COVID-19’s destructive wake has damaged small businesses of all kinds, but those led by women have been disproportionately affected, based on a new report by Facebook. A survey found that 71% of women-led businesses in the US are operational or engaging in any sort of revenue-generating activity compared to 83% of those run by men.
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$1 million is now available for US-based small businesses thanks to a grant program announced today by financial firm The Hartford and Main Street America, a nonprofit focused on revitalizing older and historic commercial districts. The HartBeat of Main Street Grant Program will sponsor grants ranging from $5,000 to $15,000 in size.
AICPA and Biz2Credit have teamed up to create an online PPP loan forgiveness site, potentially easing the burden for coronavirus-impacted small businesses. Will this tool make applying for forgiveness easier for your business? Read on for more details.
Small businesses that have become saddled with Paycheck Protection Program (PPP) loan debt may be able to receive automatic forgiveness soon. That’s the heart of the Paycheck Protection Small Business Forgiveness Act, a bipartisan bill introduced last month by Sens. Kevin Cramer, R-N.D., Bob Menendez, D-N.J., Thom Tillis R-N.C., and Kyrsten Sinema, D-Ariz. This piece of legislation provides automatic loan forgiveness for PPP loans under $150,000. Qualifying businesses would only need to fill out a one-page form to become eligible for forgiveness.
Despite the initial rush to use crowdfunding during the global pandemic, is GoFundMe truly a wish-granting fairy for down-on-their-luck businesses? Should businesses impacted by the coronavirus pin their financial hope on a crowdfunded campaign?We’ll take a look at how the service has — and hasn’t — helped small businesses throughout the COVID-19 crisis.
Area 120 — Google’s internal incubator for experimental ideas — has just launched Shoploop, an eCommerce platform where consumers browse products by watching video clips no longer than 90-seconds. These quick videos aim to reach and entertain consumers by letting them “experience the look and feel of products” without needing to visit a physical store, according to a blog post from Google.
Small businesses hurt financially by COVID-19 can no longer take advantage of one federal aid program intended to dish out emergency cash, as billions in funding has run dry. The Economic Injury Disaster Loan (EIDL) Advance program — which delivered this source of quick income for business — has stopped accepting new applicants, the Small Business Administration (SBA) announced in a weekend press release.
A wider range of small businesses and digital creators will now be able to sell on Instagram thanks to some new and looser commerce eligibility requirements that went into effect July 9th. Chief among the new requirements: Businesses will need to provide a website where they own and sell “at least one eligible product” in order to use shopping tags on Instagram.
Fintech — a term that stems from “financial technology” — has played a key role in the years after the 2008 recession by offering small businesses alternative lending platforms to the traditional banking system. During the current time of crisis, many fintechs pivoted quickly to shovel out billions in PPP funds. Like almost everything else associated with the PPP, fintechs have been far from perfect over the past few months. However, these forward-facing firms have still helped fill a gap left by the bigger banks.
Bento for Business is more than just a debit card — it’s a fully built expense management suite that can help businesses track where and how they spend their all-important cash. Whether this works for your business will depend on your unique situation, as there are both some positives and some negatives to consider.