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 October 9:
- President Trump bumps White House aid offer up to $1.8 trillion
- SBA announces streamlined PPP forgiveness process for loans less than $50,000
- Nearly 50% of SBOs now focusing on digital sales over physical stores
White House aid offer
“I would like to see a bigger stimulus package, frankly, than either the Democrats or Republicans are offering.”
Present Donald Trump has reportedly signed off on a $1.8 trillion offer to be presented to Speaker of the House Nancy Pelosi. This is the highest tendered by the Administration so far, though it’s still well below the $2.2 trillion bill passed by the House last week.
The details of this offer are not known at this point, though Treasury Secretary Steve Mnuchin said that it does attempt to address some of the Democrats’ key concerns.
Senate Majority Leader Mitch McConnell responded to the news by calling the situation “kinda murky.”
“Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly.”
Small Business Administration head Jovita Carranza and Treasury Secretary Steve Mnuchin announced late yesterday that they’ve released a streamlined application for loan forgiveness for Paycheck Protection Program (PPP) loans valued at $50,000 or less.
The SBA began processing loan forgiveness applications on October 2nd and has stated that they will continue to process all PPP forgiveness applications in an “expeditious manner.”
Digital vs. physical stores
“Perhaps most surprisingly, those business owners surveyed don’t see a return to brick-and-mortar in their futures: Nearly half (48 percent) say they see no need for a future store, and only 20 percent plan to reopen a physical location in the next year.”
A new infographic breaks down some interesting statistics about SBO attitudes about the future of physical store locations.
According to a survey from August of this year, more and more business owners are focusing their efforts on boosting digital sales over traditional revenue from brick-and-mortar locations. In fact, of the 500 businesses surveyed, each with 100 employees or less, only one in five SBOs plan on reopening their physical location, while nearly 50% plan to switch to an online model only.