Businesses

U.S. lenders, businesses brace for disclosure on small business pandemic aid

By Pete Schroeder

WASHINGTON (Reuters) – Americans will soon get a first full look at which businesses received $515 billion of taxpayer funds when the government, after initial resistance by President Donald Trump’s administration, releases borrower data for one of its highest- profile pandemic aid efforts.

The colossal data set for the Paycheck Protection Program, to be released by the Treasury Department and Small Business Administration in the coming days, will provide transparency for a first-come-first-served program that from the outset was plagued by technology, paperwork and fairness issues.

That could make life uncomfortable for borrowers that broke the spirit or letter of the rules, and for banks that shoveled the money out the door. The aim of the $660 billion program was to help cash-strapped companies keep workers employed and make rent.

“There’s a level of anxiety,” said Suzie Saxman, a partner at Chicago-based law firm Seyfarth Shaw. “I’ve said to everybody: Prepare to be disclosed, prepare to be audited.”

The Treasury and SBA said they will release a swath of information, including the names, addresses, loan amount ranges and jobs supported for businesses that received $150,000 or more. That should account for roughly 75% of the dollars granted, but only 15% of the 4.7 million loans.

The agencies have not said when they will release the data.

Treasury Secretary Steven Mnuchin initially refused to release the data, saying it included proprietary business information. But under pressure from lawmakers, he agreed to shine a light on large borrowers.

“The

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Businesses You Can Start for Under $1,000

If you’re trying to figure out how to start a business without a big infusion of cash from angel investors or your own savings, don’t despair. There are plenty of cheap businesses you can start that can turn into thriving enterprises.

In fact, you can get a business up and running for less than $1,000. If you’re looking to begin a business without a hefty investment, keep reading to find out how these entrepreneurs turned their business ideas into reality on shoestring budgets.

Last updated Oct. 18, 2019

Blog

  • Initial Investment: $3 a month

Blogging can be the best business to start with little money. Some bloggers actually launch their websites for $0.

Kelan and Brittany Kline started their blog, The Savvy Couple, in 2016 for less than $3 a month. “That cost covered our domain name and hosting at the time,” Kelan said. “From there, we grew our blog into a thriving six-figure online business.”

How To Start a Blog

The key to launching a successful blog is figuring out the audience you want to serve, then crafting content geared toward the group you want to reach, Kelan said. “We focused our attention on creating our ‘ideal reader’ and serving them value with everything we do,” he said. “From Facebook posts, Pinterest pins, to the articles we write, everything is focused on our avatar and serving them the best we can.”

It took nine months before The Savvy Couple started generating income. Now, the majority of its revenue

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As Businesses Prepare To Reopen, CDC And OSHA Urge These Guidelines

As the summer of 2020 unfolds on an America taking its first emergent steps out of a global pandemic, business owners are looking at opening their doors on a radically different season than at any time in contemporary history.

Credibly understands that the uncertainties and challenges represented in the widespread environmental, social and civil changes that are now on the nation’s doorstep are daunting. And while the stakes are high for many small business owners, there are measures we can take to establish trust and solidarity with the employees and the communities we serve to make sure they feel safe, welcome and appreciated.

To that end, the U.S. Centers for Disease Control and Prevention and the Occupational Safety and Health Administration (OSHA) have provided businesses and individuals guidance on the steps they can take to not only minimize the risk of viral exposure and spread but also support the physical and mental well being the employees and patrons of their businesses and foster a new normal that prioritizes the sense of community that successful small businesses have always represented.

Have Infrastructure In Place Before Opening

It may go without saying, but preparation is critical for businesses considering reopening. Business owners should take a total inventory of their workplaces and business practices so that they can be as prepared as possible for reorganizing their operations and retraining employees for an eventual reopening.

To help business owners work through this inventory, the CDC has generated a reopening workflow and readiness checklist that

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Businesses Damaged During Civil Unrest Eligible For $50,000 Grant

HILLSBOROUGH COUNTY, FL — A new grants program will help small businesses recover from damage incurred during last weekend’s civil unrest in Hillsborough County.

Already experiencing challenges from the coronavirus pandemic and unprecedented unemployment, many businesses were damaged, looted and, in some cases, destroyed in Tampa’s Innovation District next to the University of South Florida and other areas of Tampa.

Available funds will be awarded to qualifying applicants to reimburse approved expenses in an amount up to $50,000. The grants do not require matching funds. Business owners will be able to apply for the grants online in the coming days.

In the meantime, business owners can connect with the Entrepreneur Collaborative Center at 813-204-9267 to begin discussions with a business consultant who can put them in touch with the right resources.

Expenses must be incurred on or after May 30, and must be directly related to repairing, restocking and reopening a business that was damaged by civil unrest. Eligible expenses may include damaged and stolen inventory replacement (verified by police report), physical repairs, signage and painting, and must be actual cash expenses. In-kind services are not eligible for reimbursement.

Approved applicants will be required to attest that the expenses being reimbursed are not already paid, or expected to be paid, by insurance.

Eligible businesses:

  • Must be a privately held small business or sole proprietor located in Hillsborough County (no publicly traded businesses)

  • Must have less than 25 full-time employees or equivalent FTEs during the most recent pay period prior to

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