Only 2% of Black-owned businesses received loans as part of the CARES Act, that’s funded 4.9 million loans totaling more than $521 billion. The application process was run through commercial banks, primarily benefiting those companies with existing relationships. Goldman Sachs found that 31% of Black small business owners have seen less than 25% of their pre-covid revenue return.
The U.S. Small Business Administration has extended the deadline for small businesses impacted by the pandemic to apply for disaster assistance loans.Businesses can now apply for the Economic Injury Disaster Loan program through Dec. 31, 2021, SBA officials announced Monday.The deadline extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and signed into law by President Donald Trump.
Source: KOTA TV
President Donald Trump has signed into law a new $900 billion coronavirus relief and stimulus package. Among its provisions: An extension of last spring’s Paycheck Protection Program, allowing another $284 billion or so in forgivable, federally backed loans for ailing small businesses. Here are some answers to questions business owners might have.
Source: Tampa Bay Times
This podcast focuses on steps small and medium-sized enterprises (SMEs) or micro enterprises can take, to benefit from and prepare for digital banking services in 2021 and beyond. Skip ahead to (6:33) to hear the steps
Source: The Straits Times
Thousands of minority-owned businesses were left without COVID-19 small business relief funding for months, pushed to the back of the line by more well-connected, larger majority-owned businesses. The diverse chambers of commerce are helping small businesses get their paperwork ready now to apply for new loan opportunities.
Source: KYW News Radio