Small-business requests for money from the federal government’s signature Covid-19 relief initiative are running well below last year’s heady pace, prompting changes in the program’s final month to reach the hardest-hit businesses.
The Small Business Administration on Wednesday released new guidance on the changes to the Paycheck Protection Program. It revamped the formula for calculating loans to sole proprietors and some other businesses, making the program more attractive to the smallest firms.
Justin Burgess of Deco-Dence Gallery & Studio, a dealer of art deco furniture and a custom-furniture maker in Dallas, had initially decided not to apply for a second
In late 2020, Josh Tetrick achieved a world first: His food tech company, Eat Just, became the first in the world to start selling cultured chicken for human consumption, after receiving the go-ahead from Singapore regulators.
The landmark approval marks a major leap forward for the multibillion-dollar company as it aims to disrupt the established animal agriculture industry.
But it wasn’t an easy journey, insisted the founder of the nine-year-old company, who had four pieces of advice to share with other would-be entrepreneurs.
First off, it’s important to be honest with yourself about whether or not you’re committed
“These businesses have been neglected for nearly a year,” House Small Business Chair Nydia Velázquez (D-N.Y.) told POLITICO. “I committed to working with the Biden administration to spread these benefits to as many of these sole proprietors as possible, not just those submitting new applications.”
According to data from the House Small Business Committee, more than 2.6 million sole proprietors, independent contractors and self-employed individuals have already been approved for PPP loans.
The backlash is the latest in a series of controversies around the SBA’s handling of the program, which since its launch last April has distributed more than $662
“Small, locally owned businesses are the heart and soul of a community,” said Rodgers. “In the applications and the videos, it was heart-wrenching to hear about all the obstacles facing restaurants and retail establishments. So many of them are struggling just to stay in business but remain hopeful that there’s an end to this.”
The fund was started in early February with a $500,000 donation from Aaron Rodgers, the Chico native who is a three-time NFL Most Valuable Player. After seeing the need, Rodgers decided to increase his donation to $1 million. It was augmented by $100,000 from NVCF, an
The self-employed and gig workers are anxiously waiting for the Small Business Association to update guidelines to its Paycheck Protection Program, which could mean bigger loans for the group.
The Biden administration announced last week changes to how the SBA will calculate forgivable loans for sole proprietors and other small businesses without any employees. The updated formula — which will likely lead to larger loan amounts for non-employer firms, including sole proprietors and independent contractors — will be announced this week.
It’s still unclear when in the week the SBA will update its
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