Small Business News

| What’s New Today

The numbers are far from the number of corporate loans approved in the United States. On Wednesday, there were more than 1.5 million approved small business loan applications, totaling more than $ 324 billion, in which more than 4,900 credit institutions participated.

However, there is little evidence that much of that money is actually in the hands of entrepreneurs. Advocacy, Small Business Majority, has raised concerns about companies who have heard their loans have been approved but have not yet seen the money.


As for small businesses that haven't applied yet, John Arensmeyer, CEO of Small Business Majority, advises them to do so anyway on the theory that more money will be added to the PPP loan fund.

| Noticias Ya

En cuanto a las pequeñas empresas que aún no han presentado su solicitud, John Arensmeyer, presidente de Small Business Majority, aconseja que lo hagan de todos modos con la teoría de que se agregará más dinero al fondo de préstamos PPP.

Arensmeyer también recomienda a los propietarios de pequeñas empresas que llamen a sus representantes y senadores del Congreso para instarlos a agregar más dinero al programa rápidamente.

| Lake County Record-Bee

Rep. Jared Huffman (D-San Rafael) with Assemblymember Jim Wood (D-Santa Rosa) hosted a roundtable discussion for Northern California businesses looking for guidance during the coronavirus pandemic. They touched on several topics including the Economic Injury Disaster Loans program, Paycheck Protection Program, unemployment benefits and relief timelines.

Experts included CEO of West Business Development Center Mary Anne Petrillo, Small Business Administration spokesman Bill Koontz, Bianca Blomquist of Small Business Majority.

| Cherokee Tribune & Ledger-News

Small Business Majority, a Washington D.C.-based lobbying group that advocates for small businesses, warns that firms with pending loan applications, or those still trying to find a lender, are now left in limbo.

“PPP launched less than two weeks ago, and it is already in jeopardy of running out of money. This is not a time for finger pointing or political posturing. Small businesses — which are the lifeblood of the American economy — need an immediate cash infusion now," Founder and CEO John Arensmeyer said.

| 21 Hats

John Arensmeyer, CEO of Small Business Majority, says the CARES Act is a fiasco: “Our forthcoming scientific poll shows that COVID-19 has had a negative impact on 90 percent of small businesses; 33 percent have closed up shop, 14 percent are planning to do so and 56 percent have laid off or furloughed employees -- with all of these numbers growing every day. Yet, the PPP/EIDL system is broken and the SBA cannot keep up with demand.

| Impact Alpha

Already, nearly three-quarters of the $349 billion allocated to the program has been committed; Democrats and Republicans have been unable to break a stalemate to provide an additional $250 billion in relief funds. The fear is that larger businesses, chains, and even hedge funds with the right resources and banking relationships will grab the bulk of the funds, leaving only crumbs for truly vulnerable small businesses. Most at risk: businesses in African American, Latino, Native, immigrant and rural communities.

| Radio Caracol

La Directora de Programas Nacionales para la comunidad Latina de Small Business Majority fue invitada a Radio Caracol 1260 una emisora de radio en Miami, FL para compartir información sobre el Programa de Protección de Pago para los Empleados (PPP) y el programa de Préstamos de emergencia por daños económicos por desastre (EIDL). Durante esta entrevista, compartió cómo evitar que los prestamistas abusivos y como utilizar un recurso gratis, Venturize para encontrar prestamistas transparentes.

| Philadelphia Inquirer

One in three business have closed and 14% more plan to do so. While it is clear that PPP is not a long-term nor an efficient solution, Congress must immediately add robust funding to keep it solvent, and not delay any further in providing direct cash grant assistance to the smallest, most vulnerable businesses,” said John Arensmeyer, Founder and CEO at Small Business Majority.

| Forbes

“While the Administration debates the appropriate time to reopen the economy, there remains a notion that once everything reopens the small business community will bounce back to normal. However, our findings reveal just how far and wide the impact of coronavirus runs,” said John Arensmeyer, Founder and CEO at Small Business Majority.