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Business News Roundup, January 19, 2021

Janet Yellen's confirmation hearing, Biden's economic agenda, new investment opportunities in the Blue Economy, and Connecticut's response to the COVID-19 pandemic are among the key business news items this morning. National Treasury Secretary nominee Janet Yellen will reportedly call on…

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James Beard Foundation Offering $15,000 Grants to Black- and Indigenous-Owned Food and Beverage Businesses

  • James Beard Foundation accepting applications in program to distribute $15,000 grants to Black- and Indigenous-owned businesses in the food and beverage industry
  • Open to independently owned businesses with 50 or fewer employees
  • Funding will be distributed equally among six regions and three different business types
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Connecticut Department of Consumer Protection Expands Online Renewals For Credential Holders

  • Connecticut Department of Consumer Protection has expanded its online offerings during the COVID-19 pandemic
  • Online renewal is now available for all licenses and registrations overseen by the department
  • Use of online services for licenses, registrations, and payments has increased steadily since 2014
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Janet Yellen Confirmation Hearing Set for Tuesday; Learn More About Joe Biden’s Pick for Treasury Secretary

  • Senate set to consider Janet Yellen as pick for new Treasury Secretary on Tuesday
  • A previous chair of the Federal Reserve Board, Yellen oversaw long-lasting changes in Fed policy
  • Yellen has voiced her support for additional stimulus to aid economic recovery, but has also expressed caution on debt
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PPP Helping to Drive Commercial Loan Automation

  • Lenders have often turned to software to allow them to automate some processes of Paycheck Protection Program loan applications
  • Banks are preparing for a new round of PPP applications even as they process forgiveness applications for previous loans
  • SBA has barred automated loan applications from its online portal, but lenders can still use the software to prepare loan applications
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SBA Begins Recruitment for 2021 Emerging Leaders Initiative

  • Small Business Administration is seeking small business executives for its emerging Leaders Initiative
  • Participants receive free entrepreneurship training and education as well as networking and mentorship opportunities
  • Program is geared to established businesses who intend to grow and make an impact on their communities
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Biden’s $1.9 Trillion Economic Stimulus Proposal Includes Small Business Grants, Seed Money for Business Loans

  • President-elect Joe Biden announces $1.9 trillion proposal to revitalize the U.S. economy and boost COVID-19 vaccine distribution
  • The plan includes $15 billion in small business grants and $35 billion directed toward low-interest business loans
  • The proposal is one of two Biden is expected to pitch, with the announcement of a larger stimulus package slated for February
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Growth in Energy Storage Systems Likely as Renewables Boom

  • Renewable energy developments are growing as costs for these projects drop
  • Demand is set to increase for storage solutions to be developed in tandem with green energy projects due to their intermittent production
  • Insufficient energy storage can help drive volatility in energy costs
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