Small Business News

| Wall Street Journal

Reps. Madeleine Dean (D., Pa.) and Derek Kilmer (D., Wash.) support direct cash payments to very small businesses, and have introduced a companion measure to Mr. Wyden’s in the House. The Small Business Majority, an advocacy group, also favors direct cash grants.

| Boston Globe

Amid the current stay-at-home advisory, small businesses across the country are getting walloped by the coronavirus outbreak. According to a poll conducted on behalf of the Small Business Majority in mid-April, 72 percent of small businesses across the country have reduced their payroll, and 40 percent have permanently laid off employees.

| KTVU

Boice is trying to avoid the dire projections that came out of a study by the advocacy group, Small Business Majority, which found 44% of small businesses have already closed or will likely do so in the next two months.

| San Francisco Chronicle

In California, Urrutia says, 70% of restaurants might not reopen. As many as half of personal service businesses like nail salons and barbershops may remain shuttered. A poll conducted this month by the Small Business Majority advocacy group found that 44% of small-business owners, most of whom employed fewer than 25 people, either have closed their operations or expect to in the next two months.

| Radio Bilingue

Xiomara Peña, directora del programa nacional de emprendimiento latino, del Small Business Majority, con sede en Los Ángeles, California, en base a sondeos de opinión explicó los efectos de la pandemia en los pequeños negocios y los pormenores del PPP.

| Bloomberg

Many borrowers are turning to Reddit’s small-business threads to learn how others navigated the PPP and the EIDL program. Samantha Safer, owner of Otway, a 49-seat neighborhood restaurant in Brooklyn, N.Y., that employed 16 people before the pandemic, learned that many who’ve received EIDL grant money didn’t hear from the SBA but did notice their personal credit report had been pulled shortly after the funds were deposited in their bank accounts. (Read this Credit Karma explainer on hard and soft credit inquiries.) Safer didn’t get PPP and never heard back about her EIDL application.

| Covington News

The Newton County Sheriff’s Office released a Resource and Information Guide aimed to provide every individual with important information that could save a life during the COVID-19 pandemic.

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Small Business Majority also has a resource page for small business owners

| Bloomberg

But larger businesses are also more likely to have established relationships with lenders, more reserves and better access to equity markets than smaller ones, said John Arensmeyer, chief executive officer of the Small Business Majority, an advocacy group.

| Radio Bilingue

El Congreso votó para agregar fondos adicionales al Programa de Protección de cheques de Pago (PPP) y al Préstamo por Daños Económicos por Desastre. Pero el proycto no extendió el apoyo a los prestamistas que proporcionan capital a las pequeñas empresas latinas y otras comunidades “no bancarizadas”. Estas no son buenas noticias para las pequeñas empresas de California, muchas de las cuales están cerrando o a punto de cerrar durante la crisis de Covid-19 y recibieron la menor cantidad de préstamos PPP en todo el país. ¿Cómo se están reagrupando?

| Radio Bilingue

Congress voted to add additional funds to the Paycheck Protection Program (PPP) and the Economic Damage Disaster Loan. But the bill failed to support lenders that provide capital to Latino small businesses and other “underbanked” communities. This is not good news for California’s small businesses, many of who are closing or about to close during the Covid-19 crisis and received the fewest PPP loans in the entire country. How are they regrouping?

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