They are Main Street businesses that anchor our neighborhoods and help families build wealth. 98 percent of small businesses have fewer than 20 employees. Institute a 14-day period, starting Wednesday, during which only businesses with fewer than 20 employees can apply for relief through the Program.Specifically, the Biden-Harris administration will: While these efforts are no substitute for passage of the American Rescue Plan, they will extend much-needed resources to help small businesses survive, reopen, and rebuild. The Biden-Harris administration is announcing several reforms to build on this success by further targeting the PPP to the smallest businesses and those that have been left behind in previous relief efforts. The share of funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up more than 40 percent.The share of funding going to small businesses in rural areas is up nearly 30 percent.The share of funding going to small businesses with fewer than ten employees is up nearly 60 percent.Compared to the same point in the Program last year: The latest round of Paycheck Protection Program (PPP) funding opened just one month ago and it represents a marked improvement on the prior round of the Program last year. The Biden-Harris administration has made delivering equitable relief to hard-hit small businesses a top priority. Now, millions of main street small businesses – especially Black- and Brown-owned small businesses – are struggling to make ends meet in the wake of the COVID-19 pandemic and resulting economic crisis. GDP, create two-thirds of net new jobs, and employ nearly half of America’s workers. Small businesses account for 44 percent of U.S. Get Involved Show submenu for “Get Involved””.The White House Show submenu for “The White House””.Office of the United States Trade Representative.Office of Science and Technology Policy.Executive Offices Show submenu for “Executive Offices””.Administration Show submenu for “Administration””.Financial data comes from financial service S&P Capital IQ. SEC filings turned up a total of 179 public companies that supped at the government's soup kitchen, so this is just a sampling. The list of companies and the size of the PPP loan comes from the Wall Street Journal article, " Public Companies Got $500 Million in Small Business Loans". So here is a list of examples, the top 20 in terms of the money they nailed down, with their most recent annual sales, profits, and cash and cash equivalent holdings. (The Treasury Department, according to Business Insider, is giving public companies two weeks to return the dough.)Īnd yet, most of the reports didn’t get into enough of the financial details of these companies. CNBC noted that, on contacting some of the biggest publicly traded companies that sucked up available funds like money vacuums seeking every last crumb, most said they planned to keep it. There's been coverage, and bakery rack loads of outrage, about loans to businesses that shouldn’t have qualified. It was "unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification," the document noted. The Department of the Treasury just issued guidance that said borrowers had to certify themselves as unable to obtain credit elsewhere. Particularly when you're not big enough to get something put aside for small businesses? "Why are we in business just to be told we're not good enough because we're not big enough?" "What are we doing this for?" co-owner April Richardson said to CNN.
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