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KeyBank Increases Community Investment, Including Small Business Support, to $40 Billion

  • KeyBank pledges $40 billion for its Community Benefits Plan investments
  • Original plan called for $16.5 billion in investments over five years, but the bank reached this goal early
  • The bulk of the investments will go toward improving economic equity and access in underserved communities and populations
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Small Businesses Currently Staving Off “Debt Apocalypse”

  • The share of small businesses that are behind on their payments is not substantially higher than pre-pandemic levels, according to a recent report
  • PPP loans, forbearance, and expense reductions have helped businesses stay afloat
  • Report cautions that debt concerns could remain if steps taken in response to the COVID-19 pandemic constrain future growth
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Small Business Pandemic Wariness Continues Despite Vaccine Rollouts and Stimulus Efforts

  • Small Business Index from U.S. Chamber of Commerce and MetLife reflects greater economic pessimism among small business owners
  • COVID-19 vaccine rollout prompts more optimism, with a majority of businesses saying they will require employees to be vaccinated
  • Most small business owners do not expect a return to normalcy for at least six months
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Thousands of Businesses Double-Paid Through PPP

  • Office of Inspector General identifies duplicate Paycheck Protection Program loans to more than 4,000 borrowers totaling approximately $692 million
  • Computer errors, borrowers applying through different lenders, and other issues led to the problem
  • U.S. Small Business Administration has agreed to OIG recommendations to safeguard against loan duplication for future PPP-like programs
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Business News Roundup, March 17, 2021

A new leader for the U.S. Small Business Administration, overwhelming support to extend the Paycheck Protection Program and a presidential visit on small business support, programs to help Black developers access capital, the impact of the housing market on materials…

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Report Identifies More Than $20 Billion in Philanthropic Donations For COVID-19 Causes

  • More than $20 billion was awarded to COVID-19 causes in 2020
  • Bulk of funding was provided by corporations, while community foundations gave out the greatest number of awards
  • Report notes previous research highlighting precarious position many nonprofits find themselves in due to the pandemic
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UConn School of Business Offering Five Free Mini-Courses Online

  • University of Connecticut School of Business offering five mini-courses online for free this spring
  • Topics include ethics, machine learning, risk management, trade, and optimization
  • Courses intend to “showcase the expertise” of the school’s faculty
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Connecticut Main Street Center Partnership Aims to Help Municipal Officials Strengthen Local Economies

  • Connecticut Main Street Center announces strategic partnership with the Connecticut Conference of Municipalities
  • Partnership aims to match municipal officials with resources on downtown issues and give downtown organizations a greater voice on legislative issues
  • CMSC says the pairing makes “perfect sense” due to the alignment of the organizations’ missions
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UConn Group Looks to Bivalves and Bacteria as Potential Cleanup Tool for Microplastics

  • University of Connecticut researcher studying whether bivalves can be used to remove microplastics from marine environments
  • Microplastics contain toxic materials and can cause harm to aquatic life
  • Bivalves have been regarded as useful for water filtration, but little research has been done on their relationship to microplastics
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