With a COVID-19-related recession looming overhead, community currencies are becoming an increasingly popular option for keeping local economies afloat. Community currencies help damaged local economies by encouraging consumers to keep money within the community.
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Citizens Banks just announced a $1.5 million grant program designed to help minority-run small businesses affected by COVID-19. Does your business qualify?
One of the hottest business buzzwords during the coronavirus pandemic has been “pivot” — the concept of businesses reinventing and shifting strategies. By the numbers, small businesses across the US have indeed embraced the pivot: 92% reported changing at least one aspect of their business since the onset of COVID-19, according to data from a recent survey that was released online last week.
Intuit is a well-known name in the world of business finance. Now the financial titan is getting in on the small business banking game with QuickBooks Cash. Customers will receive a 1.00% annual percentage yield (APY) on all balances — a competitive rate compared to most accounts on the market today. This new offering is meant to work in sync with Intuit’s existing QuickBooks products, such as payroll, payments, and accounting services.
There’s a new kid on the block in the world of small business checking accounts: Kabbage Checking. As any new product should, this checking service — announced last week by online lender Kabbage — has a few tricks up its sleeve to entice business owners. To start, Kabbage Checking boasts a 1.10% annual percentage yield (APY) that will be paid out monthly to each customer account. While APYs do fluctuate based on the market, Kabbage’s offering is among the highest available to small businesses at the time of writing.
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.
$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.
A perfect storm between closed coin production and a decrease in moving coins through the banking systems has resulted in a coin shortage, and some small businesses are already feeling the impact.
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.