Industry News – December 16, 2020

Powering Small Business Through The Pandemic Featuring GoDaddy

Forbes Contributor, MaryLee Sachs speaks to Fara Howard, CMO of GoDaddy about how the Open We Stand campaign came to be, why it is necessary and future plans for the company come 2021.

Source: Forbes

 

Goldman Sachs CEO Says 90% of Small Businesses Have Exhausted PPP Funds

Goldman Sachs CEO David Solomon told CNBC on Tuesday that small businesses it surveyed are in dire need of another round of emergency Paycheck Protection Program funding. Solomon’s comments come as lawmakers are taking negotiations to approve another coronavirus stimulus bill down to the wire.

Source: CNBC

 

‘It’s an economic war’— Warren Buffett Urges Congress to Extend Relief for Small Businesses

Berkshire Hathaway Chairman Warren Buffett urged Congress on Tuesday to extend aid to small businesses as they continue to struggle through economic shutdowns used to fight the coronavirus pandemic. Specifically, Buffett asked lawmakers to extend the Paycheck Protection Program.

Source: CNBC

 

Yelp To Deposit $10 Million Cash Into Black-Serving Banks

Yelp announced on Tuesday that it will deposit just under 2% of its cash reserves, or $10 million, into financial institutions that support Black and underserved communities in the U.S. The $10 million will be divided among three banks. All three of the selected banks are certified Community Development Financial Institutions, which have long catered to predominantly Black communities but have seen their numbers dwindle over the last decade thanks, in part, to banking industry consolidation.

Source: Forbes

 

49% Of Minority SMBs Can’t Pay December Rent

35% of small business owners reported that they couldn’t make rent this month (up 3% from 32% in November). For minority-owned businesses, the struggle is even more pronounced: nearly half (49%) report being unable to cover their rent in December. That figure jumped 5% from 44% in November. For women-owned businesses, 35% couldn’t make rent in November and now that percentage is up to 38% in December.

Source: CPA Practice Advisor