News

News (2006)

More Business Relief Funds on the Way

Small businesses may be able to get another round of small business funding from the Economic Injury and Disaster Loan program from the Small Business Administration. 

Beginning April 6, 2021, the U.S. Small Business Administration (SBA) is expanding its Economic Injury and Disaster Loan (EIDL) program, the organization announced in a press release. 

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Tax Credit Could Increase Tax Bill

The employee retention tax credit might result in employers getting a big tax bill, reports. Cleveland.com.

Small businesses taking the employee retention tax credit might get hit with a tax bill before seeing the benefits of the credit — and the IRS should step in to fix that, according to a prominent law firm.

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Covid Relief Sparse for Minority Businesses

According to the New York Times, minority owned small businesses were often unable to take advantage of covid relief loans. 

Southern Bancorp is a lender serving the Arkansas and Mississippi Delta, where poverty rates are among the highest in America and decades of redlining shaped neighborhoods with little generational wealth.

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PPP Loan Program Extension

The Paycheck Protection Program has been officially extended, reports CNBC.

The Senate on Thursday voted to extend the Small Business Administration’s Paycheck Protection Program just a week before it was slated to expire.

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NASA Boosts Small Business

NASA’s Small Business Innovation Research and Small Business Technology Transfer program’s have selected 365 small businesses to participate in their program.

Small businesses are vital to NASA’s mission, helping expand humanity’s presence in space and improve life on Earth. NASA has selected 365 U.S. small business proposals for initial funding from the agency’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) program, a total investment of more than $45 million.

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Small Business Struggle to Recover

According to the Seattle Times, small businesses have been disproportionately affected by Covid-19.

In a big gravel lot near South Seattle’s South Park Bridge, a handful of small businesses might get a second chance to survive the pandemic. 

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Extending PPP Program

The house votes to extend the Paycheck Protection Program for two months, reports Business Insider.

To continue providing aid to small businesses recovering from the pandemic, the House voted on Tuesday to extend the Paycheck Protection Program (PPP) by two months, ahead of its expiration on March 31.

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Small Businesses Got Less Forgivable Funds

Small businesses that applied early to the latest round Paycheck Protection funding received less forgivable funding than those who waited, reports CNBC.

For some of the smallest businesses that applied for forgivable loans through the Paycheck Protection Program, waiting just a few days or weeks would’ve gotten them thousands of dollars more.

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American Rescue Plan for Small Business

The American Rescue Plan contains less support for small businesses, reports CBS News.

The Biden administration acknowledges that small businesses continue to face an "immediate crisis" because of the economic fallout from the coronavirus

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Loan Rates Dropping

Loan approval rates are dropping for small businesses, reports Small Business Trends.

Loan approval rates made to small businesses by banks and other lenders have fallen significantly since their peak a year ago. The decline in loan approval rates to small businesses is noted in the latest Biz2Credit Small Business Lending Index.

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