Industry News – September 16, 2020

Second Annual National Support Latino Business Day on September 14, 2020

One day in advance of Hispanic Heritage Month, the community day of action is dedicated to highlighting the significant contributions of the Latino/x business community by shopping, celebrating and supporting Latino/x-owned small businesses. While the proclaimed holiday is over, there are still many opportunities to support Latinx small businesses.

 

Why Third-Quarter Taxes are Confusing for Small Businesses who received the PPP

Business owners who took a forgivable loan via the Paycheck Protection Program continue to grapple with whether certain covered business expenses are deductible, even if they haven’t yet applied for forgiveness.

Source: CNBC

 

Yelp Launches ‘Latinx-owned’ Tag on Their Review Site

Yelp launched a tag for businesses to mark themselves as “Latinx-owned” in a move designed to support Latino businesses hit hard by the pandemic, the company said. People using the Yelp site will be able to search for businesses via the tag to channel spending towards the Latino community.

Source: Reuters 

 

The Stakes Have Shot Up for Small Business Banking

Just as technology has spurred a consumer banking revolution, the same is happening with the huge small and midsize business banking market. These companies have a great need for the kind of advanced functionality and features that can ease the complexity of financial management.

Source: The Financial Brand

 

Virginia Took an Overly Conservative Approach to Small Business Loans

According to a new report from the Joint Legislative Audit and Review Commission, the Virginia Small Business Financing Authority is taking an “overly conservative” and risk-averse approach to its lending practices. In the last three budget years, auditors found, most of the money available through the VSBFA’s programs was not loaned to businesses seeking assistance. The director of the state’s small business department said that the agency has already agreed to take corrective action to address the report’s findings.

Source: Virginia Mercury