Montana will be represented in the inaugural Small Business Majority's Holiday Gift Guide by Sarah Calhoun's business Red Ants Pants of White Sulphur Springs.
Small Business News
Both bills contain additional measures designed to bolster U.S. sanctions and anti-corruption policy. The Corporate Transparency Act, included in the House NDAA, would curtail the misuse of anonymous shell companies for illicit purposes, including everything from corruption and money laundering to transnational organized crime, sanctions evasion, and terrorism. It also would enact key reforms to U.S. anti-money laundering laws.
Additionally, “many small business owners have already depleted the federal relief that they were able to obtain earlier in the year and have no additional federal relief in sight,” said Xiomara Peña, vice president of engagement at Small Business Majority, a nonprofit advocacy group for over 70,000 small businesses.
COVID-19 vaccines may be on the way, but it is unclear whether they will be widespread early enough to help many teetering businesses. In a national survey last month by the Small Business Majority, a network of 70,000 companies, more than a third of owners said their businesses would not survive past mid-January without additional funding. For Black-owned and Latino-owned enterprises, the portion was 41%.
And according to a study from Small Business Majority, it's likely some small businesses will "go away," and likely before we ring in 2021.
Xiomara Pena, vice president of engagement at the Small Business Majority advocacy group, said 1 in 3 small business owners and 41 percent of Black-owned businesses will not make it in the next three months without assistance from the Federal government.
"Well, we're going on nine months, and it's fair to say many small businesses are struggling. Black and Latin small business owners have been disproportionately affected," Pena told Sputnik. "They are considerably higher closings in these two groups and consumer spending has affected revenue."
Small businesses across the country have suffered from the pandemic restrictions as they experience layoffs and decimated revenues. In a recent survey of 864 small businesses conducted by the Small Business Majority between July 31 and Aug. 4, 44% of respondents said they were at risk of permanent closure in the next six months.
According to the Small Business Majority, the first month after the pandemic was declared a national emergency, 75 percent of U.S. small business owners reported a decrease in revenue. By August, 70 percent of small business owners reported a revenue decline of at least 25 percent or more, with 5 in 10 businesses experiencing losses of 50 percent or more. Additionally, nearly one-in-five small business owners surveyed believe they will have to close their doors if current economic conditions do not improve by early 2021.
¿Tienes un pequeño negocio o eres vendedor ambulante y te has visto afectado por la pandemia? Acompáñanos en una charla donde hablaremos de los recursos y servicios disponibles. Contamos con la participación de las organizaciones Small Business Majority @SmallBusinessMajority y Los Ángeles Latino Chamber of Commerce @latinochamberla y la Ciudad de Los Ángeles @MonicaRodriguezCD7. La charla se transmitirá por @Telemundo52 en Facebook, Twitter e YouTube.
All interested small business owners can apply for a loan at www.CALoanFund.org, which will collect standard information about their business and match them with a community lender. If matched, the lender will assist the business owners with the application and provide free advisory support alongside a network of business support organizations organized by the California Association of Micro Enterprise Opportunity (CAMEO), Small Business Majority, California’s Small Business Development Centers and Women’s Business Centers.