Industry News – October 14, 2020

SBA Offers Total Forgiveness for Loans of $50,000 or Less

Business owners who borrowed $50,000 or less through the Small Business Administration’s emergency loan program learned last week that their debts are forgiven entirely — provided they file the right paperwork. Now, accountants are urging customers to hold off applying for forgiveness to see if the government will make further changes.

Source: The Philadelphia Inquirer 

 

4 Reasons Why It’s Time to Hire an Accountant for Your Small Business

According to the 2019 Onpay Small Business Finance and HR Report, just 30 percent of small business owners work with accountants. Doing the accounting yourself certainly saves some money in the short term. That said, it might be worth hiring an outside accountant for your company.

Source: Entrepreneur

 

White House Wants Release of Unused Small Business Loans

Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows urged lawmakers to release the $134 billion in loans provided to small businesses to maintain operations and retain employees included in the $2 trillion CARES Act passed in March, while also criticizing Congress for their “all-or-nothing” approach to negotiating additional stimulus.\

Source: United Press International

 

Agility of Small Businesses During COVID-19 Puts Big Pressure on Corporates

Amid a pandemic that has wreaked havoc on almost every industry and dealt heart-rending damage to Main Street America, businesses in our communities have shown an incredible ability to adapt and innovate. 

Source: The Next Web

 

JPMorgan Pledges $30B for Housing, Business Loans in Black and Latinx Communities

The bank promised to set aside $30 billion in affordable housing and small business loans for Black and Latinx people in an effort to “close the racial wealth gap and address systemic racism,”. The multinational investment bank has pledged to originate an additional $8 billion worth of mortgages for 40,000 Black and Latinx homebuyers.

Source: Commercial Observer