Earlier this week, President Joe Biden put in place new rules for the Paycheck Protection Program that gives exclusive access to these PPP loans to the smallest of small businesses in America.
Starting on Wednesday, companies with less than 20 employees, will be the only businesses allowed to apply for PPP loans. This exclusivity lasts for 2 weeks.
Biden says these small businesses have been “muscled out” of the PPP loan process too often through the course of the pandemic. More than 5 million small businesses nationwide have gotten a PPP loan since the program launched in 2020.
This is the second round of PPP loans in the coronavirus pandemic.
In addition to the 2-week window for these very small businesses, there are other new rules that allow more business owners access to PPP loans. For more on this story, check out our report from earlier this week: Biden Changes PPP Loan Rules to Benefit the Smallest Small Businesses
Small Business News Roundup – February 26, 2021
Here’s a look at the rest of this week’s headlines important to small business owners nationwide:
With the work from home era showing no sign of abating, there is a growing demand for workspaces that nurture proficiency and productivity. As a result, more and more products are coming onto the market aimed at streamlining modern workplaces. One such product is known as The Lift.
Getting paid for work, or – better still – getting paid on time, can be the bane of freelancers’ life. A tool therefore that promises to streamline the payment process for freelancers is likely to be greeted with open arms. In walks Accelerated Payment, a new tool by Stoke Talent, a leading freelance management system.
If you thought the pandemic would take its toll on businesses like those that sell vinyl records and other music forms, think again. In 2020, about 12 million vinyl records sold. This was part of more than 16 million pieces of physical music sold worldwide. Physical music witnessed a 40% increase in sales over 2019. This was the finding of Discogs 2020 Report.
Social media is one of the most powerful tools that small businesses have to reach customers. But with so many platforms, accounts, and strategies, managing it all may seem overwhelming. Zoho Social aims to simplify the process and improve the impact of social media for small businesses. Of course, there are plenty of tools available to help businesses schedule social media posts.
Businesses must file annual federal income tax returns by a set due date. For partnerships and S corporations on a calendar year, the deadline is March 15 (e.g., March 15, 2021, for the 2020 return); for calendar-year C corporations and sole proprietors, the deadline is April 15 (e.g., April 15, 2021, for the 2020 return).
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