Today’s Digest of stories compiled to help inform small businesses about issues important to them includes some stunning news about the second iteration of the Payroll Protection Program and how businesses are staying away from this round of stimulus funding.
In a story from Marketplace, we find out that only $73 billion of loans (one quarter) of the funds allocated by Congress have been approved for small businesses. Their story is based on a report sent out by the SBA that details the activity of PPP.
When compared with the first round of PPP, when the money ran out in the first 14 days, that means there are all sorts of factors involved in why businesses are staying away from this round of stimulus.
If you are one of the businesses looking to apply for the second round of PPP, we have a story that details how you can qualify. And once you get the money, we’ve got an article that tells you how to spend the money.
How businesses feel right now
Another interesting development we’ve found in our daily scan of stories important to small businesses is a diversity in thought on where things are headed.
For instance, there’s one survey that says half of small businesses feel like it will take another six months before revenues get back to 2020 Q1 numbers. But that’s compared to another analysis that says January payroll numbers were on the rise, which would indicate an up-tick in SMB sentiment.
One thing that’s certain is minority businesses continue to search for a way to remain viable. In a story detailing some of those issues, we learn that 48% of Black-owned small businesses have tried to shift their business models in an effort to stay open.