As the Paycheck Protection Program neared its expiration, Small Business Majority surveyed its national network of small business owners to better understand how businesses have benefited from PPP. The survey reveals a majority of small businesses have received a PPP loan, but many are still struggling with their overhead costs and will likely be forced to lay off their employees again once their funding runs dry. This is particularly true for small businesses owned by people of color.
Small Business Majority surveyed its national network of small business owners to better understand who has benefited from the Paycheck Protection Program (PPP) created by the CARES Act, and to shed a light on their concerns with the program. The survey reveals a strong majority of small businesses have applied for a PPP loan, but most are worried about having the loan forgiven.
This blog originally appeared on the blog of our partner CO-STARTERS.
Although some businesses have seen the relief offered by the CARES Act—particularly the Paycheck Protection Program SBA loans—many small businesses have been left wondering if their application is even being considered.
From stock market dips to shuttered storefronts, it’s no secret that the COVID-19 public health crisis has put too many businesses on the brink of collapse. Our network of 65,000 small businesses have painted a dire reality of what they are facing throughout the crisis, which has elevated the need for government officials to better understand the challenges faced by our nation’s entrepreneurs.
It’s no secret that California has been hard hit by the spread of COVID-19, with a vast 2.7 million applying for unemployment in the past four weeks, and the impacts have been particularly severe on small businesses that have seen their revenues take a nosedive overnight. With the economy on pause, Main Street has been left to cope with how to stay afloat during this unprecedented time.
It’s no secret that the spread of COVID-19 around the country has already had a devastating impact on small businesses. With the economy on pause and uncertainty gripping communities across the country, Main Street has been left to cope with how to stay afloat during this unprecedented time.
Today, Small Business Majority submitted comments to the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation regarding proposed rules changes to the Community Reinvestment Act. Some of Small Business Majority's concerns include that these proposed changes would negatively impact underserved entrepreneurs in low and moderate income (LMI) communities and disincentive banks from making qualified smaller-dollar loans that are the lifeblood of small businesses.
Not long after accepting a voluntary early retirement package from her long time employer, Southern California Edison, Pat Watts found herself yearning to be back at work. So, she turned to entrepreneurship by taking some of the money from her retirement package and starting her own business. Little did she know, her business would end up expanding across the nation and her workforce training program would focus-in on her own community.
Small Business Majority’s Outreach Team advocates for entrepreneurs on two fronts: It supports policies that would benefit small firms, and it offers workshops and events that help small business owners grow their companies. We’re sitting down with members of our Outreach Team to provide an introduction and let small business owners know how our team members can assist them.
This week we are spotlighting Awesta Sarkash, Small Business Majority’s Government Affairs Manager.
As a kid, Bobby Price never enjoyed his visits to his neighborhood barbershop, so it makes sense that it never occurred to him to open his own barbershop until much later in life. Even though Bobby has been cutting hair since he was 13, he didn’t become a full-time barber until he became a husband and a father.