President Biden Announces Changes to PPP Loan
President Biden announced several critical changes to the coronavirus-relief program for small businesses across the country on Monday. In an attempt to improve access for small businesses in underserved communities, PPP loan applicants with fewer than 20 employees will be able to apply exclusively from 9 a.m. ET on Wednesday until 5 p.m. ET on March 9.
The changes “will make sure we look out for the mom-and-pop businesses even more than we already have,” Mr. Biden said.
The dedicated window will “give lenders and community partners more time to work with these Main Street businesses that anchor our neighborhoods and help families build wealth, while also ensuring larger PPP-eligible businesses will still have plenty of time over three weeks to apply for and receive support before the program expires,” an official said.
Last December, Congress included $284 billion for the latest round of PPP. As of Feb.21,
less than half those funds were allocated.
In an attempt to guard against fraud, processing delays of loan applications have occurred during the newest PPP round. The Small Business Administration (SBA) has placed flags on up to 240,000 PPP recipients for issues such as clerical errors to signs of misconduct.
The Consumer Bankers Association praised the changes announced on Monday but, urged the SBA to resolve delays.
“This two-week window will not fundamentally alter the roadblocks businesses are facing,” Richard Hunt, the group’s chief executive, said in a statement. “It is like giving everyone a train ticket on an unfinished railroad.”
The SBA has announced that it is working with lenders to resolve the flags.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
Veteran-Owned Company Pledges $250,000 for Barstool Fund
Veteran-Owned Company Supports Barstool Fund
The founders of veteran-owned Black Rifle Coffee Company, Evan Hafer and Mat Best, have pledged to donate $250,000 to the Barstool Fund.
The company announced their $150,000 donation on February 8, leading to CEO Hafer’s additional pledge of $100,000.
“Small businesses around the US have been crushed in the last year. Thank you @stoolpresidente for stepping up and showing leadership with the @BarstoolFund. @blckriflecoffee and I are in for $150,000,” Hafer said in a tweet.
Hafer, a former Army infantryman, served in the U.S. Army in both Iraq and Afghanistan. The company’s “who we are” page states that, “we develop our explosive roast profiles with the same mission focus we learned as military members serving this great country and are committed to supporting veterans, law enforcement, and first responders. With every purchase you make, we give back.
Best, a former Army Ranger, added that they take pride in their community leadership role.
“We’re glad to give back,” he said in an interview with Fox News. “We’re not Elon Musk yet, not even close, but we’re always gonna be a leader in the community and do what we can.”
To date, Barstool Fund has raised more than $35 million for small businesses, helping more than 240 small businesses.
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
Small Business Gets Creative to Survive
Since 2013, Amanda George and Lalka Morales had been the leading dog walking and pet sitting business in South Tampa. Similar to nearly all small businesses in the country, the pandemic changed everything.
SoHo Hound lost about 90% of their clientele and dropped to as low as five daily dog walks, a far cry from their daily average of 75 dogs.
“To keep the business open last year we had to cut all 15 of our staff and ran the business on our own for the summer until we had enough business again to re-hire. It was something we never thought we would have to do and was a very difficult decision. Although it was hard work and 24/7, we were so happy to have any business at all,” George told FOX Business.
To remain open, George and Morales got creative. The two business partners decided to launch a new transportation service for pets. They offered rides to the vet, groomer, pet boarder and daycares. Clients who sought extra attention for their pets, leaned on SoHo Hound.
George also noted that due to the number of people moving to Florida because of the more lax restrictions, new clients kept their hopes alive. The company is back to 10 staff members and they are encouraged that they will continue to grow.
“We are so thankful to our clients who stuck with us, encouraged us, and kept us walking their dogs even if they didn’t really need us as they were working from home,” George said. “They just wanted to make sure that we would be around still when things got better.”
The Alliance to Save the American Dream is a non-profit organization dedicated to three core goals.
1. Develop an Ideas Factory to give small businesses and industries a centralized place to share innovative ideas that must be considered.
2. Build a unique Resources portal for small businesses to go to for answers or resources that address a wide range of issues or challenges.
3. Offer a new networking opportunity for small business owners to connect while also giving them a platform to share their own personal stories.
For more information, visit savetheamericandream.com.
