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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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SBA opens forgiveness portal for PPP this week, but applicants have been advised to bide their time as further guidance emerges
Partial forgiveness options available, and low interest rates can also be attractive to those who need to pay the loan back
Questions remain on issues such as tax deductions
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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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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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Clarification on Paycheck Protection Program forgiveness likely to arrive after latest round of COVID-19 legislation
Accountants urge borrowers not to rush applications for PPP forgiveness due to dynamic situation
Watch out for the 10-month mark, when the loan can no longer be forgiven
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Federal Reserve Board modifies Main Street Lending Program to improve credit access for nonprofits such as educational services, hospitals, and social service organizations
New and expanded loan options available
Loan conditions generally mirror those of for-profit organizations
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State economic agencies turn focus to supporting existing businesses impacted by COVID-19 pandemic
Loan programs and other relief supplement federal efforts to minimize business closings and layoffs
Push for onshoring set to renew competition among states for emerging jobs
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State and local leaders announce the launch of the loan program for eligible businesses in Ansonia, Derby and New Haven
Qualifying businesses must be owned by women or minorities and employ 20 or fewer people
Loans of up to $25,000 available
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