Time is running out for millions of small business owners on Main Street as they await clarity on how to receive forgiveness on the $525 billion in PPP loans they received under the CARES Act. Among the biggest issues are the tax consequences that await them if they apply for loan forgiveness by year-end.
When the unexpected happens, small businesses need more than insurance to keep running—they need a business continuity plan to move forward and stay afloat after a disruptive event occurs. Learn from the National Federation of Independent Business about how to make one today.
For years, Black women have created new businesses at a rapid clip, far outpacing other racial and ethnic groups. But strong financial headwinds from the pandemic and a lack of access to new funding sources threaten to wipe out decades of economic progress, leaving Black female business owners in a state of perpetual uncertainty, waiting for relief they fear will never come.
The disparities in venture funding to Black and other minority-founded businesses in the U.S. are well-documented. Perhaps even more troubling is a parallel problem playing out in the traditional small-business world, which has been hardest-hit by the economic effects of the COVID-19 pandemic.
A new report from the House Select Subcommittee on the Coronavirus Crisis found that the Treasury Department suggested that banks should favor their existing customers when they applied for Paycheck Protection Program loans. That means that some businesses, especially ones owned by women and people of color, were left out in the cold.