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Proposed PPP Revival Makes Key Changes to Eligibility and Forgiveness

  • New round of PPP provides $284.5 billion for loans to small businesses
  • Requirements become more stringent in a number of areas, but businesses that previously received a loan can still apply for a second one
  • Loans capped at $2 million, with simplified forgiveness for loans of $150,000 or less
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House Democrats Schedule Christmas Eve Vote on $2,000 Stimulus Checks, Testing Senate Republicans

  • House Democrats ask for unanimous consent on standalone bill to increase $600 direct payments in a recently approved stimulus bill to $2,000
  • President Donald Trump unexpectedly sent the legislation back to Congress with a demand for higher direct payments after denouncing several components of the bill and appropriations packaged with it
  • Vote seeks to put pressure on Republicans to grant Trump’s request
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U.S. Household Spending Falls for First Time Since Spring

  • Household spending in the United States falls for the first time since the start of the COVID-19 pandemic
  • Spending has generally increased even as household income has trended downward following an infusion of cash from the CARES Act
  • Data reflects diminished buying power as well as fewer opportunities for spending as COVID-19 prompts business restrictions in many parts of the country
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U.S. Jobless Claims Pull Back From Recent High, But Remain Above 800,000

  • New and continuing jobless claims are lower than expected in latest data, but remain elevated
  • Slower hiring, business restrictions, and other factors weigh on economic recovery ahead of anticipated widespread COVID-19 vaccine rollout next year
  • Two federal unemployment programs are set to expire this week
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Trump Asks Congress to Amend Stimulus Bill to Boost Direct Payments, Hinting He Won’t Sign Legislation

  • In video posted to Twitter, President Donald Trump criticizes bipartisan economic stimulus bill as “a disgrace” and asks Congress to amend it
  • Trump calls for $600 direct payments to be increased to $2,000, and for more aid to small businesses
  • Decision upends timetable on hoped-for relief, as the deadline approaches on several key relief measures
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Harvard Report Finds That One-Third of Connecticut Small Businesses Closed Their Doors in 2020

  • A research and policy institute based at Harvard University finds that Connecticut has the sixth greatest rate of small business closures and 11th highest loss of small business revenues since January
  • The figures could reflect permanent or temporary closures
  • Job postings have increased in Connecticut, but unemployment remains elevated
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Connecticut Offering “Bridge” Grants to Assist Hard-Hit Businesses Until PPP Aid is Available

  • Governor Ned Lamont announces $35 million in new grants to assist businesses that have been hardest hit by the COVID-19 pandemic
  • Program aims to support businesses in the short term until PPP funds are available under a newly passed federal stimulus package
  • Between 1,500 and 2,000 recipients will receive grants, with aid targeted at companies that were unable to qualify for a previous $50 million package
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$900 Billion Stimulus Bill Passes Congress

  • Congress passes $900 billion economic stimulus package by a wide margin
  • Vote, tied to a larger government spending bill, comes quickly after months of partisan wrangling over the size and scope of further relief
  • Key components of package include a new round of PPP funding, extended unemployment benefits, and direct payments of $600
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How Companies Can Adapt to Prepare for Future Upheavals

  • The COVID-19 pandemic isn’t the first crisis that has challenged businesses, and it won’t be the last
  • Forbes Technology Council member shares strategies for enduring recessions and other challenges
  • Building a diverse client base, putting a focus on liquidity, and more
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“Dark” Personality Traits Less Likely to Lead to Success in the Corporate World, Study Finds

  • Psychologists test the idea that “nice guys finish last” by measuring success of those with dark personality traits against those with light personality traits
  • Dark traits associated with advantages in some areas, but poorer performance in cooperative tasks
  • Report notes that many people have a mix of dark and light traits
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