The second round of the PPP opened for loan applications on April 27. But this time, new measures the Treasury Dept. is taking steps that aim to get more of the money to truly small businesses.
It was a big critique of the first round of Paycheck Protection Program funding. That proverbial well ran dry quickly and soon after, we learned companies like Shake Shack and even the Los Angeles Lakers received big sums of PPP funding.
Read more about some of the protections in place that should prevent that happening with round 2 of funding:
The rest of the week in small business news focuses, as you’d guess, on businesses navigating the coronavirus pandemic response. We saw a report of major job losses at small businesses and a big hit to small business confidence.
But some companies are out to help small businesses get through this situation and prepare for the future.
For more details on those stories and much more, check out our latest weekly news roundup:
Small Business News for May 8, 2020
The latest ADP National Employment Report shares some shocking numbers. It underscores the impact the coronavirus pandemic response has on businesses of all sizes. Nationwide, 20.2 million less people are working right now. And small businesses aren’t immune to these losses. “Job losses of this scale are unprecedented.
Dun & Bradstreet recently introduced its COVID-19 Impact Index. It helps businesses understand COVID 19 impacts. Dun & Bradstreet’s research found that 90% of businesses across the United States have been impacted. As well, a full 43% of businesses in Pennsylvania, New Jersey and New York were even challenged to stay open.
With tens of millions of people now working from home, internet speed is more important than ever. And if you happen to work from home, you might just be wondering how your city or state’s internet speed compares across the U.S. This is the same thing HighSpeedInternet.com wondered, too.
Business confidence has nosedived in the US, with just 18% of small business owners admitting business is currently “good”. CNBC/SurveyMonkey’s Q2 Small Business Survey reveals plunging confidence among small businesses as coronavirus takes its toll.
Numa has a new tool that helps a restaurant respond to customer calls using AI to generate a text message and other replies. Some restaurants aren’t set up to accept delivery or curbside orders online or via text. And answering phones and communicating with customers can get incredibly time consuming.
If you want to hire top talents for your small business, you should look beyond the resumes of the potential candidates. According to a new survey, 90% of employers find social media important when they evaluate candidates. What’s more, 79% of HR professionals have denied a job to a candidate due to inappropriate content on social media.
The “New Norm” is now being used to identify the state of almost all industries, and the business event segment is no different. Asking “Do Virtual Conferences Have a Future Post-Pandemic?” is completely appropriate considering where we are at the moment. And the answer is it will have some future, but business events will continue as before as soon as a vaccine is found.
The new grant to the Local Initiatives Support Corporation (LISC) from Verizon is going to expand its COVID-19 small business support up to $7.5M. This is the third round of funding ($2.5 million) from Verizon’s Small Business Recovery Fund. The support by large corporations highlights the importance of small businesses in the communities they operate in.
More than 30% of people in the US find resetting passwords as stressful as retiring. This was the finding of password manager NordPass’ in-depth research on people’s password habits in the US and the UK. Password Statistics The study found that 30% of people find resetting passwords to be hugely stressful. So stressful in fact, that it is comparable to the stress of retiring.
Do you want to improve communication and collaboration in your remote team? If yes, then you should think about adopting a push-to-talk app in your business. Zello push-to-talk app can turn smart devices into Internet Walkie-talkies, enabling users to communicate with ease. Additionally, Zello App can enable your and your employees to send text messages, share photos, and track locations.
Over half (57%) of Americans say they would prefer to work at home in the future. This statistic was unveiled by a survey by Metova, a leading provider of mobile, web and IoT solutions. Metova’s April 2020 survey analyzed the responses of over 1,000 consumers who are currently working from home due to COVID-19.