Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
Small Business News Highlights for April 13
- PayPal, Intuit, and Square authorized to participate in Paycheck Protection program
- Small businesses turning to grant funds — and dating apps — for quick cash
- Politicians sparring over next round of stimulus funding
“We are eager to deploy our capital and expertise to do our part in helping small businesses survive this challenging period.”
In an effort to get cash into business owners’ hands faster, the federal government has authorized participation by non-bank lenders in the Paycheck Protection program. On Friday, PayPal announced that it had been cleared to accept loan applications and Square and Intuit followed closely behind.
“I didn’t have time to wait for government funds, my staff needed to know now whether they still have health care.”
While SBOs wait for funds from the federal government, many are leaving no stones unturned in the hunt for cash. Many SBOs are applying for any and all grant funds — including grants made available through a dating app. A Washington, D.C. restaurant owner noted that she applied for and received money from a Bumble-sponsored dating app within 2 weeks. She reports that she’ll use the money to pay for 2 months worth of healthcare costs for the 28 employees she had to lay off last month.
“Conversations are likely to extend most of the week.”
Lawmakers continue to debate the priorities for the next round of COVID-19 stimulus legislation, prolonging definitive action. Many Democrats are insisting that money must be directed toward underserved communities, hospitals, state and local governments, and food assistance programs and a national coronavirus testing program. Republicans want more money funneled directly to the beleaguered Paycheck Protection program.
Finally, as governors on both coasts begin contemplating reopening the country, here are 2 interesting pieces to consider on the way forward for small businesses and what workplaces will look like in the post-pandemic period.