President Biden Signs PPP Extension Making the New Deadline May 31
On Tuesday, President Biden signed an extension that would allow businesses to continue to apply for PPP funding until May 31. The original deadline was March 31. The law also extends authorization of loans to June 30 to give the SBA additional time to process applications. This is a bi-partisan win for Main Street businesses.
Source: CBS News
SBA “More than Triples” Funding for EIDL Program in the Next Few Days
Small businesses harmed by the coronavirus pandemic can soon borrow up to $500,000 through the Small Business Administration’s emergency lending program. Those who have already received loans but might now qualify for more money will be contacted and offered the opportunity to apply for an increase, the agency said. The changes will take effect Tuesday, April 6.
Source: The New York Times
AARP Research: Assessing the Need of Small Business Owners over 50
The AARP Work & Jobs team and The Federal Reserve Bank of New York conducted a qualitative research effort to gain insight into the motivations, challenges, and strengths of the age 50+ entrepreneur. The AARP Team conducted remote in-depth interviews with 25 entrepreneurs over the age of 45 who fell into five categories, African American, Hispanic, Asian American/Pacific Islander/Indian, Veteran, LGBTQ+. The interviews and overall research covers three main areas:
- Business owners’ experiences in 2020 and how COVID-19 affected their operations and business stability.
- Their overall history with financing their business and experiences with financial advice, resources, and planning.
- How AARP and the government can help support small business owners, particularly those over 45 years old.
Download and read the full report.
Comcast to Invest $1 Billion Over Next Decade to Help Close Digital Divide
Comcast said that they will put that $1 billion toward a number of initiatives, including supporting its new Lift Zone effort, which establishes Wi-Fi connections in public spaces such as community centers. These Lift Zones can be used to provide internet access to adults and children who are homeless and may not have permanent access to an address. Comcast started Internet Essentials in 2011 to help impoverished children who received free or reduced-price lunches at school get access to the internet at home.