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What Small Business Loans Are Available After the Expiration of PPP?

  • 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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Businesses Prepare For The Waiting Game As PPP Forgiveness Process Opens

  • 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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Thousands of Theaters Join Call to “Save Our Stages”

  • 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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1 in 3 Small Business Owners Tapped Personal Funds to Stay Afloat During Pandemic

  • Thirty-five percent of small business owners in recent 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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Fed’s Main Street Lending Program Extended Through End of Year

  • 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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What the Proposed HEALS Act Means for Businesses and Workers

  • 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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Accountants Urge Patience On Applying for PPP Forgiveness

  • 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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Main Street Lending Program Modified to Expand Credit Access for Nonprofits

  • 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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States Scramble to Assist Businesses Impacted By Pandemic, Compete for Emerging Jobs

  • 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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Loan Program Launched for Minority and Women-Owned Businesses in New Haven, Naugatuck Valley

  • 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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