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News (1845)

Banks Hesitate on Paycheck Protection

According to Bloomberg, banks are hesitant to participate in the Paycheck Protection Loan program because their fear repercussions if they approve a loan that later turns out to be fraudulent. 

The basic economic problem right now is that a lot of companies have shut down and aren’t earning any money. The ordinary reaction, for a company that doesn’t make stuff or earn any money, is to go out of business and lay off all of its workers, but it is pretty widely recognized that that would not be a good reaction, for most businesses, right now.

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Paycheck Protection Falters

Financial relief for small businesses hit a snag as banks were not yet ready to accept applications for the Paycheck Protection Program, reports Yahoo Finance.

The Trump administration’s emergency $349 billion Paycheck Protection Program to help small businesses cover their payroll costs was set to roll out on Friday April 3, with banks accepting applications from businesses slammed by coronavirus. (Applicants must have fewer than 500 employees.)

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Startups Miss Out on Paycheck Protection

The SBA’s Paycheck Protection Program still excludes startups, reports Tech Crunch. 

Under new guidance issued by the Small Business Administration it seems non-profits and faith-based groups can apply for the Paycheck Protection Program loans designed to keep small business afloat during the COVID-19 epidemic, but most venture-backed companies are still not covered.

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Small Business Loans Forgiven

According to Inc., small businesses could get their loan forgiven under the new stimulus package. 

Small businesses reeling from the impact of coronavirus may have good news coming in the form of loan forgiveness.

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Small Business Could Get Relief Under Stimulus

Under the new stimulus plan small businesses with less than 500 employees could qualify for a loan, reports Inc. 

With President Donald Trump having signed an unprecedented $2 trillion economic stimulus package aimed at supporting U.S. businesses and individuals, you're probably wondering what it all means for you as a small-business owner.

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Small Businesses in Danger

Former head of the Small Business Administration warns that 20% of all small businesses could go under during the covid-19 crisis, reports Yahoo Finance. 

The former head of the Small Business Administration under Barack Obama hailed the arrival of the coronavirus stimulus package, but warned of catastrophic outcomes for a large number of American small businesses.

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US Financial Assistance Package in the Works

The senate is working to finalize a reflief package to help Americans facing economic uncertainty due to Covid-19.

Senate Republican negotiators on Thursday rolled out a massive business assistance package, seeking to stave off a recession and soaring unemployment because of the coronavirus crisis.

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Small Business Administration Helps Offset Financial Impact

According to Yahoo Finance, the Small Business Administration is working to help small businesses cope with the financial impact of COVID-19.

President Donald Trump’s plan to utilize the Small Business Administration in the U.S. government’s coronavirus response is moving quickly, a top official told Yahoo Finance, with billions set to be allocated to cash-strapped establishments around the country.

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Study: 1 in 6 American workers could be negatively impacted by social distancing

About 1 in 6 workers, or about 17 percent of U.S. employees, could be negatively impacted if social distancing becomes the norm as the nation attempts to contain COVID-19, says a new Ball State University report. “Occupational Exposure to Social Distancing: A Preliminary Analysis Using O*NET Data,” an analysis by Ball State’s Center for Business and Economic Research (CBER), found that there are about 28 million jobs involving high levels of physical proximity with others and working with others. These jobs pay an average of $32,774 per year.

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Dallas Mavericks Owner Helps Small Business

Mark Cuban, owner of the Dallas Mavericks, is offering to reimburse people who buy breakfast or lunch from local small businesses, reports CBS DFW 21.

The Dallas Mavericks and Mark Cuban are continuing to pay it forward to support those affected by the concerns over the coronavirus outbreak.

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