Industry News – September 1, 2022

U.S. Secret Service Seizes $286 Million in Fraudulent Covid Relief Funds 

The U.S. Secret Service announced it had recovered $286 million in illegally taken Covid relief. Since 2020, over $1 billion in pandemic relief funds have been recovered since the start of the Economic Injury Disaster Loan relief program. 

Source: CNN.com 

 

Rent Crisis on Main Street Becoming More Severe Per New Survey 

Many small businesses continue to struggle to pay office rent as inflation impacts labor, energy, and transportation costs. 45% of those companies surveyed said that they are now paying 50% more in rent since the pandemic started due to landlords increasing rental fees. 

Source: CNBC.com 

 

Tips for Small Business Owners Hiring Their First Employee 

Hiring an employee is often a big step for many small companies as they grow. Here are some suggestions for ensuring a new employee fits the required role and that the company is financially ready to cover the employee’s wages. 

Source: Forbes.com  

 

$5,000 Grant Opportunity for Black Business Owners Still Available 

The Coalition to Back Black Businesses (CBBB) will accept applications for its 2022-23 grant program through September 6. Eligible businesses can receive grants of up to $5,000 to help them meet critical needs and invest in long-term growth. 

Source: The Grit Daily 

 

First Black Owned Coconut Water Brand Aims to Expand into New Markets 

100 Coconuts, launched in 2018, is the first Black-owned coconut water brand. The company’s founder aims to expand into new markets while also hoping more communities will learn about the product’s health benefits. 

Source: Black Enterprise.com