The Daily Rundown

SMB News Daily Rundown: Update for May 27

Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.

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Small Business News Highlights for May 27: 

Highlights:

  • PPP still has $150 billion up for grabs as House turns toward supporting small businesses
  • Majority of small businesses turning to technology for pandemic-era solutions
  • Women leaving the workforce to care for children without school or childcare options

PPP has $150 billion available for SMBs

“They need to make it more enticing – or at least applicable to the people that need it.”

After recently passing the $3 trillion CARES Act, the House of Representatives has turned their attention to assisting small businesses while they wait for the Senate to move on another round of economic aid. 

House Majority Leader Steny Hoyer reported that the House is very close to passing legislation that would give SBOs 24 weeks to use funds received from the Paycheck Protection Program (PPP) without incurring penalties or foregoing the opportunity to have the loan forgiven. The Senate is expected to pass a similar measure. 

Currently, the SBA still has $150 billion in funds available to disburse through the PPP. Critics note that the rules unfairly exclude certain business owners

Small businesses rely on tech to keep businesses afloat

“This report shows that in the face of the COVID-19 global pandemic and economic crisis, digitally empowered small businesses are weathering the storm and optimistic about the future.” 

A report released this week examines the role technology has played in helping small businesses weather the harsh business conditions created by the COVID-19 pandemic. The findings indicate that technology has been instrumental in keeping many businesses afloat.

Over three-fourths of business owners report that they are relying more on digital tools than ever before, while a third of businesses say they would’ve had to close altogether if not for technology. 

Women leaving workforce to care for family

“I thought to myself, ‘I can carry this company forward, but I’m going to be so broken. My son will be so broken. My husband will be so broken.’ ”

As workers across the country are struggling to manage their jobs and the needs of their families, often bidding farewell to any semblance of a healthy work-life balance, women are making the hard decision to give up their career to take care of the kids

While this is certainly not a new dynamic, the cancellation of school, daycare, summer camps and extracurricular activities has brought the choice into particularly stark relief for many working moms who have nowhere else to turn for help. As one economist says: “I’m an economist, so I usually try not to say things without data. But I feel very comfortable going out on a limb and saying that this burden is going to fall on women. We just know it’s going to be women.”

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