“Thinking back to last year, it was kind of the Wild West when all of this was getting rolled out,” said Hunter Railey, the Colorado director of the Small Business Majority, an advocacy and education group.
Small Business News
Nationwide, more than 1 in 3 small business owners said they would not survive the next three months without additional financial support, and the same is true for more than 2 in 5 Black and Latino business owners, according to a survey of small business owners from the Small Business Majority, an advocacy group.
“Initially when the program was launched back in June and July, a lot of the businesses who needed the funding most were left behind: Women owned businesses and minority-owned businesses. Some of them lacked the traditional lending relationships and because of that, lenders sort of prioritized their existing clients,” Awesta Sarkash said.
A long awaited second round of federal Paycheck Protection Program (PPP) loans is being rolled out this week. Applications will first become available through community financial institutions, a subsets of banks and other lenders who meet special criteria, with larger financial institutions soon to follow.
“We are encouraged that the Small Business Administration is now prioritizing access for our smallest and most vulnerable business owners, many of whom were shut out of the Paycheck Protection Program during the first round,” John Arensmeyer, founder and CEO of the Small Business Majority, an advocacy group with a network of more than 80,000 small firms, told Government Executive on Tuesday.
This week, the Small Business Majority will be offering several webinars.
These webinars will share information about the California Small Business COVID-19 Relief Grant Program, the State’s new $500 million grant program for small businesses impacted by the pandemic. The application deadline for round one of funding for this program closes at 11:59pm on January 13th.
With support from FOUND/LA, an initiative of Wurwand Foundation and Small Business Majority, TMC Community Capital is launching a new grant program called the FOUND/LA Small Business Recovery Fund to protect small businesses across Los Angeles County that make neighborhoods feel like home.
While a few business groups like Small Business Majority are pushing for new regulations around areas like pharmaceutical transparency and network adequacy, most groups think a system-straining pandemic is a bad time to make major changes. Polis has made efforts to reduce health care costs one of his top two goals since his 2019 inauguration, but he hasn’t said what further measures he believes are necessary.
A virtual town hall with Sen. Anna Caballero took place Jan. 4, providing information about a new Covid-19 relief grant for small business owners. The event was the result of a partnership between Caballero, el Pajaro CDC and Small Business Majority, during which they presented information about $500 million in funding for small business grants. The first round of applications closes Jan. 13. Go to CAReliefGrant.com for details.
Participants will include state and local elected officials, the Governor’s Office of Business and Economic Development, the California Infrastructure and Economic Development Bank, the California State Treasurer’s office, United Policyholders, Small Business Majority, CalFire, UC Cooperative Extension among a number of others.