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    New aid available is a $ 5 million fund as part of Miami Dade’s business grant program. Néstor Pérez, from Genesis Bakery Café, says that “It is a great help for businesses to take a break and we can survive in these difficult times that the pandemic has brought us.” The beneficiaries would be workers in restaurants, hotels, bars and catering companies. But the request would be made by the businesses that employ them, which would receive $ 15,000 to distribute 500 to each worker. The request would be made in the corporate section of the South Beach Food and Wine Festival website. The site also includes the requirements: not have more than 50 employees, earnings...
    (CBS DETROIT) – Opening up shop and keeping it open has been a challenge for entrepreneurs. Since the start of the pandemic many changing their business model to adjust to the times and now Wayne County officials are stepping in to make the process easier. “We have $50 million that will be allocated from the cares act and that’s the Wayne County portion, then we were awarded another $7.5 million from the M.E.D.C. For basically the same kind of grant and really the same for the most part qualifications apply. And so we’ve got $57.5 million to allocate out,” said Wayne County Assistant Executive Khalil Rahal. The Wayne County back to work small business grant helps operations with 50...
    Sheryl Sandberg, COO of Facebook speaks onstage during 'Putting a Best Facebook Forward' at Vanity Fair's 6th Annual New Establishment Summit.Matt Winkelmeyer | Getty Images Facebook COO Sheryl Sandberg on Wednesday said the social media company needs to work with whoever wins the 2020 U.S. election to address their concerns about Big Tech. "We know that there's real concern about the size and the power of the American tech companies, both here in our country and around the world," said Sandberg, speaking at the CNBC Small Business Playbook virtual summit. "It's our job to work with anyone who's in office, whether they're in the Senate or anywhere around the world, to address those concerns." Sandberg's comments came after CNBC's Jim Cramer...
    Twitter A young entrepreneur from Southern California has opened the first ever durag store located on Melrose.  20-year-old Atira Lyons has been documenting her journey on social media since earlier this year. Many of her followers have been spreading the word about the luxury durag collection in an effort to encourage others to support Black businesses amid COVID-19, especially those owned by Black women.  “I HAVE A STORE ON MELROSE AVE IN LOS ANGELES!!!!!!! My 20 year old a** got a f*cking store on MELROSE,” she tweeted in March. “Grand opening in a month in a half. I can’t believe I did it. Unreal. Thank you EVERYONE for your support and business.” When one critic suggested she change her...
    (Photo by Spencer Platt/Getty Images) The coronavirus pandemic continues to disproportionately impact Black communities. Reports show since COVID-19 shut down the economy, Black entrepreneurs suffered the most. READ MORE : Harlem’s small Black businesses struggle amid pandemic According to Forbes, almost half of small operating Black-owned businesses had been forced to shut down by the end of April. The report continues to detail how Black-owned businesses were more than twice as likely to shutter as their white counterparts. James Robinson works in Black-owned business,The Formalwear store, on Blackout Day 2020 on July 07, 2020 in Miami Gardens, Florida. (Photo by Joe Raedle/Getty Images) Forbes reports, “Nationally representative data on small businesses indicate that the number of active business...
    MINNEAPOLIS (WCCO) — COVID-19 has many small businesses struggling to stay afloat. St. Mane in south Minneapolis is the oldest independent sporting good store in Minnesota. It was facing the same struggles as other retailers. WCCO’s Reg Chapman explains how an idea for a t-shirt kept the business open and is now helping other businesses do the same. Since 1962, St. Mane Sporting Goods has sold letterman jackets and all that comes with high school, college and professional sport but COVID-19 shut that down. “With Minneapolis and St. Paul schools closing and the fall sports — especially football — closing we don’t know if we will make it past the first of the year,” said Bob St. Mane. But his...
    HAVERFORD, Pa. (CBS) — Federal investigators are clamping down on cash advance companies targeting small businesses during the pandemic. Authorities say Joseph LaForte, of Haverford, used to run a cash advance company called Par Funding out of an Old City office. It was raided by the FBI last month. A video posted on LaForte’s Vimeo page shows just how easy it is for small businesses to get a cash advance. “Getting funds doesn’t have to be so complicated,” the promotional video says.“Your credit score doesn’t matter.” But the U.S. Securities and Exchange Commission is now suing Par Funding, alleging small businesses borrowed money from it with extraordinarily high interest rates. “Once I dug into it, I was amazed at what...
    HAVERFORD, Pa. (CBS) — A Delaware County man is accused of using his loan company to prey on small business owners and threatening them if they couldn’t pay back the money, even during the pandemic. Authorities say Joseph LaForte, of Haverford, used to run his company called Par Funding out of an Old City office. It was raided by the FBI last month. A video posted on LaForte’s Vimeo page shows just how easy it is for small businesses to get a loan. “Getting funds doesn’t have to be so complicated,” the promotional video says.“Your credit score doesn’t matter.” But the U.S. Securities and Exchange Commission is now suing Par Funding for, in part, lending money to small businesses at...
    NEW YORK (CBSNewYork) — New York City is restoring $1.5 million to provide free legal support for small businesses struggling to make rent during the coronavirus pandemic. “To help them address issues with their landlords, to help them find a way through,” Mayor Bill de Blasio said Tuesday. De Blasio said the funding is part of the Commercial Lease Assistance Program. “This is an initiative that worked in the past. Over 900 cases were resolved,” he said. “What it meant was, overwhelmingly, small business owners of color and women-owned small businesses, immigrant-owned small businesses benefited.” WATCH: Mayor Bill De Blasio’s Daily Press Briefing  Small Business Services Commissioner Jonnel Doris shared the story of two sisters who own a pair of...
    People around the country are complaining of serious mail delays—and the official explanation from the U.S. Postal Service doesn’t sound like the full story. The Postal Service attributes the delays to increased package volume and staff shortages due to coronavirus, but the delays are hitting as the new postmaster general makes changes that postal workers warn are creating problems. Louis DeJoy, the Republican donor Trump put in charge of the USPS despite his lack of postal experience, has eliminated overtime, which is the last thing you'd think you’d do when facing pandemic-driven staffing shortages. If you cared about getting the mail delivered on time, that is—which DeJoy clearly doesn’t. So, for instance, in Shreveport, Louisiana, where a postal worker recently shared images of...
    Virginia Ali, co-owner of Ben's Chili Bowl, one of the many Black-owned businesses on Avenue U in Washington D.C., sits near photos of her and her husband Ben, on June 15, 2020. Numerous studies have shown that African-American entrepreneurs, particularly in the service sector such as restaurants, have suffered most severely from the economic and health crisis.BRENDAN SMIALOWSKI | AFP | Getty Images Black small business owners — and small business owners of color in general — are particularly pessimistic about their enterprises surviving the coronavirus economy. That likely means continued divergence in small business fortunes along racial and ethnic lines.  Just last week, the Federal Reserve Bank of New York released a study highlighting the deep toll Covid-19 has...
    The confidence of small business owners in the U.S. took a hit in July as coronavirus case surged and reopening plans were delayed or rolled-back, data from the National Federation of Independent Business showed Tuesday. The NFIB’s Small Business Optimism Index fell 1.8 points to 98.8 in July. Economists had expected the index to hold its June level of 100. “This summer has been challenging for many small business owners who are working hard to keep their doors open and remain in business,” NFIB’s chief economist Bill Dunkelberg said. The index has generally been riding high during President Donald Trump’s first term but tumbled nearly 20 points in March and April, the biggest ever drop in the index. That slide...
    Somerville's Main Street on June 2. A sign posted to the lamp post from the Downtown Somerville Alliance advertises curbside pickup and takeout.Downtown Somerville Alliance The pandemic is still raging on in the U.S., yet 64% of small business owners on Main Street are confident that they can survive for more than a year under current conditions, the Q3 CNBC|SurveyMonkey Small Business Survey revealed on Monday. Surprisingly, that is nearly double the 34% that held this optimistic view when polled in April. And 46% of those surveyed say they expect their company's revenue to increase over the next 12 months. The study polled 2,040 small businesses nationwide July 20-27 in a wide swath of industries from food services, retail and...
    SAN FRANCISCO (KPIX 5) — While gyms have been classified as non-essential since the pandemic began, a group of San Francisco operators are trying to shake off that designation and prove that they can operate safely. DIAKADI Fitness is taking social distancing seriously. The training center has moved to a soccer field in Mission Bay, providing fitness equipment and 25-square-foot spaces for personal trainers to safely work with clients. Monday was Skyler Brungardt’s first workout since COVID-19 arrived. “I’ve got dumbbells at home. It’s not enough,” Brungardt said. “Being cooped up and not having access to tools that I need to stay fit is tough! It’s really difficult.” But despite all his efforts to bring the gym outdoors, co-owner Billy...
    West Virginia has awarded $7.6 million in COVID-19-related small business grants since it launched its Small Business Grant Program more than three weeks ago, Gov. Jim Justice said Friday. The state has received more than 2,000 applications, Justice said during a news conference Friday. “We want to keep pumping that money out just as fast as we possibly can,” Justice said. Businesses that have between one and 35 employees that have existed since Feb. 29 and have experienced financial losses because of COVID-19 economic restrictions are eligible for funding. An employer can apply for up to $5,000. The fund has $150 million in it. Eligible businesses first must register as a vendor with the state to...
    US has more cases than some countries have people Ruby Tuesday has shut down more than one-third of its restaurants this year as the chain buckles under pandemic pressures and an aging customer base AmEx in Advanced Talks to Buy SoftBank-Backed Kabbage (Bloomberg) -- American Express Co. is in advanced talks to buy the online small-business lender Kabbage Inc., which is backed by investors including Japan’s SoftBank Group Corp. and Reverence Capital Partners, according to a person familiar with the matter. © Bloomberg Signage is displayed inside the American Express Co. Centurion Lounge during a media preview event at Los Angeles International Airport (LAX) in Los Angeles, California, U.S., on Thursday, March 5, 2020. AmEx has told shareholders that...
    Apple has filed a claim with the United States Trademark and Patent Office (USTPO) to block a trademark application by a meal prep company that uses a pear as its logo. Apple claims the pear will be confused with its own iconic Apple logo. Now, the small company has been forced to lay off one of its few employees to afford its legal battle with the Silicon Valley giant. According to a report by the Verge, Apple is attempting to block a trademark registration by the small meal prep startup Prepear that uses a minimalist pear design as its logo. The Verge: Apple has filed a notice of opposition against a meal prep company because it claims the Prepear app’s...
    Popular summer vacation spot Provincetown, Massachusetts, is taking Covid-19 seriously, mandating mask-wearing and limiting the number of customers in stores, but consumers are still out. (Photo by Zach D Roberts/NurPhoto via Getty Images)NurPhoto | NurPhoto | Getty Images Small businesses are feeling somewhat more optimistic, adapting operations to the new economic and public health normal as coronavirus cases continue to rise around the county. But even in the face of progress, the worst is far from over for Main Street, which is facing an unprecedented and rocky recovery. Small business confidence ticked up in the third quarter of the year, to 53 from a record low of 49 in Q2, according to the CNBC|SurveyMonkey Small Business Survey. Even with the...
    The federal government considers some tax sins to be much worse than others. One egregious sin is failing to pay over federal income and employment taxes that have been withheld from employee paychecks. In the COVID-19 era, that can happen to a cash-strapped business. If it does, the IRS can assess the so-called 100% penalty against any responsible person. The 100% penalty is so-named because the entire unpaid federal payroll tax amount can be assessed as a penalty against a responsible person or several responsible persons. The idea behind the 100% penalty is that the Feds should be able to collect withheld but unpaid federal payroll taxes from unscrupulous individuals who had control over an employer’s finances. Fair enough...
    Van and Jackie Brollini are in the same boat as most bar and restaurant owners — struggling to stay afloat amid the COVID-19 pandemic. The Inver Grove Heights’ couple bought an established business in Rosemount just over a year ago and took over full control this past January. They changed the name from T.O.P.S. Pizza & Hoagies to Tops Tavern, remodeled the place and set up a new point-of-sales system and website. “We kicked it into high gear and then — bang — we get shut down a few months later,” Van, 55, said. Revenue remains down 40 to 50 percent from January and isn’t going to climb back up until they are able to host large private parties again,...
    Agatha Kulaga, co-founder and CEO of OvenlySource: Agatha Kulaga The past few months certainly haven't been easy for small businesses. Many had to shut their doors due to the coronavirus pandemic. While some may never reopen, others are ramping up their business — and hoping they don't have to shut down again. Retail and wholesale bakery Ovenly had to temporarily shutter its operations for seven weeks when the crisis hit, laying off its entire staff of 66 employees. Agatha Kulaga, co-founder and CEO, called it "survival mode." Since that time, the New-York based business has been slowly reopening its bakeshops and has rehired eight full-time and 18 part-time workers. More from Invest in You:A third of small-business owners have tapped...
    In response to the pandemic, Ramsey County is now accepting applications from small business owners for its Small Business Relief Fund. The $15 million fund offers relief packages of up to $7,500 for self-employed entrepreneurs and up to $10,000 for businesses employing 1-to-20 workers in addition to the owner. The fund is geared to for-profit businesses with a physical presence within the county. Businesses must have been operating for at least six months prior to March 1 and be licensed. They must also demonstrate a significant loss in revenue since March 15. Musicians, actors, craftspeople, media and other creative enterprises that were in operation as of Sept. 15, 2019 can apply for a Creative Business Grant to reimburse eligible expenses...
    By Sopheng Cheang | Associated Press CHI MEAKH, Cambodia — Animal rights activists in Cambodia have gained a small victory in their effort to end the trade in dog meat, convincing a canine slaughterhouse in one village to abandon the business. Buth Pith and his wife Khath Hach this week shut down the small abattoir they had operated for about seven years after animal protection groups agreed to provide them an alternate living by building a small convenience store for them. Animal activists are taking the 15 dogs that had been caged at the slaughterhouse to an animal shelter in the capital, Phnom Penh, for rehabilitation, after which they will be offered for adoption, either in Cambodia or abroad....
    Microsoft is chasing a deal to invest in all of TikTok’s worldwide enterprise, which include the viral movie app’s functions in India and Europe, in accordance to five people with know-how of the talks. The US application organization mentioned on Sunday it was in negotiations with ByteDance, the Chinese owner of TikTok, to check out “a obtain of the TikTok provider in the United States, Canada, Australia, and New Zealand”. But Microsoft has since also pursued a plan that would include things like all countries where by TikTok operates. TikTok does not work in China, and these kinds of a deal would not lengthen to its China-struggling with sister application Douyin. In the meantime, Microsoft executives have sought to assuage...
    EIDL ran out of its allotment for the progress grants on July 11. Then last 7 days, the SBA’s internal watchdog issued an alert that there were indicators of “potentially rampant fraud” in the plan that essential quick action. 9 fiscal institutions have noted much more than $187 million in suspicious transactions involving catastrophe mortgage money, and the inspector general’s business said it tallied $250 million specified to perhaps ineligible recipients and $45.6 million in obvious copy payments. Reviews of alleged malfeasance continue to pile up in one more multi-billion greenback little small business mortgage initiative, the Paycheck Protection Program, meant to keep staff on payrolls of businesses with 500 staff or fewer. On Monday federal prosecutors in Atlanta introduced...
    SAN ANTONIO – The news that professional photographer Yee Yan Segovia had won $500 came via Zoom. "I almost never win anything, so I was really surprised," Segovia said. The U.S. Navy veteran became the first of eight small business owners who will be randomly selected by the Maestro Entrepreneur Center every week through Sep. 23. “Even if you don’t win the $500, I really recommend you register because you can win so much more than that,” said Mariangela Zavala, Maestro Center’s executive director. She said Segovia had increased her chances of winning because she had registered on its Buy Local, Grow SA membership website. Maestro Entrepreneur Center teaches, supports small business owners Zavala said not only does a small...
    DALLAS (CBSDFW.COM) – Small businesses affected by the winds, hail or tornadoes that hit Dallas County last October have until next Friday to apply for assistance from the Small Business Administration. At Specialty Flooring Inc., crews are still working to repair the roof damage caused by the October tornado. “The roofing was just ripped off and all the water got in everything, everything got ruined,” Rudy Castillo said. Sun Seon, owner of Posh Cleaners, lost everything after the tornado destroyed her business. She had to open a new store. “I just gave up over there,“ she said. “I had to move everything here so I can keep the customers.” She applied for the SBA loan and was approved. Almost one...
    Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York City BY FANNI FRANKL New York City restaurants and bars that are not able to pay more than half their rent are heralding a call for action from New York State. Findings in a survey found that 80% of restaurant owners could not pay even half their rent, shedding light on the crisis that ensued from the coronavirus lockdown. The results of the survey, released Monday morning, found that just 17.2% of respondents said that they were able to pay 50% or more of their rent. After New York State announced that restaurants could only open with only takeout or outdoor dining,...
    Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York City If you own a small business and are working hard to reopen and recover after months of turmoil from the COVID-19 pandemic, we want your story of survival. amNewYork Metro and Schneps Media are launching “Small Business Survivors,” a multimedia series focused on how mom-and-pop businesses across the five boroughs weathered the storm during March and April, and are now getting back on their feet.  This series combines our print and video mediums to not just tell the story of business owners rebounding in New York City, but also calling attention to the many challenges they face in doing so. We...
    VIDEO2:5002:50Sen. Marco Rubio: Both sides must make concessions in Covid-19 stimulus talksSquawk Box Sen. Marco Rubio, R-Fla., warned on Wednesday that a new wave of small business layoffs could come if Congress does not re-up the funding to the Paycheck Protection Program in its next round of coronavirus relief spending.  "You are going to begin to see, at some point, small business layoffs again as companies run out of the PPP money," Rubio said on CNBC's "Squawk Box."  "That's a real thing, and we are going to see it unfortunately, and then that begins to trickle across the rest of the economy including the real estate sector because they can't pay rent, and so forth," Rubio said. "And so we...
    More than 100 business CEOs have signed onto a letter urging Congress and the White House to come to agreement on a fourth coronavirus relief deal to head off what could be a 'catastrophic' wave of small business closings. The letter, steered by Starbucks chairman emeritus Howard Schultz, comes as Democrats and Republicans are hung up over a deal that would extend expired $600 per week federal unemployment benefits.  They want to extend the Paycheck Protection Program to send a new round of loans to small businesses. Many used the program as a lifeline, while others weren't able to qualify or didn't apply, as millions of Americans joined the unemployment rolls amid the coronavirus pandemic.  Starbucks chairman emeritus Howard Schultz...
    VIDEO3:3903:39Paychex CEO on the state of small businesses during the pandemicSquawk Box Paychex CEO Martin Mucci told CNBC on Tuesday that small business employment is falling again and is becoming as precarious as during the beginning of the U.S. coronavirus crisis. "We saw the July jobs index drop," Mucci said on "Squawk Box." "That puts us back to about April, so we're flat over the last three months." Paychex, a payroll processing and HR solutions company, released its monthly Small Business Employment Watch with IHS Markit on Tuesday. It offers insight ahead of the government's closely watched monthly jobs report on Friday. The Paychex-IHS report for July showed a month-over-month drop of 0.24% and a decline of -3.65% from a year earlier. The...
    VIDEO5:2805:28Former Starbucks CEO Howard Schultz calls for more small business reliefSquawk Box Howard Schultz, the former Starbucks CEO, on Tuesday urged Congress to provide additional financial support to small businesses, saying that the now-iconic coffee chain would have struggled to weather the economic impacts of the coronavirus pandemic in its early years.  In 1987, Starbucks had just 11 stores and about 100 employees, Schultz said on CNBC's "Squawk Box." "We were a very similar small business of many businesses today, and so many of these businesses could become the next Starbucks. It's really important to consider that."  Schultz said the Covid-19 outbreak was not caused by small businesses but many are still facing serious economic consequences as a result, potentially jeopardizing future...
    U.S. Treasury Secretary Steven Mnuchin, left, and White House Chief of Staff Mark Meadows speak to reporters in the U.S. Capitol in Washington, U.S. July 29, 2020.Erin Scott | Reuters Democratic leaders and Trump administration officials expect to meet again Tuesday as they attempt to hash out a pandemic aid package. The sides appear to have resolved few of the thorny issues at stake in the talks, even though more than a week has passed since Republicans unveiled a counter offer to the legislation Democrats passed in May. The parties have come close to a consensus in only a few areas such as extending funding for Paycheck Protection Program small business loans, an administration official told CNBC on Monday night....
    Executives from more than 100 companies and trade associations sent a letter to Congressional leaders from both parties Monday urging more federal support for small businesses facing dire struggle and uncertainty during the Covid-19 pandemic. The letter, an effort led by former Starbucks chairman and CEO Howard Schultz, says the Small Business Association’s Paycheck Protection Program loans provided short-term relief for many businesses but a second dose of relief — one stronger and more targeted than simply another round of PPP loans — is needed for hard-hit sectors that require more sustained support. “Most small businesses don’t have enough cash in the bank to weather more months of reduced revenue and customer traffic,” the letter reads. The CEOs specifically...
    (Photo by Mark Makela/Getty Images) The latest NPR analysis of the Electoral College shows presumptive Democratic presidential nominee Joe Biden with a 297-170 advantage over President Donald Trump.  With three months to go until the election, Trump appears to be at his lowest point politically. Millions of Americans disapprove of his handling of the coronavirus pandemic; and response to race relations following the police killing of unarmed Black Americans. As such, several states are shifting in Biden’s favor, per NPR. Here’s what the outlet noted as the changes: Colorado from lean Democratic to likely Democratic Florida from toss-up to lean Democratic New Hampshire from toss-up to lean Democratic Nevada from toss-up to lean Democratic Pennsylvania from toss-up to...
    More than 100 current and former CEOs are urging Congress to approve another round of small business aid in the next coronavirus relief package or risk exponentially more harm to the economy. Modifying and extending the small business lifeline Congress approves in the form of the Paycheck Protection Program (PPP) could stave off a potentially “catastrophic” wave of permanent small business closures that could hit as early as Labor Day. Already, many businesses have shut their doors for good after buckling under the strain of the coronavirus and government-mandated shutdowns. “Small businesses are too critical to our country’s economic strength to let fail. From retailers and restaurants to consulting firms and manufacturers, small business owners are facing a future of...
    Whos first in line for vaccine? The debate begins McDonalds CEO seems to hint at an upgraded chicken sandwich CEOs Warn Congress of Small Business Failures Without More Aid (Bloomberg) -- A group of U.S. corporate leaders led by Starbucks Corp.’s former head, Howard Schultz, pressed lawmakers for additional, longer-term support for small businesses, including federally guaranteed loans that could be turned into grants, at least partially, for those hardest-hit by the pandemic. “By Labor Day, we forsee a wave of permanent closures if the right steps are not taken soon,” Schultz said in a letter to Congress signed by almost 100 leaders, including the chief executive officers of Walt Disney Co., Merck & Co., Alphabet Inc. and Walmart...
    Many small businesses across the country face near-certain catastrophe if they do not receive Federal aid soon, a Monday letter signed by some of the biggest names in business claims. Mom and pop shops face “a wave of permanent closures” by Labor Day if the government doesn’t step in with a comprehensive recovery program, according to the letter addressed to the leaders of both parties of the House and Senate, which was organized by former Starbucks CEO Howard Schultz and drafted with the help of Senators Michael Bennet (D-Colo.) and Todd Young (R-Ind.). It features the signatures of more than 100 executives, including Alphabet CEO Sundar Pichai, Google boss Bob Chapek and Walmart’s Doug McMillon, and stresses the importance...
    Many small businesses across the country face near-certain catastrophe if they do not receive Federal aid soon, a Monday letter signed by some of the biggest names in business claims. Mom and pop shops face “a wave of permanent closures” by Labor Day if the government doesn’t step in with a comprehensive recovery program, according to the letter addressed to the leaders of both parties of the House and Senate, which was organized by former Starbucks CEO Howard Schultz and drafted with the help of Senators Michael Bennet (D-Colo.) and Todd Young (R-Ind.). It features the signatures of more than 100 executives, including Alphabet CEO Sundar Pichai, Google boss Bob Chapek and Walmart’s Doug McMillon, and stresses the importance of...
    Getty Trump The new COVID-19 stimulus package may provide billions toward a second round of loans for small businesses via the Paycheck Protection Program (PPP.)  The HEALS Act (Health, Economic Assistance, Liability Protection, and Schools), which was introduced as part of a Senate-backed relief package, would include a second chance at loans and loan forgiveness to help businesses hurt by the coronavirus. This part of HEALS is called the Continuing Small Business Recovery and Paycheck Protection Program Act. If passed, it could expand business expenses that qualify for forgiveness and provide additional chances at obtaining financial help. Sen. Marco Rubio introduced the bill on July 27 and it has since been referred to the Committee on Small Business and...
    Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York City By Fanni Frankl The “Save Our Storefronts” (S.O.S.) campaign held a virtual meeting Wednesday morning calling on New York State to enact commercial rent relief for small business owners.  The meeting, organized by The Cooper Square Committee, was joined by State Senator Brad Hoylman, Assemblyman Harvey Epstein and a group of small business owners, all coming together to address the crisis the coronavirus has caused small businesses and specifically, their ability to pay rent. The S.O.S. legislation would ease the burden of small business owners with the goal of approaching the issue of rent as a collective responsibility. Business owners shared...
    TEXAS – Because the coronavirus crisis caused the temporary or permanent closure of many small businesses, Texas Governor Greg Abbott announced a plan to stop layoffs, save wealth, and gradually revive the local economy. But for homeowners like Martha Enriquez, this is a temporary remedy, as the debt gets bigger and bigger, even if they are low-interest loans. The reason, according to her, is that they cannot open and cannot generate profits. “You look for help and almost nobody can tell you 100 percent what you have to do. They give you a phone number and tell you to look. Sometimes you get involved and it is impossible, it is hours and hours, there is no one to give...
    NEW YORK (CBSNewYork) — The coronavirus pandemic has been brutal for small businesses, and some Manhattan business owners say they feel forgotten by the federal government. Gem Spa was a corner store in New York’s East Village for a century, but after being forced to close for just a few months, it’s now gone, a casualty of the pandemic. “I just couldn’t look in,” owner Parul Patel said. “It’s too painful.” Patel’s family owned the store for 34 years. It’s been an iconic part of New York City’s music and arts scene for decades. “This pandemic was something that was just not something that we could overcome,” Parul said. More than 100,000 small businesses in the U.S. closed by April...
    On the front lines of the war on COVID-19, there are many civilian heroes going out of their way, as volunteers and contributors. Also, many who are elected to serve are going the extra mile. In this column the Eagle hopes to give our readers an ongoing update on those fighting in the front lines. Barclays Center and the Brooklyn Nets partnered with Food Bank for New York City to host a mobile food pantry on the arena’s plaza on Thursday afternoon. With the support of partners from Key Food, Tyson Foods, Snipes and Brooklyn Public Library, the groups distributed fresh produce, shelf-stable pantry items, 20,000 pounds of meat donated by Tyson and other essential goods to hundreds of families....
    Democratic Presidential candidate Joe Biden (Photo by Rick Loomis/Getty Images) Joe Biden plans to grow and strengthen Black-owned small businesses in Ohio and nationwide. Through his Build Back Better and Lift Every Voice plans, Biden will invest billions in the resources Black small business owners can leverage to drive their own success. The former vice president will ensure access to credit and capital for Black businesses by doubling funding for community development financial institutions (CDFIs) and the state small business credit initiative that funds local lending. Biden will improve and expand the small business administration programs that most directly serve Black-owned small businesses, including the small business development centers, the SBA Microloan Program, and the 7(a) loan program.  Read More:...
    According to the Center for Disease Control (CDC), daily temperature screenings can help identify individuals who have been infected by the coronavirus (COVID-19). While not everyone who has been exposed to the virus exhibits the same symptoms, a temperature of at least 100.4°F may be an early indicator of communicable diseases. Because of this, ever since the lockdown began a few months ago, finding a thermometer has become easier said than done. Both physical and online shelves are left empty as individuals across the country fill their carts in hopes of identifying sick family members early enough to limit contact with them. Thankfully, one of our favorites is still in stock (and it is on sale!): The Infrared Thermometer by...
    NEW YORK (CBSNewYork) – New York City has entered Phase 4, but Manhattan is still a ghost town. Small business owners are threatened with extinction, pleading with Gov. Andrew Cuomo to do something, find a solution. As CBS2’s political reporter Marcia Kramer reports, the owner of Lili’s Bake Shop on Seventh Avenue in Midtown is so desperate to make ends meet he came up with a new product – chocolate covered cheesecake on a stick – hoping it will bring people into his business and save him from going under. Here’s how bad it is: Pre-COVID, he had as many as 600 customers a day. And now? “Ten, 15,” said Tarea Hassanio. “I can’t survive. I really can’t survive. I...
    PROVIDENCE, R.I. (AP) — Rhode Island's lieutenant governor is urging owners of small businesses struggling because of the coronavirus pandemic to apply for a grant to help them recover. Applications for the Restore RI program will be available starting Monday, Lt. Gov. Dan McKee said in a statement Thursday. The $50 million program will provide grants of up to $15,000 based on whether the business is in a severely impacted industry, the number of full-time employees, and the degree of revenue loss. Businesses will need to demonstrate at least 30% revenue loss if they are in a severely impacted industry or at least 50% revenue loss for other eligible industries. Businesses with between one and 20 employees are eligible to...
    LeoPatrizi There may be a financial storm brewing at a key intersection on Main Street. Roughly 35% of small-business owners in a survey said they've needed to tap their own funds — via a personal credit card and/or savings, for example — to help prop up their business in the months since the coronavirus whacked the U.S. economy, according to a new survey from CreditCards.com. Other sources serving as a lifeline included business credit cards or a business savings account, and loans (including through the Paycheck Protection Program, or PPP). Altogether, 70% in the survey said they have leaned on one or more of those sources to remain in business since the coronavirus pandemic began.VIDEO4:0504:05Sen. Rob Portman on McConnell's stimulus...
    The number of new jobless claims last week was 1.43 million, the Labor Department reported Thursday, marking a second consecutive week of higher claims. Jobless claims for the week ending July 18 were 1.4 million, an increase from the 1.3 million claims that were filed the week prior, a troubling sign of danger for the economic recovery and job creation. Contributing to the increase in jobless claims is the surge of virus infections that has re-closed businesses in recent weeks in several parts of the country and prompted worry in the small-business sector. Two-thirds of small business owners fear the pandemic will force them to close their doors, according a U.S. Chamber of Commerce poll. The level of concern...
    Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York City Thursday at 3 p.m. the Bronx Times Reporter will be hosting a webinar discussing strategies and guidelines for small businesses reopening in the wake of COVID-19 with city council small business committee chair Mark Gjonaj along with Bronx Chamber of Commerce President, Lisa Sorin. Moderated by amNewYork Metro and Bronx Times reporter Alex Mitchell, the webinar will delve into need-to-know information about what policies are being enacted, avenues for funding and recovery means, along with programs and resources for the city’s massive, small business community that’s eager to safely welcome its customers back. The Schneps Media webinar will also discuss recent...
    Two-thirds of small-business owners worry that continued spikes in the coronavirus will either force them to close down operations again or, for those who haven’t reopened from the recent economic shutdown, remain closed, according to a U.S. Chamber of Commerce poll. The level of concern about shutting down is particularly high, 85%, for businesses that suffered through the economic shutdown earlier in the year and then struggled to reopen. The potential for shutting down has prompted owners to reevaluate staffing and future layoffs, purchase supplies so they can remain open for as long as possible, and increase their online presence, for instance by boosting online payment options. A majority of small-business owners, 56%, also want federal guidance on...
    After surviving two strokes at age 27, Olivia Colt threw herself into starting a catering business, a lifelong dream. Ten years and another stroke later, she had built Salt & Honey Catering Plus Events into a thriving operation in downtown Oakland. Now with the coronavirus pandemic forcing cancellations of her customers weddings and events, she has slashed her staff from 25 to six and tried to drum up new business by selling groceries online. She secured a $100,000 forgivable loan under the U.S. Paycheck Protection Program (PPP) and another $150,000 loan under a federal program usually used for natural disasters. She expected the money to get her through just a few months of hardship. But the hardships are dragging on....
    Reuters July 29, 2020 0 Comments After surviving two strokes at age 27, Olivia Colt threw herself into starting a catering business, a lifelong dream. Ten years and another stroke later, she had built Salt & Honey Catering Plus Events into a thriving operation in downtown Oakland. Now with the coronavirus pandemic forcing cancellations of her customers’ weddings and events, she has slashed her staff from 25 to six and tried to drum up new business by selling groceries online. She secured a $100,000 forgivable loan under the U.S. Paycheck Protection Program (PPP) and another $150,000 loan under a federal program usually used for natural disasters. She expected the money to get her through just a few months of...
              Live from Music Row Tuesday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. –  host Leahy welcomed Varsity Brands Creator and Memphis Entrepreneur Jeff Webb to the newsmakers line. During the third hour, Webb discussed his motivation for the recent endorsement of Tennessee Senate candidate Dr. Manny Sethi. He noted that although both candidates were on the same side of the issues, Sethi would be the senator that would go to bat for small businesses. Leahy: We are with our good friend Jeff Webb. It’s kind of fun to be broadcasting live from (Webb laughs) our...
    Some small Virginia businesses welcomed news that the state was releasing $70 million to help during COVID-19 restrictions, but business groups are still concerned about the economic impact of continued regulations. The money will be made available through grants for small businesses that have been hurt by COVID-19-related regulations through the newly announced Rebuild VA economic recovery fund. The fund will award up to $10,000 to about 7,000 applicants to cover eligible expenses, which include payroll support, employee salaries, mortgage and rent payments, interest payments on loans and costs for personal protective equipment and other materials required to address the COVD-19 pandemic. To be eligible for a grant, businesses must have no more than 25 employees and generate...
    NORTH BRUNSWICK (AP) — New Jersey Gov. Phil Murphy said Tuesday that $15 million in federal funding has been made available to small businesses struggling from the coronavirus outbreak. Murphy said the funds stem from the federal Coronavirus Aid, Relief and Economic Security Act and is in addition to more than $100 million in aid administered by the state's Economic Development Authority. So far, nearly 11,000 businesses have been approved for grants, according to the governor. The program is not currently accepting more applicants, he added. “COVID-19 is first and foremost a health crisis, but also a severe economic crisis, and nowhere is that more evident than in the state’s small business community,” Murphy, a Democrat, said. Murphy also reported...
    SOUTH SHORE — A new, state-backed small business development center is providing technical assistance, training and educational resources to South Shore businesses and startups. The center, which operates out of the South Shore Chamber, is one of seven the state of Illinois recently opened as part of an $11.5 million initiative to help small businesses recover from the coronavirus pandemic and late May-early June looting. Some coronavirus relief programs, including a Special Service Area #42-backed grant and assistance applying for funding through the University of Chicago, were already in place at the chamber, said Director Erick Soderberg. But having the new center means South Shore businesses will have a dedicated channel for help with grant applications, financial planning and more....
    Republican Sens. Marco Rubio and Susan Collins introduced legislation Monday that would commit $190 billion for small-business relief, including allowing the hardest-hit small employers to receive a second forgivable loan. The second round of loans is a continuation of the Small Business Administration's relief program, created by the $2.3 trillion March CARES Act relief package, called the Paycheck Protection Program, which provides forgivable loans through lending institutions to small businesses that were hurt by the pandemic as long as they maintain payrolls. "Our proposal for a second round of PPP is targeted at helping minority-owned small businesses and includes a new, long-term recovery loan program," Rubio, chairman of the Senate Committee on Small Business and Entrepreneurship, said in a statement....
    VIDEO3:3703:37'Let those guys die': Kevin O'Leary on the sectors he says will failHalftime Report Kevin O'Leary told CNBC on Monday that the long-term economic consequences of the coronavirus pandemic are coming into focus for companies in his personal investment portfolio.  "I've got enough focus now after all these months, 20% of my small private portfolio is going to fail," O'Leary said on "Halftime Report." "They're going to zero. They are in restaurants. They are in sports and entertainment. They're anything doing movie theaters, all that stuff, gyms. ... I don't want to support them anymore, and I don't think the government should either."  The "Shark Tank" investor said he believes that the companies face a difficult road ahead as a result of...
    SAN FRANCISCO (CBS SF) — As the days of the pandemic mount and reopenings are paused by surges of new COVID-19 cases, a survey revealed Monday that a majority of San Francisco Bay Area small business owners believe recovery from the financial impact of the virus outbreak will not begin until the end of the year. More stunning was that the survey by online lender — The Lending Tree — found that 14.6% of small business owners don’t think they will ever recover from the pandemic. The company analyzed results from the Census Bureau’s Small Business Pulse Survey and calculated the percentage of small business owners in the 50 largest metro areas who had reported saying that they thought their...
    SAN ANTONIO – As coronavirus cases are still reaching daily high numbers in San Antonio and Bexar County, the pandemic is continuing to leave an impact on the local economy. Major General Juan Ayala, interim president and CEO of the San Antonio Hispanic Chamber of Commerce, joined Leading SA on Sunday to discuss the current economic state of San Antonio and the future for economic stability during this public health crisis. “The San Antonio economy took a major hit because of COVID-19, and right now, there’s a lot of businesses that are struggling, even though the PPP loans and the government has helped. However, they’re trying to pivot our small businesses. We have about 1,300 small businesses in the San...
    LONGMONT, Colo. (CBS4) – A Longmont family is mourning the death of a loved one in a tragic crash involving a dump truck. The crash happened Friday evening in Longmont. (credit: CBS) Authorities say the truck hit a vehicle and then crashed into a home on 51st Street in Longmont. Friends of the family set up a GoFundMe page for the victim’s family. The fundraising page states the victim was a 17-year-old son of two local business owners. The Skokan family owns the Black Cat Farm Table Bistro which was preparing for a farm dinner at the time of the crash. Friends say the teenager and his brother got in the car to look for their lost dog. Details about...
    House Democrats are investigating whether a small business loan program was abused by the Trump administration to bully and lie to Planned Parenthood while rewarding supporters of the White House and Republican Party. Rep. Carolyn Maloney (D-N.Y.) and Rep. Nydia Velázquez (D-N.Y.), respective chairs of the Oversight and Reform and Small Business committees, announced the probe in a Thursday press release. The inquiry is styled as a demand for documents which, the two New York City-based Democrats contend, suggest the Small Business Administration (SBA) attempted “to target local Planned Parenthood organizations” over their participation in the $659 billion Paycheck Protection Program (PPP). According to Maloney and Velázquez, several local Planned Parenthood affiliates were told they need not apply—apparently in...
    SAN JOSE (KPIX) — The national Paycheck Protection Program (PPP) has loaned half a trillion dollars to thousands of small businesses and some bigger ones since the start of the pandemic. There’s still more than a billion dollars left to hand out. So what does it take to qualify? KPIX 5 discovered that, for some applicants, not much. We got a tip from a viewer about suspicious activity involving some large PPP loans, so we decided to check it out. Lebnitz Tran’s businesses just got over a million dollars thanks to the program. He registered four companies with the state in May and one month later received large PPP loans for each one of them. The four companies – 88...
    SAN ANTONIO – Face masks, thermometers and hand sanitizer filled dozens of safety supply kits given to small business owners on Friday morning. District 4 Councilwoman Adriana Rocha Garcia said the idea to have the giveaway at Trader's Village came from a Facebook message from Reyna Rosales, a recent graduate of South San ISD who responded to a similar event at the Alamodome a few weeks ago. "She said, '(Councilwoman) Rocha, this is so great. Thank you for doing this. Unfortunately, my mom's small business wasn't able to leave because it's literally like two people at the restaurant.' And I thought, 'Goodness, we need to do something," Rocha Garcia said. Rocha Garcia said about 300 people registered for Friday’s giveaway....
    Businesses in 64 New Jersey counties can receive up to $10,000 in help with their leases under a new program announced by Gov. Phil Murphy. The program, dubbed the Small Business Lease Emergency Grant Assistance Program, is funded with $6 million the state received from the federal Coronavirus Aid, Relief and Economic Security Act. The grants are the first component of the Main Street Commercial Corridors Relief Package. Those eligible for grants include businesses who are leasing space in mixed-use and commercial buildings and those who lease space for a storefront business with a preference given to businesses with less than 5,000 square feet of space. “The Small Business Lease Emergency Grant Assistance Program is directly geared...
    (CNN)Small business owners have been particularly hard-hit by the United States' worst recession in decades. And hopes for a swift recovery are fading as Covid-19 cases surge in some states.If you own a business that's been hit by the crisis, share your story below.
    Jovita Carranza, administrator of the U.S. Small Business Administration (SBA), speaks as Steven Mnuchin, U.S. Treasury secretary, left, listens during a House Small Business Committee hearing in Washington, D.C.Erin Scott | Getty Images Details of  Senate Republicans' version of a coronavirus aid bill are starting to emerge. Accountants question whether it will provide enough relief to small businesses. GOP lawmakers expect to release their aid bill next week. The proposal is expected to call for another round of stimulus checks and an extension of the enhanced federal unemployment payments – albeit "based on approximately 70% wage replacement," according to Treasury Secretary Steven Mnuchin. Small businesses – many of which are feeling the squeeze as coronavirus continues to rage – also...
    At 1:57 in the morning, Wesley Crespi got a call that no business owner wants to hear. His Parker, Colo., coffee shop had been vandalized. Six Thin Blue Line flags that used to fly in front of the Coffee Cabin to show support for police officers were stolen and expletives were written over stickers that adorned the drive-through window. “When I saw that it hit to the core, you know, and I was like, wow, it really hurt,” Crespi told Fox News. Crespi said it was his wife who told him to use his anger to motivate him to do something about the incident. So Crespi turned to his local community and put the word out on Facebook for a prayer...
    PORTSMOUTH — One day in the future, we will all look back at the many many people who stepped up and helped out in the community during this pandemic. Another group has been helping out a group that has had a hard time during all this and that is our local small businesses. As Ohio continues its phased reopening, the Portsmouth Area Chamber of Commerce partnered with Community Action of Scioto County, Scioto County Economic Development, Ohio Southeast(SE) Economic Development and JobsOhio by distributing PPE Safety Toolkits to help ensure that small businesses are equipped to stay protected and operate safely within the State’s guidelines. The group stated, “The small business community represents the backbone of our economy. Throughout this...
    Submit your letter to the editor via this form. Read more Letters to the Editor. Health system puts workers’ lives at risk As a former medical social worker at Highland Hospital, I can attest to Alameda Health System’s indifference to safety and quality of services (“Local workers walk off jobs and ‘Strike for Black Lives,'” July 21). My managers and AHS made negligible attempts to protect us, providing only a single N95 mask to reuse, against CalOSHA standards. They also took steps to endanger us, including denying remote work, even for follow-up counseling, which was predominately conducted over the phone. Feeling unsafe and worried about bringing COVID-19 home to my wife, who was at high risk for COVID-19 complications...
    BOSTON (CBS) – Business at Summer Street Barber Shop is down about 90% with area office buildings sitting mostly empty. “I’m going to be here even if I have no business. No one comes but I’m still coming in to keep Boston strong,” said Ali Kiswani. The clothes on the bottom rack at Utopia Cleaners have been there for months. They belong to people who haven’t returned to their office buildings since the coronavirus pandemic began. Like Summer Street Barber Shop, Utopia Cleaners will continue to close early until foot traffic picks up. According to a survey released Thursday by the MassINC Polling Group, only one-in-three Massachusetts small businesses are fully open. Most say income dropped 25% in...
    The Dakota County Board of Commissioners approved $10 million in grants to help small businesses hit by the coronavirus pandemic. The money will come from the county’s allocation of federal money from the Coronavirus Aid Relief and Economic Security act. Grants of up to $10,000 will be distributed to small businesses in Dakota County that are struggling financially due to the pandemic. Online application open on July 27, and close on August 14 at 4:30 p.m. If the number of applications exceeds the number of available grants, the recipients will be selected at random. To be eligible for a grant, businesses must: Be able to indicate how the COVID-19 pandemic caused financial hardship Employ fifty or fewer full-time employees...
    LONG BRANCH, New Jersey (WABC) -- Governor Phil Murphy announced a new relief program for small businesses impacted by the COVID-19 pandemic.The Small Business Lease - Emergency Assistance Grant Program (SBL-EAGP) will allow businesses in 64 eligible municipalities to apply for grants of up to $10,000 for lease costs.The program will also assist landlords, many of whom are also small businesses."We are committed to helping small businesses across our state survive this unprecedented crisis," said Governor Murphy. "A stronger and fairer New Jersey starts from the bottom up. The Small Business Lease - Emergency Assistance Grant Program will infuse much needed funding into local economies by assisting both small businesses and the landlords that they rent from.""The Small Business Lease...
    MINNEAPOLIS (WCCO) — On Wednesday, Minnesota Gov. Tim Walz declared a statewide mask mandate for indoor public spaces. The reaction from Minnesotans is mixed. Walking along Main Street in Anoka on Wednesday afternoon, it was pretty split on who was wearing a mask or face covering. Gayle Gustafson is for the mask mandate. “I really think in the long run it’s probably going to save lives,” Gustafson said. Small-business owner Marquelle Pagel is against the mandate. “I personally don’t like to have to wear one. I don’t want to have to wear one,” Pagel said. Main Street gets a lot of foot traffic because of all the businesses along that stretch. Many of them are already requiring masks inside their...
    SAN ANTONIO – Blessed Angels, a local nonprofit, hosted a PPE giveaway Wednesday for small business owners. The PPE kits included face masks, a non-contact thermometer and hand sanitizer. Nonprofit officials hope the giveaway will help small business owners offset some of the new costs they’ve taken on in order to run their businesses and keep customers and employees healthy. City officials said these kinds of events also serve to lift people’s spirits. Copyright 2020 by KSAT - All rights reserved.
    Submit your letter to the editor via this form. Read more Letters to the Editor. This isn’t Vegas; don’t put electronic billboards in SJ Our Naglee Park household does not want electronic billboards (“Electronic billboards may soon line freeways,” July 13) with the exception of those that are used to provide important public information. There are already too many venues for advertising, and inflicting advertising on motorists and pedestrians is intrusive, unpleasant and unsafe as they are a distraction. The light from these billboards is also a form of pollution for those who live near them which includes all nonhuman creatures trying to sleep in the dark,  which is the way of nature. Lastly, this is not Las Vegas and...
    LOS ANGELES (KABC) -- Los Angeles County is adding another $1.2 billion to funds being spent for coronavirus relief services, from help for small businesses to more testing and contact tracing.The county Board of Supervisors on Tuesday approved the L.A. County Cares Act, allocating $1.22 billion for services that include COVID-19 testing, housing for the homeless, support for small businesses and protective equipment for county health workers."This funding comes at a critical time for Los Angeles County," said board chair Supervisor Kathryn Barger. "This plan addresses our ability to provide essential services, expand testing, contract tracing and meet tangible needs for working families and small businesses who are struggling and increasing bearing the burden of the COVID-19 pandemic."The plan includes:...
    Months of temporary closure has left many small business owners with virtually no income for reopening, financial experts are saying. For these business owners, often operating with slim margins even in good times, the battle to regain customers and profits is expected to be waged fiercely around the country. Many of them won't win.  In New York City, one-third of local small businesses — some 77,000 employers — will likely shutter before the pandemic clears, according to a study from the Partnership for New York City, a civic group representing the city's largest private-sector.  The Big Apple's small business sector has already lost 520,000 jobs, the Partnership's study said, and even more closures would disproportionately harm the city's Black and...
    Marco Bello | Reuters The jobs recovery has slowed and, in some cases, reversed as coronavirus cases have surged in sunbelt states where case numbers are climbing and governors have reinstated economic restrictions. Data from Homebase, a scheduling firm whose daily updates on hourly workers have been closely watched by economists and Wall Street traders during the crisis, shows that some states had fewer employees reporting to work last week than in early June.  "Areas that have seen a spike in coronavirus cases are seeing declines in business activities, although the declines are not as steep as during the first wave of cases," the firm said in a report. Zoom In IconArrows pointing outwards CNBC looked at the trailing seven-day...
    (CNN)As US lawmakers prepare this week to launch negotiations over the next round of stimulus funding, a bipartisan duo is pushing a proposal to aid small businesses that eschews the more targeted approach under consideration.It's a push that isn't guaranteed to succeed, particularly amid public outrage at the ability of larger public companies to tap into the emergency forgivable loan program, known as the Paycheck Protection Program.But it's one that Sens. Todd Young, an Indiana Republican, and Michael Bennet, a Colorado Democrat, have spent months laying the groundwork for -- cognizant, they say, of broader risks facing businesses as the coronavirus pandemic continues to wreak havoc across the country."We laid down the proposal very early to socialize it, to earn...
    A third of the city’s 230,000 small business may never reopen, according to a grim new report by a leading industry group. The Partnership for New York City released the post-pandemic response plan Monday with the help of 12 global consulting firms. Accommodation, food service and retail jobs are particularly vulnerable, the 67-page study found. Most small businesses have less than three months worth of cash reserves — a period equal to the length of the state’s COVID-19 shutdown. “That means that funds to restart, pay back rent and buy inventory are exhausted, leaving tens of thousands of entrepreneurs at risk, particularly business owners of color,” authors Kathryn Wylde and Natasha Avanessians wrote. They say business owners face high rents,...
    A third of the city’s 230,000 small business may never reopen, according to a grim new report by a leading industry group. The Partnership for New York City released the post-pandemic response plan Monday with the help of 12 global consulting firms. Accommodation, food service and retail jobs are particularly vulnerable, the 67-page study found. Most small businesses have less than three months worth of cash reserves — a period equal to the length of the state’s COVID-19 shutdown. “That means that funds to restart, pay back rent and buy inventory are exhausted, leaving tens of thousands of entrepreneurs at risk, particularly business owners of color,” authors Kathryn Wylde and Natasha Avanessians wrote. They say business owners face high rents,...
    OAKLAND — A measure that could overhaul the way businesses are taxed in Oakland will go before voters — but not until 2022. The Oakland City Council has agreed to place the business tax measure titled “Lift Up Oakland” on the November 2022 ballot — not the upcoming election this year. Currently, businesses all pay the same flat tax rate, no matter how much money they bring in, according to Councilwoman Nikki Fortunato Bas who first brought the measure to the council. The proposal aims to reinvent the ways businesses are taxed, reducing what small businesses pay while holding large corporations accountable for their fair share, she said. Instead of paying a flat rate, the ballot measure calls for a...
    DETROIT (AP) — Wayne County has received $7.5 million to assist small businesses suffering through the coronavirus pandemic. The small business grants from the Michigan Economic Development Corp. are through the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act. The funding is in addition to $50 million in small business readiness grants Wayne County allocated to small businesses about two weeks ago. The county is expanding its small business grant program and has started a second phase of applications through Aug. 5. The county says applications will be processed in batches on a first-come, first-served basis. County businesses or nonprofits applying for funds must have fewer than 50 full-time employees and demonstrate a financial loss during April and May...
    This period of unprecedented business and school closures, sky-high unemployment and deep financial distress has threatened the livelihoods of all Californians — especially those in Black and brown communities. As African/African-ancestry business owners of the Minority Business Consortium, we believe that growth — when it is inclusive and benefits all parties involved — is the cornerstone of our state’s economic success. To speed our recovery, protect our health and advance racial justice, we need to pass Proposition 15, the Schools & Communities First initiative on the November ballot. Proposition 15 will close corporate property tax loopholes that benefit only a handful of the oldest corporations in our state. It will reclaim $12 billion every year to help our schools reopen...
    ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox. A $360 billion stimulus program that offers disaster relief to small businesses has been hobbled by delays and confusion, leaving millions of applicants harmed by the coronavirus pandemic waiting months for grants and loans — if the funds ever came at all. The Economic Injury Disaster Loan program, or EIDL (pronounced “idle”), was supposed to give small businesses grants and low-cost loans to help with the economic fallout from COVID-19. Though EIDL has gotten less attention than the $660 billion Paycheck Protection Program, 8 million small businesses have applied since it was opened to coronavirus-related applications in...
    Washington, D.C. (CNN)When Ayeshah Abuelhiga first opened her pop-up restaurant, Mason Dixie Biscuit Co., six years ago, it was the next step on her path to attaining the American Dream. But now, in the face of the coronavirus pandemic, she has had to make the wrenching decision that thousands of small business owners across the US have been forced to make: to close her doors for good.A first-generation American who grew up in public housing and worked multiple jobs to put herself through college, Abuelhiga was still working a corporate job at an information technology company when she launched the Kickstarter campaign that helped her finance the launch of the Mason Dixie Biscuit Co. pop-up shop in 2014.It wasn't entirely...
    LOS ANGELES (CBSLA) — Los Angeles Mayor Eric Garcetti Friday announced another lifeline for small businesses. Drivers wait in line for entry to a COVID-19 drive-through test site in Los Angeles on July 17.(Photo by Frederic J. Brown/AFP-Getty) “We are investing an additional $10 million this evening in funds for the LA Regional COVID-19 recovery program,” he said. “This comes on top of an existing $3 million pot already dedicated to this initiative. We now will be able to offer grants, not loans, but grants to the small businesses and nonprofits that are the lifeblood of our economy.” The program is designed to help local businesses and workers by providing direct cash assistance for owners to stay in business and...
    Black applicants have less success getting government-backed small business loans intended for businesses that have struggled during the coronavirus pandemic, according to a new study. The National Community Reinvestment Coalition experimented by sending Black and white applicants with roughly the same business profiles and good credit scores to banks to get small business relief loans for their businesses during the coronavirus pandemic. On 43% of those visits, white business owners got better treatment than Black business owners, according to the study released earlier this week. The research revealed that each racial group received "different levels of encouragement to apply for loans, different products offered and different information provided by bank representatives." "The tests show that old patterns of systemic discrimination in lending didnt...
    MIAMI (CBSMiami) — South Florida businesses have been hit hard by the coronavirus pandemic, but some harder than others. That is why a local law firm is offering free legal services, specifically to Black-owned businesses, a group being disproportionately affected by the pandemic. Semella Watson, founder and CEO of Sebiya, a travel management system and mobile app, helps with guest experience and individual service. “I care about guests just as much as [the hotels] care, said Watson. “I try to continue to move forward. I’ve dumped myself into my workload. It’s hard because my customers, are heavily affected,” said Watson. But now there are no guests, which means Watson doesn’t have any business. Her customers include boutique hotels and short-term...
    Predatory lenders set their sights on the Paycheck Protection Program (PPP) in the coronavirus relief CARES Act—money intended to go to small businesses to prevent their having to lay off workers—and cashed in, netting anywhere from $9 billion to $23 billion. (Disclosure: Kos Media received a Paycheck Protection Program loan.) The Daily Beast looked at records released last week by the Small Business Administration (SBA) and found 35 companies that provide payday loans—the loans taken out against car titles and other high-interest, low-dollar borrowing options—got the money after lobbying Congress and filing lawsuits to get their hands on the money. Back in April, members of Congress from both parties lobbied the Treasury Department to allow these businesses to get the loans....
    President Donald Trump, during the coronavirus pandemic, has been insisting that no one loves small businesses more than he does. But in a campaign video for former Vice President Joe Biden — the presumptive Democratic presidential nominee — three struggling small business owners from Pennsylvania take issue with Trump’s claims about the U.S. economy. The video shows clips of Trump sounding very bullish about the economy, but the business owners clearly don’t share his rosy outlook. One of them, a Philadelphia resident named Tiffany, hears Trump declaring, “Next year is going to be a phenomenal year” and responds, “OK, what market is he talking about?” And when Emmaus, Pennsylvania-based bookstore owner Kirsten hears Trump saying, “We’re doing record numbers,” she...
    The Minnesota Department of Employment and Economic Development announced Friday that they have selected small businesses to receive relief grants. More than 27,400 Minnesota small businesses applied for the program, which will distribute $10,000 grants to small businesses struggling due to the coronavirus pandemic. Of the applicants, 70 percent were businesses with six or fewer employees, 35 percent were women-owned and 20 percent were minority-owned. The businesses were picked through a random drawing. DEED provided initial lists of grantees to local and regional nonprofits that will evaluate and conduct eligibility verifications. The nonprofits administering the grants will contact businesses directly. The grants can be used to pay for rent, mortgage, utility bills, and other expenses in the regular course of...
    FILE – In this April 29, 2015, file photo, a Dell laptop computer running Windows 10 is on display at the Microsoft Build conference in San Francisco. (AP Photo/Jeff Chiu, File) Q: I’m buying a new computer for my small business. Should I be considering Windows 10 Pro or is the regular Windows 10 good enough? At first glance, it’s easy to assume that Windows 10 Home is for home users and Windows 10 Pro is for business users, but that’s not necessarily the case. The decision should be based on the differences in the features, the technical level of the user and the network environment in which it will be used. The general functionality and user interface are the...
    White applicants for government-backed small business relief loans were treated better compared to black applicants, according to a study by a group that fights discrimination. The National Community Reinvestment Coalition sent black and white applicants with nearly identical business profiles and strong credit histories to talk to banks about securing small business relief loans to help their small businesses remain open during the coronavirus crisis. In 27 of the 63 cases, 43% of the time, white business owners received more favorable treatment than black business owners. The study released earlier this week found “different levels of encouragement to apply for loans, different products offered and different information provided by bank representatives.” The study, which was small and not peer-reviewed, was...