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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...
    CHICAGO (CBS) — Illinois Gov. JB Pritzker on Wednesday announced the deployment of the first $46 million in the state’s Business Interruption Grant program to help small businesses that have hit hard by the COVID-19 pandemic. The first round of grants will help more than 2,600 businesses in more than 400 cities and towns – spread out over 78 of 102 Illinois counties. “These businesses represent our local barbers, our local restaurants, gyms, and much more,” said Michael Negron, acting director of the Illinois Department of Commerce and Economic Opportunity. Pritzker said the initial focus is on the businesses that were most severely impacted and had to shut down completely in the spring, and also businesses in areas that suffered...
    ALBANY, N.Y. (AP) — The former head of payroll company pleaded guilty Wednesday to federal charges related to a scheme that caused more than $100 million in losses to banks and businesses and left thousands of workers at small businesses without paychecks. Former ValueWise CEO Michael Mann faces from 17 years to 32 years in federal prison and will have to pay $101 million in restitution. Mann admitted in federal court in Albany that from 2013 to September 2019, he engaged in a fraudulent scheme to deceive banks and financing companies into loaning his companies tens of millions of dollars. Because Mann couldn't repay the loans with legitimate business revenues, he diverted millions entrusted to his payroll companies, according to...
    ALBANY, N.Y. (AP) — The former head of payroll company pleaded guilty Wednesday to federal charges related to a scheme that caused more than $100 million in losses to banks and businesses and left thousands of workers at small businesses without paychecks. Former ValueWise CEO Michael Mann faces from 17 years to 32 years in federal prison and will have to pay $101 million in restitution. Mann admitted in federal court in Albany that from 2013 to September 2019, he engaged in a fraudulent scheme to deceive banks and financing companies into loaning his companies tens of millions of dollars. Because Mann couldn’t repay the loans with legitimate business revenues, he diverted millions entrusted to his payroll companies, according to...
    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...
    “An incredible opportunity for domestic manufacturing.” That’s how Mercedes Gonzalez, a director at Global Purchasing Companies, describes an unexpected benefit of COVID-19: With shipments from China facing delays since the outbreak of the pandemic, what was once done overseas is rapidly being done here at home. The shift is revitalizing the once deserted factories, such as in New York City’s once-thriving garment district. Thirty years ago the neighborhood’s sidewalks were clogged with racks of clothing and bustling with the city’s fashionistas. But by 2019, the same sidewalks were mostly empty of such activity, even during the day, when people were passing through the neighborhood or were stepping out of Port Authority Bus Terminal. At night, the neighborhood’s streets were eerily quiet, except...
    (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...
    MIAMI (CBSMiami) — The South Beach Wine and Food Festival and FIU Chaplin School Hospitality have received a $5 million grant from Miami Dade County designed to provide immediate relief to restaurants and bars impacted by the coronavirus pandemic. “This fund in particular, that South Beach Wine and Food Festival and FIU is in administering with the support of United Way, will be used for restaurants independently owned and small businesses,” explained SOBEWFF Founder Lee Schrager. “Small businesses are classified as under 50 employees and under $10 million in business.” The fund will grant up to $15,000 per restaurant which will be given to employees. Since it launched in March, SOBEWFF’s Industry Relief Fund has granted funds to more than 500 local restaurants in...
    Pitt defensive lineman Jaylen Twyman opts out of 2020 season 15 Disney Movie Copycat Recipes Cisco earnings to show how coronavirus is affecting small and large businesses differently EARNINGS OUTLOOK © Getty Images Cisco Systems Inc. is expected to benefit from large companies’ tech spending despite the COVID-19 pandemic, but the struggles of smaller businesses could take their toll. Load Error Cisco (CSCO) is scheduled to report fiscal fourth-quarter earnings on Wednesday afternoon, always a crucial barometer for IT spending, which has proved to be boon for tech companies during the COVID-19 pandemic. That benefit has been selective, though, as work-from-home and shelter-in-place trends have favored businesses that provide the infrastructure that make that possible: namely cloud data centers,...
    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...
    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...
    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...
    By: KDKA-TV News Staff PITTSBURGH (KDKA) — Gov. Tom Wolf says $96 million in state grants have been given to more than 4,900 small businesses across the state that were impacted by the coronavirus pandemic. The second round of funding eligibility is open starting today through Aug. 28; and through the first round, 2,512 grants “were awarded to historically disadvantaged businesses.” Just announced: $96 million in state grants awarded to small businesses impacted by #COVID19. https://t.co/hWPpGhV52J — Governor Tom Wolf (@GovernorTomWolf) August 10, 2020 The second and final round of funding is open starting today through 11:59 PM on Friday, August 28. Eligible applicants not awarded in the first round do not need to reapply and will be rolled into...
    SACRAMENTO —  Faced with a pandemic that has put millions of Californians out of work and eviscerated businesses large and small, Gov. Gavin Newsom promised that “health and science” would guide state officials in repairing the economy and steering it toward recovery. But as Newsom rapidly reopened the state in May, he also received advice from an all-star roster of business titans. The Governor’s Task Force on Business and Jobs Recovery is a 108-member group that counts former California governors, Apple Chief Executive Tim Cook, Disney Executive Chairman Bob Iger and former Federal Reserve Board Chairwoman Janet L. Yellen among its members. For all the boldface names and huge stakes, little is known about the task force, including how extensive...
    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...
    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...
    OAKLAND, Calif (KGO) -- An Oakland restaurant owner and Sonoma County vintners came together virtually for an inaugural series designed to generate business support during these challenging economic times.Octavio Diaz, head chef and founder of Agave Uptown, prepared dishes over Zoom. He was joined through a screen by Francisco Lopez and Monica Lopez, sibling vintners, from Aldina Vineyards. The gathering was livestreamed on Facebook to engage the public.The virtual collaboration was the first in a series of Shop Latino events set to promote small businesses still open. The initiative aims to draw attention while asking communities to support local.Chef Diaz specializes in authentic Oaxacan cuisine. He presented the food pairing, featuring some of his favorite dishes. Here are the recommendations:...
    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...
    ProPublica is a Pulitzer Prize-winning investigative newsroom. Sign up for The Big Story newsletter to receive stories like this one in your inbox. In March, as lawmakers raced to put together a massive stimulus package to cope with the pandemic-related shutdowns sweeping the country, a New York company that invests in hotels deployed a Washington lobbyist for the first time. The lobbyist’s mission was to secure an exception in the emerging relief program for small businesses so that hotel chains would become eligible. The company, EOS Investors, had more than 500 employees, putting it above the limit in the original proposal by Sens. Susan Collins, R-Maine, and Marco Rubio, R-Fla. But if the cap for hotels were set for each...
    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...
    Maryland comptroller Peter Franchot called on Gov. Larry Hogan to spend $500 million from the state’s rainy day fund to provide grants to small businesses impacted by the Covid-19 pandemic, saying they “need more than rhetoric.” Under Franchot’s plan, the state would distribute $500 million from its rainy day fund to small businesses in the form of $10,000 grants that could be used to help cover operating costs. The state would partner with local chambers of commerce and the Maryland Retailers Association to vet applications. Franchot, who is running for the Democratic nomination for governor in 2022, pitched his “all-hands-on-deck program” during a virtual roundtable discussion with small businesses owners on Wednesday. He previously urged Hogan to allocate money...
    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...
    LAKEVIEW — Soraya Rendon waited all summer for city approval to serve customers outdoors at Chilam Balam, which her small restaurant needs to boost business during the coronavirus pandemic. On Thursday, she finally got her permits. Rendon said she found out at 5:30 p.m. that day she was approved to operate outdoors and was serving tables in a makeshift al fresco cafe by the end of the night. “I wasted two months already waiting for patio service, so I wasn’t going to waste another day,” said Rendon, owner of the Mexican tapas joint at 3023 N. Broadway. After months of waiting for outdoor permits, Chilam Balam was able to finally set up its al fresco cafe on Thursday.Provided/Chilam Balam...
    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...
    Chinese-0wned companies took hundreds of millions of dollars from the $660 billion Paycheck Protection Program that was designed to be a lifeline for small businesses in the United States that were struggling because of the coronavirus pandemic. “According to a review of publicly available loan data by the strategy consulting firm Horizon Advisory, $192 million to $419 million has gone to more than 125 companies that Chinese entities own or invest in,” The New York Times reported. “Many of the loans were quite sizable; at least 32 Chinese companies received loans worth more than $1 million, with those totaling as much as $180 million.” “The report acknowledges that the participation of these companies in the lending program most likely saved...
    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...
    Chinese president Xi Jinping listens during the closing session of the National People’s Congress, (Photo by Kevin Frayer/Getty Images) The economic stimulus CARES Act had provisions to help small businesses survive as the coronavirus pandemic raged. One of them was the Paycheck Protection Program or PPP, which provided loans to businesses to allow them to keep their employees on the payroll. If certain conditions were met, the loans wouldn’t need to be repaid. Read More: Biden delays VP pick while his choices vie for the position As theGrio has reported, some of that money went to big businesses like Shake Shack and Ruth’s Chris steakhouses. These were large companies that could be expected to not have such urgent...
    DENVER (CBS4) – Thousands of personal protective equipment kits are now available to Denver small businesses and nonprofits. The city opened an online registration for those groups to get the kits for free. The kits include one 64oz. hand sanitizer, 40 1oz. hand sanitizers, one gallon of surface disinfectant, 100 surgical masks, one non-contact thermometer and 10 face shields. Businesses need to have 25 or fewer employees and need to have been operating before March 1, 2020 to qualify. The boxes will be given out on a first come, first served basis. LINK: Registration for Free PPE Kits
    Over 100 executives called for immediate action to save small businesses, in an open letter published Monday. The letter said failure to pass an assistance package would result in significant economic consequences. The United States gross domestic product fell 32.9% between April and June, the Department of Commerce reported. “By Labor Day, we foresee a wave of permanent closures if the right steps are not taken soon,” the letter says. “Allowing small businesses to fail will turn temporary job losses into permanent ones. By year end, the domino effect of lost jobs – as well as the lost services and lost products that small businesses provide – could be catastrophic.” (RELATED: US Sees Worst-Ever Contraction For Second-Quarter GDP) The letter...
    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...
    What the majority of Brooklyn small businesses need today are not necessarily loans, but rent relief, personal protective equipment, and, most importantly, cash grants, Brooklyn Chamber of Commerce President and CEO Randy Peers says. A recent survey of 233 small businesses by the Chamber showed that 53 percent reported they would have to struggle to stay open during the next three months. Moreover, while 74 percent said rent relief was very important, 61 percent said their landlords were not offering rent relief. While Peers said the Chamber is still compiling data on how many Brooklyn businesses have been forced to close their doors since the coronavirus pandemic began in March, a restaurant website, New York Eater, recently detailed 28 restaurants...
    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...
    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...
    Facebook honchos Mark Zuckerberg and Sheryl Sandberg  are warning that restricting the social networking firms ad targeting will hurt small businesses. During a call with analysts Thursday, the pair along with other senior execs argued the social network was a "lifeline" for many companies during the coronavirus pandemic, and that stricter regulation risks negative "macro-economic" effects, Business Insider reported. The Silicon Valley-headquartered social media giant is facing antitrust concerns, advertiser worries about content moderation, and persistent demands for greater privacy protections, BI noted. Facebook counters it’s become invaluable to small business. "Thats why I am often troubled by the calls to go after internet advertising, especially during a time of such economic turmoil like we face today with COVID,” Zuckerberg...
    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...
    SAN FRANCISCO (KGO) -- Small business owners across the Bay Area are either closing permanently or are unsure how long they can last during the COVID-19 pandemic. Lawmakers say there are resources out there but for all of the small businesses, they either haven't received support or don't quality for it.On Friday Assemblymember Kansen Chu (D-Milpitas) organized a webinar with California State Treasurer Fiona Ma to discuss resources for small businesses."I think many people know, the extra $600 dollars of unemployment benefits from the federal level has expired," Ma said. "And so that means we're probably going to see a lot more people going back to work or looking for work. But my concern is, as a small business, some...
    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...
    CHICAGO — More than 1,500 small businesses in Chicago affected by the coronavirus pandemic or vandalism that hit the city amid unrest following protests against police brutality will receive grants to stay afloat, Chicago Mayor Lori Lightfoot announced Friday. The $6.2 million in funding for the grants is the first allocation from the Together Now fund, launched last month by the mayor. It pools money from the city, philanthropists and corporations, including a $1 million contribution from Jewel-Osco. “Our small businesses play a large role in contributing to the vibrancy of our city which is why it is essential that we continue to offer them assistance during what may be the most difficult time that many of them face,”...
    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:...
    San Francisco landlords are starting to panic about small businesses being out of work due to the coronavirus. Although many have been flexible, the situation has been going on for months and the landlords need to get paid as well. One local hair salon owner said she is not sure how she is supposed to pay her rent when she is barred by law from working in her beauty salon. “I get it… it’s like they need to be paid and we need to work, we need to be paid,” salon owner Annie Miller told KRON. Miller shut down her salons in Danville and Pleasanton in March due to the pandemic. Her landlords understood at first, but its been five...
    andresr Cash-strapped entrepreneurs who took a federal Paycheck Protection Program loan and are running out of funding may get a second infusion of liquidity. The Senate's HEALS Act,  the Republican proposal for another round of coronavirus relief funding, includes a measure that would permit certain small-business owners to borrow from the program a second time. Sens. Marco Rubio, R-Fla., and Susan Collins, R-Maine, sponsored the measure, which is dubbed the Continuing Small Business Recovery and Paycheck Protection Act. Since the lending window opened on April 3, businesses have borrowed some $519 billion, accounting for more than 5 million loans, according to July 24 data from the Small Business Administration.VIDEO1:5401:54GOP stimulus bill will include $1,200 direct payments, more PPP and unemployment...
    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...
    OAKLAND (CBS SF) — Oakland City Council approved a maximum allowed fee Tuesday that delivery companies like Doordash can charge local restaurants for delivering food.  The cap is 15 percent of each order, which Councilman Dan Kalb said on Wednesday is half of what was being charged. “The idea is to help our restaurants,” Kalb said, adding that they are struggling to bring in business.  Dining out is prohibited in Alameda County but restaurants may sell food for delivery or pickup. City leaders used an emergency ordinance, which goes into effect immediately and lasts until 90 days after the health emergency, to cap the fees that delivery services can charge restaurants.  “In general, we think it is a good thing,”...
    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...
    PITTSBURGH (KDKA) – The Pittsburgh Pirates are launching an initiative to support small businesses as part of their “Family Forever” campaign. For nine days each, the team will be featuring North Shore Tavern, RS Supply, Wagsburgh, Priory Fine Pastries, Jerry’s Pizzeria, and the New Pittsburgh Courier on social media, online, and during games. “We have said it before and we truly mean it, as Pittsburghers we take pride in building each other up and helping where we can in times of trouble, that is what makes this community unique,” said Pirates president Travis Williams. “This has been our directive since the beginning of the pandemic as we have bought from local small businesses and partnered with area nonprofits to...
    By CHRISTOPHER SHERMAN, Associated Press MEXICO CITY (AP) — Mexican business owners are trying to cling to life — often unsuccessfully — in an economic recession profoundly deepened by the COVID-19 pandemic and with almost no assistance from the government. Business owners report extending credit to clients while laying off workers, cutting their hours or reducing their salaries. The National Small Business Alliance said Tuesday that more than 150,000 mostly small businesses have been forced to close amid the pandemic. Last week, the government’s statistical agency said that 92% of businesses of all sizes reported they hadn't received any government support in April and May due to the pandemic, according to its most recent survey. According to the U.N. Economic...
    CLINTON, New Jersey (WABC) -- Several New Jersey towns are feeling the economic impact of the coronavirus pandemic, but feel they aren't getting the help they need.New Jersey Governor Phil Murphy announced Monday an additional $15 million in CARES Act Funding to support the recovery of small businesses struggling during the pandemic.However, the mayors of several Hunterdon County towns say they were not eligible for the 64 grants that Murphy spoke about, and businesses in their town are suffering big time.Clinton's mayor Janice Kovach says many hallmark shops in their town were pushed into early retirement.And many other towns are losing shops that have been around for decades."We had to let go of three employees, so yeah it's been devastating,"...
    CLINTON, New Jersey (WABC) -- Several New Jersey towns are feeling the economic impact of the coronavirus pandemic, but feel they aren't getting the help they need.New Jersey Governor Phil Murphy announced Monday an additional $15 million in CARES Act Funding to support the recovery of small businesses struggling during the pandemic.However, the mayors of several Hunterdon County towns say they were not eligible for the 64 grants that Murphy spoke about, and businesses in their town are suffering big time.Clinton's mayor Janice Kovach says many hallmark shops in their town were pushed into early retirement.And many other towns are losing shops that have been around for decades."We had to let go of three employees, so yeah it's been devastating,"...
    On Tuesday’s broadcast of the Fox News Channel’s “America’s Newsroom,” Sen. Ted Cruz (R-TX) said that he hopes that the Senate Republican coronavirus bill, the HEALS Act, doesn’t pass and predicted that the bill “will only get worse and worse and worse.” Cruz said, [relevant remarks begin around 3:50] “I certainly hope that bill doesn’t pass. I think it is a very, very bad idea. Number one, we’re going broke. Our national debt is over $26 trillion. We are literally bankrupting our kids and grandkids, and too many Republicans are joining with the Democrats, essentially in Democrat lite.” He continued that the legislation Congress passed in March was “emergency relief,” but now, we need “recovery legislation. Our focus needs to...
    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...
    NORTH BRUNSWICK, N.J. (CBSNewYork) – More help is on the way for small businesses in New Jersey. Gov. Phil Murphy announced Tuesday morning that an emergency assistance program is getting a $15 million infusion in new funds. Small businesses can apply for a direct grant. “We knew that there were businesses for whom federal pandemic relief would not be enough and there would be other business owners who would not qualify. We sought to fill a void before our small businesses fell into a void,” Murphy said. The governor says this is the third round of funding for the Economic Development Authority’s Small Business Emergency Assistance Program.
    MEXICO CITY (AP) — Mexican business owners are trying to cling to life — often unsuccessfully — in an economic recession profoundly deepened by the COVID-19 pandemic and with almost no assistance from the government. Business owners report extending credit to clients while laying off workers, cutting their hours or reducing their salaries. The National Small Business Alliance said Tuesday that more than 150,000 mostly small businesses have been forced to close amid the pandemic. Last week, the government’s statistical agency said that 92% of businesses of all sizes reported they hadn’t received any government support in April and May due to the pandemic, according to its most recent survey. According to the U.N. Economic Commission for Latin America and...
    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....
    Small businesses and nonprofit agencies in Virginia that have suffered economic damages because of the coronavirus will have access to parts of $70 million in new financial aid the state is making available. Gov. Ralph Northam said $10,000 each will be awarded to about 7,000 applicants. In order to qualify, businesses and nonprofits must have an annual revenue below $1.5 million and no more than 25 employees. Enterprises that have not received federal coronavirus financial aid are eligible. The Northam administration has also set a goal of diversity, equity and inclusion in the fresh round of funding, so half the funds can go only to small businesses and nonprofits that are operating in low-income or economically-disadvantaged communities. Among the businesses...
    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....
    The lead authors of the popular small business lending initiative known as the Paycheck Protection Program (PPP) want the next round of loans to focus on smaller businesses that have suffered deep losses because of the coronavirus pandemic. Senate Small Business Committee Chairman Marco RubioMarco Antonio RubioCongress set for messy COVID-19 talks on tight deadline McConnell, Rubio defend senior intel official over remarks on election interference GOP senators push for stimulus checks to almost 2M excluded Americans MORE (R-Fla.) and Sen. Susan CollinsSusan Margaret Collins100 Days: Democrats see clear path to Senate majority VOA visa decision could hobble Venezuela coverage The Hill's Campaign Report: Campaigns prepare for homestretch run to Election Day MORE (R-Maine) released their plan Monday afternoon as part...
    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...
    Senator Rick Scott (R-FL) on Sunday discussed his confidence in another coronavirus relief package to help small businesses, the economy and the unemployed after passing the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March. Scott told FNC’s “Fox Report” he is “very optimistic” the Senate will be able to come up with another bill. He stressed the importance of protecting small businesses from getting sued over the coronavirus upon reopening and getting the economy open again. “I’m very optimistic,” Scott stated. “We’ve got to take care of the people that are unemployed. We’ve got to take care of our small businesses. We’ve got to make sure that our small businesses can’t get sued over coronavirus if they are...
    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...
    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...
    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...
    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...
    JERSEY CITY, N.J. (CBSNewYork) — Help is now available for thousands of small businesses in New Jersey having a tough time paying their rent because of the coronavirus pandemic. Gov. Phil Murphy on Thursday announced the Small Business Lease — Emergency Grant Program. Small businesses in 64 municipalities can apply for up to $10,000 to cover their rent. Click here to view a map of the eligible municipalities. These communities fall under New Jersey’s Redevelopment Authority and include Jersey City, Newark, Montclair and Long Branch. “These are historic urban centers and towns, which have worked hard to re-energize and redefine themselves. Look right here in Long Branch. They are areas where entrepreneurs have put it all on the...
    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...
    WATCH: Cuomo Declares Chicken Wings, Apps Not Real Food After Small Businesses Mockingly Sell ‘Cuomo Chips’ To Stay Open
    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...
    TOWSON, Md. (WJZ) — Many businesses are having a hard time rebounding after COVID-19 halted revenue for weeks, then months. Small gyms say they’re barely making ends meet. Gyms were one of the first to go as the COVID-19 pandemic closed businesses across the country. As Maryland moved into Phase 3 of the governor’s Recovery Plan, Baltimore County gyms like HIT Boot Camp were able to open back up to members. >>WJZ has a new news app! Download it now!
    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...
    By maintaining expanded unemployment benefits through 2013, the Obama administration delayed the national economic recovery from the Great Recession in 2009. A National Bureau of Economic Research study concludes that 1.8 million additional jobs were created in 2014 once the benefit was finally cut. Most of these jobs were filled by those outside the labor force who, in the words of the study’s authors, “would not have participated in the labor market had benefit extensions been reauthorized.” Congress, which is currently considering extending supplementary federal unemployment benefits set to expire at the end of the month, risks making the same mistake roughly a decade later. The CARES Act, passed in March to deal with the economic fallout from the coronavirus, authorized $600...
    TRENTON, N.J. (AP) — New Jersey's schools could lose out on $1 billion in state funding unless the federal government comes through with more aid, Gov. Phil Murphy said Wednesday as he criticized the latest proposal from Republican Senate Majority Leader Mitch McConnell. McConnell's plan leaving out aid to state and local governments is “a slap in the face of every governor, Republican and Democrat, who has shouldered the responsibility of responding to this pandemic,” Murphy said during his regular press briefing. The Democrat added that $2.4 billion already received by the state under the federal CARES Act “is a drop in the bucket compared to our needs. “Moreover, you would be hard-pressed to find a state anywhere that would...
    A pedestrian wearing a protective mask walks along the boardwalk in Asbury Park, New Jersey, U.S., on Thursday July 9, 2020.Gabby Jones | Bloomberg via Getty Images Along the Eastern Shore beaches that span our home states of Maryland and Delaware, the summer season – usually a boon to our economy – is a shadow of its normal self.  Business owners in our beach towns typically endure losses for as many as 10 months of the year, then staff up for a seasonal frenzy that, hopefully, ekes out enough profit to make it to the next year. For the iconic surf shops, ice cream parlors, and pizza places that line the boardwalks of Rehoboth Beach, Del. and Ocean City, Md.,...
    Photo via AdobeIn a recent letter, the Florida Brewers Guild asked Gov. Ron DeSantis to decrease restrictions on breweries, which are currently operating with to-go service only. The letter stated that an internal poll found 100 of the over-300 breweries in the guild are likely to close if all current restrictions remain for the next two weeks. This figure encapsulates over 30% of the 10,000 jobs supplied by Florida breweries, according to the letter.  “The vast majority of over 320 small businesses, representing over 10,000 jobs, are existing solely on a “to-go” model for our products -- this constitutes less than 10% of our collective sales and is an untenable model for our industry,” read the letter. The author then...
    WASHINGTON (AP) — The price tag for the next COVID-19 aid package could quickly swell above $1 trillion as White House officials negotiate with Congress over money to reopen schools, prop up small businesses, boost virus testing and keep cash flowing to Americans while the virus crisis deepens in the U.S. Senate Majority Leader Mitch McConnell on Tuesday promised a new round of direct payments to earners below a certain income level, similar to the $1,200 checks sent in the spring. President Donald Trump insists on a payroll tax holiday for workers. And Democrats want billions to outfit schools and shore up local governments. “Regretfully, this is not over,” McConnell said after a raucous private GOP lunch, urging Americans to...
    Seven in 10 Americans have experienced a wake-up call to avoid big corporations and shop small during the COVID-19 pandemic, according to new research. The study asked 2,000 Americans how they’ve handled the novel coronavirus’ impact on their local communities and how they’re supporting each other in this difficult time. SWNS Seventy-one percent of those surveyed said they’re now shifting their shopping habits to supporting small and local businesses rather than big corporations or chains. Conducted by OnePoll on behalf of Canva, the survey found that 79 percent of respondents said the COVID-19 pandemic has changed their perspective on just how important small businesses are to their communities. During their time sheltering in place, respondents shared they’ve supported an average...
    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...
    A third of New York Citys small businesses may never reopen as a result of losses from the shutdown caused by the coronavirus pandemic, The Daily Mail reports. The shutdown has also been hard on tourist attractions in the city, such as St. Patricks Cathedral, which is struggling with no visitors for the past four months. According to the not-for-profit Partnership for New York City, up to 76,000 of the citys 230,000 small businesses may never see their doors open again because of the lost income. Thats because the majority of small businesses have less than three months cash reserves — which was the length of time businesses were shut down by the government. "That means that funds to restart,...
    SEVEN in 10 Americans have experienced a wake-up call to avoid big corporations and shop small during the COVID-19 pandemic, according to new research. The study asked 2,000 Americans how they’ve handled the novel coronavirus’ impact on their local communities and how they’re supporting each other in this difficult time. 6 A new study revealed that participants fear most of their local businesses may not recover financial from the pandemicCredit: AP:Associated Press Some 71 percent of those surveyed said they’re now shifting their shopping habits to supporting small and local businesses rather than big corporations or chains. Conducted by OnePoll on behalf of Canva, the survey found that 79 percent of respondents said the COVID-19 pandemic has changed their perspective...
    A report conducted by a New York City nonprofit organization warned that roughly a third of the city’s 230,000 small businesses may never reopen from coronavirus shutdowns. “COVID-19 has changed the value proposition, since previous advantages such as foot traffic and easy access to the offices of clients and potential customers have diminished,” the authors wrote in the 67-page report from the Partnership for New York City. “On the contrary, over the past decade, political forces have created a much more expensive and litigious environment for business that is no longer sustainable for those whose margins were narrow before the pandemic,” the authors said. The report also stated that only 40% of Manhattan office workers will return by...
    Seven in 10 Americans have experienced a wake-up call to avoid big corporations and shop small during the COVID-19 pandemic, according to new research. The study asked 2,000 Americans how they’ve handled the novel coronavirus’ impact on their local communities and how they’re supporting each other in this difficult time. SWNS Seventy-one percent of those surveyed said they’re now shifting their shopping habits to supporting small and local businesses rather than big corporations or chains. Conducted by OnePoll on behalf of Canva, the survey found that 79 percent of respondents said the COVID-19 pandemic has changed their perspective on just how important small businesses are to their communities. During their time sheltering in place, respondents shared they’ve supported an average...
    As many as 76,000 small businesses in New York City - a third of the 230,000 citywide - may never reopen after forced to close during the COVID-19 lockdown, business leaders have warned.  The Partnership for New York City, a not-for-profit organization that connects business leaders with local government, predicted that 76,000 small businesses will never be able to reopen in a report produced by 14 consulting firms.  'Borough chambers of commerce estimate that as many as a third of local small businesses will permanently close as a result of COVID-19. 'Most small businesses have less than three months of cash reserves, the entire length of NY PAUSE.  'That means that funds to restart, pay back rent and buy inventory are...
    (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...