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Business News Roundup, January 12, 2021

A variety of emerging trends that present new opportunities for entrepreneurs, an increase in municipal borrowing during the COVID-19 pandemic, businesses' struggles with insurers, a debate over state credit, and plans for new vaccine distribution are among the items in…

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What a Democratic Congress Could Mean for Businesses in 2021 and Beyond

  • Democratic control of Congress has generally led to expectations of more business regulations and a higher corporate business tax rate
  • Narrow majority also boosts chances for further stimulus, infrastructure improvements, and more
  • Some changes may be delayed until after the COVID-19 pandemic is brought under control
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Analysis: Pandemic Continues to Weigh on Small Business Jobs

  • Small business jobs index continues downward trend as COVID-19 surge weighs on companies
  • Construction continues to perform well while leisure and hospitality suffers the worst effects
  • Multiple forecasts anticipate higher job growth in the coming year, but don’t expect the economy to recover all the jobs lost in the pandemic
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SBA Promises Further Action on Debt Relief

  • SBA promises further debt relief assistance under newly passed stimulus legislation
  • $3.5 billion dedicated to providing relief on principal, interest, and fees on a variety of SBA loans
  • SBA has made more than $7.1 billion in debt relief payments since last spring
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Business News Roundup, January 11, 2021

Increasing calls for President Donald Trump's impeachment, the rollout of the new Paycheck Protection Program, vaccine distribution strategy, expectations for new business relief, and good news in Connecticut business starts are among the key business news stories this morning. National…

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PPP to Reopen Week of January 11

  • SBA and Treasury announce that Paycheck Protection Program will open the week of Jan. 11
  • Lending will be limited to CDFIs in the program’s early days before expanding to all lenders
  • Recent guidance offered clarifications on a number of aspects of the program
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Skyscraper-Sized Wind Turbines Set to Boost Offshore Power Potential

  • General Electric enters the offshore wind industry with an 853-foot prototype capable of producing up to 14 megawatts of power
  • Company says the larger size allows the turbine to generate more power at lower speed and makes it less susceptible to changes in wind speed
  • Orsted is among the developers that have expressed interest, placing a preliminary order for an offshore wind farm off New Jersey
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Where Businesses Can Turn When They’re Unable or Unwilling to Seek PPP Funding

  • The Paycheck Protection Program has been revived, but businesses may not always qualify or be able to abide by its requirements
  • Other relief is available through the federal legislation, and funding is also available at the state level and from business organizations
  • Friends and family, micro-lenders, and other sources can also provide sources of income
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SBA: CDFIs to Receive Priority When PPP Lending Portal Reopens

  • SBA announces that community financial development institutions will be first in line when new Paycheck Protection Program applications are considered
  • CDFIs will receive priority for at least the first two days after the application portal reopens
  • SBA overseeing a number of other efforts to encourage loans to underserved communities
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