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Cosmetics brand Juvia’s Place, started by Black entrepreneur with $2,000 in capital, announces six $50,000 grants to Black-owned businesses
Company says Black entrepreneurs are often vulnerable to “debt traps” when starting a business
Deadline to apply is Aug. 31
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The Paycheck Protection Program has expired, and banks have been more reluctant to approve loans to small businesses
Businesses have cut back on investments and expenses, but also worry about survival if economic conditions do not improve in the near future
Certain loan programs, including options through the Small Business Administration and Federal Reserve, provide continued avenues of support
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The Paycheck Protection Program gave out billions in loans to small businesses suffering from the effects of the COVID-19 pandemic, but other business loans are becoming scarcer
Less than one in four loans were approved in July, compared to pre-pandemic levels of around 50 percent
Banks are less willing to take on the risk of lending to businesses, while companies have also held off on investment plans
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$1.5 million in grants to be awarded across the 11 states Citizens Bank serves
Program includes partnership opportunity with SCORE
Deadline of Aug. 7, with grants distributed in September
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Live music venues call on fans to join call to “Support Our Stages” with bipartisan $10 billion relief bill
Theaters have been hard-hit due to show cancellations and a lack of viable revenue alternatives during COVID-19 pandemic
National Independent Venue Association estimates nine out of 10 theaters may close in the next couple of months if situation continues
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Thirty-five percent of small business owners in recent CreditCards.com survey say they used savings or personal credit cards to help cover expenses during COVID-19 pandemic
Seventy percent use some form of assistance, such as PPP or business savings account
Most small businesses are hoping for increase in sales to stay in business or meet growth targets
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Federal Reserve lending facilities that were set to expire on Sept. 30 extended through Dec. 31
Extension occurs amid rising jobless claims and severe contraction of U.S. GDP in second quarter of 2020
Substantial five-year loans offered at low interest rates, but with several restrictions
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Both the HEALS Act and HEROES Act propose billions of dollars in funding for agricultural producers affected by COVID-19
Bills include relief for meat producers forced to euthanize healthy animals due to backlog in animal processing
Agricultural processors such as textile mills and ethanol plants would also see financial support
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Senate Republicans’ proposal for continued COVID-19 relief would provide additional stimulus while reducing unemployment supplement
Second round of Paycheck Protection Program would focus on small businesses
Additional funds aim to relieve workers of child care burden
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Restaurant industry report says 85 percent of independent restaurants could be forced to close if relief is not forthcoming
One plan calls for $120 billion to support restaurants, but others support loans with extremely long terms
Restaurant workers make up largest category of newly unemployed as industry faces an “existential crisis”
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