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☆ Paying back Covid loans is hammering millions of businesses
▼ + stars: | 2023-01-13 | by ( Gabe Cohen | ) edition.cnn.com time to read: +5 min

Unlike some other pandemic programs, these 30-year loans, carrying an interest rate of 3.75% for businesses, were intended to be paid back. But revenue is still down more than 45% — and it's time to start paying back those government loans. Coming out of the pandemic, small businesses have faced difficult hurdles, like staffing shortages, supply chain issues and inflation. Now add a possible looming recession, just as these EIDL loans come due. For EIDL loans over $200,000, a personal guaranty was required for individuals with 20% or more ownership in the business.

☆ What to expect at work this year
▼ + stars: | 2023-01-11 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

New York CNN —The pandemic has transformed work over the past three years in ways few expected. Work flexibility is here to stay, and may improve for front-line workersWhile there is still tension between executives and employees about how many days people should be physically present at work, hybrid work and work flexibility isn’t going away. “The big shift is in recognizing our work force is in trouble,” McRae said. Roughly 70% of workers say they’re already doing work outside of their job, according to Deloitte. One recent example, cited in Deloitte’s latest work report, comes from M&T Bank, a leading Small Business Administration lender.

☆ The Best Banks for Small Business
▼ + stars: | 2022-12-27 | by ( ) www.wsj.com time to read: +15 min

To find the best business banks, we evaluated two dozen of the biggest institutions, looking for accounts that are easy to use, with low or no fees, and that don’t require large balances. Amex is one of relatively few banks that offers a competitive interest rate on its business checking account, with a current APY of 1.3% on balances up to $500,000. If you’re on the lookout for a new business credit card, the American Express Business Gold Card is Buy Side’s pick for Best Business Credit Card. How we pickedTo pick Buy Side from WSJ’s Best Banks for Small Business, we evaluated small-business checking accounts offered by two dozen traditional and digital banking institutions. We looked for business checking accounts that offered the best combination of convenience, low fees and features that make running a business easier, like integration with other business technology platforms and the availability of (or ability to connect with) payment processing systems.

☆ From a Lamborghini to a custom Rolex, here are the wildest things business owners bought with their PPP loans
▼ + stars: | 2022-12-20 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +2 min

The Justice Department has charged many business owners with fraud over their PPP and EIDL loans. The Paycheck Protection Program made forgivable loans of up to $10 million available for business owners to cover payroll and certain business expenses. The Small Business Administration awarded nearly $800 billion in PPP loans to 11.47 million businesses. A similar low-interest program made Economic Injury Disaster Loans of up to $500,000 available to business owners to pay operational expenses. Here are the most notable charges from the Justice Department.

The lawmakers are co-sponsors of the National Development Strategy and Coordination Act. That's why we've joined forces to jumpstart a national project to restore American manufacturing leadership. This committee would be charged with developing a National Development Strategy, recommending investments to improve national security, strengthen domestic manufacturing, create good-paying jobs and develop new technologies. Second, our proposal — the National Development Strategy and Coordination Act — would give this committee the authority to direct the Department of Treasury's Federal Financing Bank to achieve its goals. This would bring overdue strategic coordination to our federal loan system and inject much-needed long-term capital into critical industries.

☆ Fintechs are under scrutiny over fraudulent PPP loans and small businesses could suffer. Here are the biggest takeaways from the federal investigation.
▼ + stars: | 2022-12-16 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +3 min

A federal investigation blames fintechs for rampant Paycheck Protection Program loan fraud. It could jeopardize fintechs' participation in future federal lending programs. The Paycheck Protection Program was a federal rescue program intended to help the 7.5 million US small businesses at risk of closing permanently in the first year of the COVID-19 pandemic. The Small Business Administration awarded nearly $800 billion in PPP loans to 11.47 million businesses. Here are the biggest takeaways from the federal investigation.

☆ Pandemic Loans Are Coming Due but Some Businesses Aren’t Ready to Repay
▼ + stars: | 2022-12-14 | by ( Ruth Simon | Photographs Jessica Pons For The Wall Street Journal | ) www.wsj.com time to read: 1 min

Many small businesses that received federal pandemic aid are now on the hook for repayments, and some say the timing couldn’t be worse. WrightIMC, based in Allen, Texas, borrowed $150,000 from the Small Business Administration’s Covid-disaster loan program two years ago. The 20-person digital marketing agency made its first $1,600 loan payment this month, just as ad sales are softening.

☆ Fed rate hike pushes small business loan interest over 10% for first time in nearly a generation
▼ + stars: | 2022-12-14 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +8 min

Many business owners have never seen double-digits," said Rohit Arora, co-founder and CEO of small business lending platform Biz2Credit. Almost a quarter of small business owners said they are paying a higher rate on their most recent loan, and the highest since 2008. The latest CNBC Fed Survey shows the market forecasting a peak Fed rate around 5% in March 2023 and the rate being held there for nine months. "Talking to small business owners looking for financing, it's starting to slow things down," Hurn said. Small business loan approval percentages at big banks dropped in November to the second lowest total in 2022 (14.6%), according to the latest Biz2Credit Small Business Lending Index released this week; and also dropped at small banks (21.1%).

☆ Stephen Miller led-group emerges as top legal foe of Biden initiatives
▼ + stars: | 2022-12-14 | by ( Chandelis Duster | ) edition.cnn.com time to read: +4 min

CNN —A conservative legal group led by former top Trump aide Stephen Miller has emerged as a frequent opponent to several Biden administration initiatives by mounting court challenges, succeeding in blocking policies they say are examples of reverse discrimination. Miller touts America First Legal as “the long-awaited answer to the (American Civil Liberties Union),” and his group has garnered several legal victories against the Biden administration in the past few weeks and months, most notably on issues of racial discrimination. The lawsuits led to an injunction that blocked the debt relief payments. Several Black farmers and social justice advocates have said Miller’s actions are harmful. “I want to set the record straight – no one is against White farmers in this country,” John Boyd Jr., 57, a fourth-generation farmer who is founder and president of the National Black Farmers Association, told CNN.

☆ Florida legislator who sponsored ‘Don’t Say Gay’ law resigns amid Covid-relief fraud charges
▼ + stars: | 2022-12-09 | by ( Zoë Richards | Zoë Richards Is The Evening Politics Reporter For Nbc News. | ) www.nbcnews.com time to read: +2 min

The Florida state representative who sponsored legislation opponents dubbed the “Don’t Say Gay” bill resigned Thursday, a day after he was accused of fraudulently obtaining tens of thousands of dollars from a federal Covid-relief program. State Rep. Joseph Harding, a Republican, said his resignation would be "effective immediately." He has been indicted on a slew of charges, including wire fraud, money laundering, making false statements and other crimes. He sponsored a bill this year prohibiting “classroom discussion about sexual orientation or gender identity” in the state’s primary schools. The bill, which was criticized as an attack on Florida’s LGBTQ community, was signed into law in March by Republican Gov.

☆ The author of Florida's 'Don't Say Gay' bill resigns after being indicted on charges of swindling COVID-relief loans
▼ + stars: | 2022-12-08 | by ( Azmi Haroun | ) www.businessinsider.com time to read: +2 min

The author of Florida's 'Don't Say Gay' bill resigned on Thursday after a federal indictment. Florida state Rep. Joe Harding was indicted on charges of fraud worth over $150,000. Federal prosecutors alleged that Harding made fake businesses, bank accounts and pocketed COVID loans. In 2022, Harding sponsored Florida's so-called "Don't Say Gay" Bill,which is officially called the "Parental Rights in Education" bill. If found guilty, Harding faces up to 20 years on the wire fraud charges; 10 years related to the money laundering allegations; and five years in prison for allegedly making false statements.

☆ Here's what a 2023 recession could mean for entrepreneurs and how they can prepare
▼ + stars: | 2022-12-08 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +5 min

If we're heading into a recession, entrepreneurs will have to prepare their businesses now. If these predictions are accurate, entrepreneurs will need to begin preparing their businesses now for the challenges ahead. Insider spoke with founders and experts to understand how a recession could affect entrepreneurs' bottom lines and the steps they could take now to prepare. Ryan Niddel, a serial entrepreneur and growth specialist, said a recession was not an ideal time to be in debt. "Even in a recession, there are market sectors that continue to do well or even, in some cases, do better," he said.

☆ Legislator behind Florida's 'Don't Say Gay' law is accused of Covid-relief fraud
▼ + stars: | 2022-12-07 | by ( Tim Stelloh | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +2 min

The Florida legislator who sponsored legislation critics dubbed the “Don’t Say Gay" bill was accused of illegally obtaining tens of thousands of dollars in Covid-relief funds, authorities said Wednesday. Joseph Harding, 35, was indicted on six counts of wire fraud, money laundering, making false statements and other crimes, the U.S. attorney’s office for Northern Florida said in a release. Harding sought more than $150,000 in loans and received roughly $45,000 in January and February 2021, according to the indictment. "This bill goes way beyond the text on its page," former Rep. Carlos Guillermo Smith, a Democrat who is gay, said in February. He could face 20 years in prison for the fraud charges, 10 years for money laundering and five years for making false statement, the release says.

☆ The sponsor of Florida's 'Don't Say Gay' bill was indicted on federal charges of money laundering and wire fraud related to COVID relief loans
▼ + stars: | 2022-12-07 | by ( Azmi Haroun | Erin Snodgrass | Kimberly Leonard | ) www.businessinsider.com time to read: +3 min

The sponsor of Florida's 'Don't Say Gay' bill was indicted on money laundering charges. He raked in more than $150,000 through his scheme, per the US Attorney's Office, and was indicted by a grand jury on Wednesday on six counts of wire fraud, money laundering, and making false statements. In the indictment, prosecutors said that Harding used the SBA's Economic Injury Disaster Loans, meant for COVID-related expenses, to enrich himself between December 2020 and March 2021. If found guilty, Harding faces a maximum possible sentence of 20 years on the wire fraud charges; 10 years on the money laundering allegations; and five years in prison for allegedly making false statements. In 2022, Harding sponsored Florida's so-called "Don't Say Gay" Bill, which is officially called the "Parental Rights in Education" bill.

☆ Maryland bans use of TikTok, other Chinese, Russian products by state agencies after NBC News report
▼ + stars: | 2022-12-06 | by ( Sarah Fitzpatrick | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Kit-Ramgopal-Byline.Jpg | ) www.nbcnews.com time to read: +3 min

The state of Maryland on Tuesday banned the use of TikTok and other Chinese and Russian products by state agencies, citing reporting by NBC News about hackers linked to the Chinese government stealing millions in Covid benefits from state governments in the U.S. “There may be no greater threat to our personal safety and our national security than the cyber vulnerabilities that support our daily lives,” said Gov. In the past, Alibaba and Alipay have declined to comment about accusations of being national security risks. WeChat has denied being a national security risk. Also in November, the state of South Dakota banned the use of TikTok by state agencies.

☆ Hackers linked to Chinese government stole millions in Covid benefits, Secret Service says
▼ + stars: | 2022-12-05 | by ( Sarah Fitzpatrick | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Kit-Ramgopal-Byline.Jpg | ) www.nbcnews.com time to read: +11 min

Hackers linked to the Chinese government stole at least $20 million in U.S. Covid relief benefits, including Small Business Administration loans and unemployment insurance funds in over a dozen states, according to the Secret Service. One senior Justice Department official called it “dangerous” and said it had serious national security implications. ‘The horse is out of the barn’As soon as state governments began disbursing Covid unemployment funds in 2020, cybercriminals began to siphon off a significant percentage. China’s targets include state governments, which can have inadequate cybersecurity defenses. “The state governments don’t allocate a lot of cyber protection money to their state I.T.

☆ Executives at ‘fintechs’ made hundreds of millions handing out PPP Covid cash, report says
▼ + stars: | 2022-12-01 | by ( Laura Strickler | Laura Strickler Is A Washington-Based Investigative Reporter With The Nbc News Investigative Unit. | ) www.nbcnews.com time to read: +7 min

The report says Reis is not Black or a veteran. House Select Subcommittee on the Coronavirus Crisis$80 billion in fraudIt’s well known that the $800 billion PPP program was plagued by fraud, with some fraud estimates as high as $80 billion. In a text message obtained by the committee, Reis commented on his company’s success, noting it made nearly $1.5 billion in less than six months processing PPP loans. House Select Subcommittee on the Coronavirus CrisisThe report cited a text message in which Kristen Spencer described the anticipated windfall from processing PPP loans. In July 2021, two months after the last PPP loans went out the door, the Spencers bought an $8 million, 10,975-square-foot mansion, according to local property records.

☆ U.S. plans to boost purchases of Native goods, revitalize tribal languages
▼ + stars: | 2022-11-30 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 30 (Reuters) - The Biden administration will announce new actions on Wednesday to give Native American tribes more say in managing federal lands, boost purchases of tribal energy and other goods and services, and revitalize Native languages, the White House said. U.S. President Joe Biden and other Cabinet officials will announce the measures at this year's two-day Tribal Nations Summit, with additional steps focused on providing better access to capital for tribal nations, the White House said. Biden's three signature piece of legislation - laws dealing with infrastructure, climate and COVID-19 relief - have provided nearly $46 billion in funding for tribal communities and Native American people, the White House said. The Small Business Administration will announce plans to boost access to financing opportunities, while the Energy Department plans to increase federal agencies’ use of tribal energy through purchasing authority established under a 2005 law unused for more than 17 years. The government will also release of a draft 10-year plan to revitalize Native American languages and underscores the urgency for immediate action, while formally recognizing the role that the U.S. government played in erasing Native languages.

☆ U.S., Taiwan wrap up 'productive' trade meeting - USTR
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Nov 9 (Reuters) - Taiwan and the United States concluded two days of "productive" trade talks in New York on Wednesday, the office of the U.S. Trade Representative said. The meetings were part of the U.S.-Taiwan Initiative on 21st-Century Trade, a program opposed by China, which views self-governing Taiwan as its own territory. The U.S. delegation included representatives from USTR, the National Economic Council, the Department of Commerce, the Department of Treasury, the Small Business Administration, and the Food and Drug Administration, USTR said. It includes negotiations on 11 areas of trade, including trade facilitation, good regulatory practices, anticorruption, agriculture, digital trade, labor, and the environment. Despite the lack of formal diplomatic ties, the United States has been keen to bolster support for Taiwan, especially as it faces increased political pressure from China to accept its sovereignty claims.

☆ Taiwan, U.S. to hold in person trade talks next week
▼ + stars: | 2022-11-04 | by ( ) www.cnbc.com time to read: +1 min

Flags of the United States and Taiwan displayed on phone screens are seen in this multiple exposure illustration photo taken in Poland on August 4, 2022. Taiwan and the United States will hold in-person trade talks next week in New York under a new joint initiative announced in June, the U.S. and Taiwanese governments said, a program opposed by China, which views the island as its own territory. Washington and Taipei unveiled the U.S.-Taiwan Initiative on 21st Century Trade in June, days after the Biden administration excluded Taiwan from its Asia-focused economic plan designed to counter China's growing influence. The U.S. Trade Representative's office said in a Thursday statement the "conceptual discussions" would take place Tuesday and Wednesday, with Assistant United States Trade Representative Terry McCartin as the lead trade official. The U.S. delegation will also include representatives from the National Economic Council, the Department of Commerce, the Department of Treasury, the Small Business Administration, and the Food and Drug Administration, it added.

☆ A top Wall Street analyst says cannabis-banking reform is far more likely than many investors think. Here are the top 4 stocks he says to bet on.
▼ + stars: | 2022-10-05 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +3 min

Cantor Fitzgerald's Pablo Zuanic says a cannabis banking bill may pass before the end of the year. Passage of the SAFE Banking Act would give cannabis stocks a much-needed boost. A long-awaited cannabis-banking bill may pass in the lame-duck session of Congress this year, a top Wall Street analyst says. The bipartisan SAFE Banking Act is a narrow cannabis reform bill that would allow companies that sell or cultivate THC to access the banking system. Cory Booker and Ron Wyden, have previously opposed the SAFE Act proceeding ahead of more comprehensive, criminal-justice-focused cannabis reform.

☆ How the cloud-software startup Gusto won over investors and small businesses by breaking away from the pack
▼ + stars: | 2022-09-22 | by ( Melia Russell | ) www.businessinsider.com time to read: +7 min

Still, tools for small businesses is a huge market — one that a tech industry that has focused on the more lucrative enterprise market has largely ignored. According to the Small Business Administration, there are 32 million small businesses in the US employing about 61 million people, nearly half of the country's private workforce. As companies grow and chase larger enterprises as customers, they lose sight of the discrete needs of small businesses, she said. The startup hopped on pandemic-era workplace trends, adding products for small businesses to apply for government loans and for employees to access their wages between paychecks. GustoGusto has ruthlessly prioritized areas like payroll and tax-filing that small businesses need to run.

And we still do.”A recent study of small business owners by the U.S. Chamber of Commerce found that inflation and supply chain issues are the top challenges entrepreneurs face today. One in three small business owners call inflation their highest concern and 67% of them have raised prices in response to inflation. “The Paycheck Protection Program continues to be disadvantageous to smaller businesses, businesses owned by people of color, and businesses without employees. According to NBC Bay Area, searches for “Black-owned businesses near me” peaked in June 2020, with companies like Yelp making it easier for people to find and support Black-owned businesses, per data from Google. She said that during the height of the social justice movement, corporations and financial institutions pledged to support Black-owned businesses.

☆ How small-business owners determine when it's time to hire, and the roles they need most to scale up
▼ + stars: | 2022-08-22 | by ( Alexandra York | ) www.businessinsider.com time to read: +5 min

Two entrepreneurs share their advice on when to hire and who to bring on to grow your company. This article is part of Talent Insider, a series containing expert advice to help small business owners tackle a range of hiring challenges. "When you find yourself doing more managerial tasks rather than being a leader," it's time to hire, Kaur said in a follow-up email. Engel brought on a marketing associate last year and a senior marketing director this year once she had filled the other roles. "It's not a corporate job," she added, "so you have to have someone who can take initiative and be willing to pivot because that's the success of a small business."

You'll need a business license and business documentation to open a business bank account. The US Small Business Administration recommends opening a business bank account once you're set to begin making business expenses or income. These are the most common business bank accounts that are available at most banks:Business checking account: You can manage everyday business operations with a business checking account. Business money market account: Business money market accounts may provide easier access to your money than a traditional savings account. Additional business documentationRegardless of partnership or business, every business owner needs basic business information to open an account, like the business name and address.

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