In the News: Delta Variant Leads SBA to Increases EIDL Cap to $2 Million

SBA to Increases EIDL Cap

As cities, states, and countries mull over how to tackle the Delta variant of COVID-19, the SBA has announced it is expanding the Economic Injury Disaster Loan (EIDL) cap to $2 million. In addition to increasing the cap, the SBA will also implement a deferred payment period, establish a 30-day exclusivity window, expand eligible use of funds, and simplify the affiliation requirements.

This week’s roundup starts with, SBA Expands EIDL Loan Cap to $2 Million for Delta Variant Troubles. The article goes into further detail about what the SBA is doing to better help small businesses as they deal with the never-ending challenges of COVID-19. The expansion of the EIDL cap is going to make it possible for business owners to ask for additional funds by increasing the limit from $500,000 to $2 million. This applies to new applicants as well as those that already received an EIDL.

In another funding-related matter, Biz2Credit is reporting small business loan approvals are up at banks and non-bank lenders. Facebook on the other hand is taking a different approach to helping small businesses by buying $100 million worth of unpaid invoices from 30,000 women and minority-owned businesses.

Small Business News – September 17, 2021

Take a look at all of the other articles covering small business issues in this week’s roundup.

Influencer is the 2nd Most Misunderstood Job in the US

An Influencer is the second most misunderstood job in the US. According to a report by Business CenturyLink, internet, VoIP and other service providers for small businesses, the role of ‘Influencing’ is widely confused and misinterpreted. Topping the most misunderstood jobs’ listings is an Actuary role, and in third place, after Influencer, is a Data Scientist.

Small Business Loan Approvals Up at Banks and Non-Bank Lenders

The Biz2Credit Small Business Lending Index for August reveals banks and non-bank lenders approved more loans in August. This includes big and small banks as well as institutional and alternative lenders. Only credit unions didn’t see any change, staying the same for the past two months with a 20.5% loan approval rate.

Quora introduces Quora+ to Allow Creators to Monetize Content

Quora has announced the launch of its new subscription plan Quora +.  The offering by the Q&A social media platform grants subscribers access to exclusive content from Quora+ creators and curators. For writers, this means that they would share revenues from subscriptions that come by way of Quora+.

Facebook Buying $100 Million Worth of Unpaid Invoices from 30K Small Businesses

Facebook announced it is buying $100 million of unpaid invoices from 30,000 women and minority-owned businesses. The goal is to buy these outstanding invoices through the Facebook Invoice Fast Track program so these owners can have cash on hand to keep their operations going.

Become an Amazon Flex Driver to Earn Cash

Becoming an Amazon Flex driver is a great way to earn extra cash. You can save for vacations, or pay off student loans. Or you can use the compensation you earn to reach other financial goals. You can choose how much time you devote to the work. Amazon Flex drivers are independent contractors.

Study: Yes, There Are Benefits of Offering Free WiFi

You may have thought about the benefits of offering free WiFi to your customers in your business. It makes sense when you consider the fact that consumers spend a great deal of time on their mobile devices. It also makes sense if your revenue depends on traffic through your door.

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Joshua Sophy Joshua Sophy is the Editor for Small Business Trends and has been a member of the team for 16 years. A professional journalist with 20 years of experience in traditional media and online media, he attended Waynesburg University and is a member of the Society of Professional Journalists. He has held roles of reporter, editor and publisher, having founded his own local newspaper, the Pottsville Free Press.