Fed Report: Most Businesses Face Lingering Financial Hardship, But Fewer Seek Financing
February 24, 2022
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- Federal Reserve report finds that a majority of businesses are still facing financial hardships due to the COVID-19 pandemic
- Small business owners have favored pandemic relief programs and personal assets over borrowing funds
- Applications for traditional financing have waned in recent years,
SBA: Nearly 1 in 4 Entrepreneurs Start a Business with Less Than $5,000
February 21, 2022
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- Analysis by the Small Business Administration Office of Advocacy finds that half of entrepreneurs launch a business with less than $25,000, with about one in four starting with less than $5,000
- Most startups rely on personal assets for capital,
Was Your PPP Loan Only Partially Forgiven? You Can Now Seek a Review
February 10, 2022
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- Small Business Administration creates a new review process for borrowers whose lenders either submitted a partial approval for their Paycheck Protection Program loan or required them to apply for forgiveness of a sum less than what was borrowed
- Lenders must notify qualifying borrowers by Feb.
SBA Lending in Connecticut Sees Major Increase in FY 2021
January 20, 2022
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- Connecticut District Office of the U.S. Small Business Administration releases annual report for the 2021 fiscal year
- Report highlights a major boost to the SBA’s traditional loan programs,
Study: Majority of PPP Funds Buoyed Business Owners and Shareholders Rather Than Employees
January 19, 2022
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- Report from the National Bureau of Economic Research finds that just 23 to 34 percent of Paycheck Protection Program funds went to preserving jobs, with the remainder buoying business owners and shareholders
- Researchers say the United States lacked the administrative capacity to offer more targeted financial support without slowing delivery of aid
- NBER suggests building capacity for methods such as work sharing and liquidity for smaller firms to prepare for the next large-scale economic crisis
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Congressional Committee Vows to Address Issues Raised in SBA OIG Report
January 14, 2022
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- House Committee on Small Business addresses report from the Small Business Administration’s Office of the Inspector
- OIG identifies fraud concerns with SBA loan programs as a key concern
- Committee chair says significant progress has been made to tighten internal controls and address other issues
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