarding which businesses borrowed money from the taxpayer-funded Paycheck Protection Program (PPP) after previously saying the names of the firms would not be released.

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It is Possible to Retire During Covid

Small business owners can take steps to get their retirement plans back on track, reports Barron’s. 

The valuations of many small businesses have gotten impaired during the coronavirus crisis, leaving owners who were planning to retire in the next year or so facing a tough question: proceed as planned and possibly sell at a reduced price, or refocus on the business and retool retirement plans? 

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Fed Encourages More Financial Help

According to Politico, the Federal Reserve is encouraging the government to offer more assistance to small businesses suffering from covid-19 related financial problems. 

The Federal Reserve on Friday warned that struggling small businesses may need more government support even after employers received more than $500 billion in emergency loans.

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Tax Credits for Small Business

The government is offering several coronavirus related tax credits for small businesses, reports USA Today.

If you own a small business, the Great Lockdown has probably been difficult. Whether you've been forced to shut down or have been able to stay open (despite the risk) as an essential business, these are turbulent economic times, and your company is probably feeling some adverse financial effects.

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