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Tag: Businesses

The Small Business Administration is set to triple loan amounts for businesses hurt by Covid

Finance
A small business owner in Chinatown, San FranciscoSource: CNBCBeginning April 6, small businesses and non-profits can apply for up to 24 months of relief, with a maximum loan amount of $ 500,000, the Small Business Administration announced Wednesday.The previous limit for such businesses was six months, with a maximum loan amount of $ 150,000."More than 3.7 million businesses employing more than 20 million people have found financial relief through SBA's Economic Injury Disaster Loans, which provide low-interest emergency working capital to help save their businesses," SBA Administrator Isabella Casillas Guzman said in a statement. "However, the pandemic has lasted longer than expected, and they need larger loans."More from Invest in You:Suze Orman: Don't invest your stimulus checks. Her...
Nearly 50,000 businesses sign up to offer rapid coronavirus testing for their employees

Nearly 50,000 businesses sign up to offer rapid coronavirus testing for their employees

Business
Nearly 50,000 businesses have signed up for the government's free workplace COVID tests, Health Secretary Matt Hancock has announced.The government claims this is a vital step towards restoring normal life after the pandemic. Tests can give a result within 30 minutes - and NHS Test and Trace analysis suggests they have a specificity of at least 99.9%. Mr Hancock said: "We have built a huge asymptomatic testing system from scratch, which is an essential part of our plan to reopen cautiously. "Rapid testing has been rolled out at a vast scale across a range of sectors, and it is fantastic that now over 48,000 businesses have signed up to offer rapid testing to employees."This is a huge step forward in getting businesses back on their feet and helping to keep people safe. ...
The Latest: Kansas businesses not to repay COVID loans

The Latest: Kansas businesses not to repay COVID loans

Health
WICHITA, Kan. — Hospitality businesses who got loans through an emergency relief fund in Kansas at the beginning of the pandemic will no longer have to repay the money, Kansas Gov. Laura Kelly said Tuesday.Funding provided through the Hospitality Industry Relief Emergency Fund has been converted from bridge loans to grants, the governor said. The program was originally envisioned as a working capital loan program. Businesses that have made repayments will be reimbursed.The fund was established last year to provide immediate help to Kansas hospitality businesses faced with revenue losses due to COVID-19. In total, $ 5 million went to 344 businesses statewide, according the governor’s office.———THE VIRUS OUTBREAK:Drug executives tell Congressional hearing an increase in vaccine suppl...

The smallest businesses are getting extra PPP help. What to know before you apply

Finance
andresrThe smallest businesses that have had the most trouble accessing forgivable loans from the Paycheck Protection Program will soon get extra help.The Biden administration on Monday announced changes for the pandemic aid program focused on helping small and minority owned firms as well as sole proprietors.For two weeks, starting Wednesday, the Small Business Administration will only accept applications for PPP loans from firms with fewer than 20 employees.The administration is also making several changes to the program, including increasing loan amounts for sole proprietors and individual contractors, eliminating restrictions around delinquent student loan debt and non-fraud felony convictions as well as allowing some non-citizen business owners to apply.Goal is to expand accessThe cha...

Pandemic heats up state tax competition to attract businesses and residents

Finance
sturti | E+ | Getty ImagesThe tax competition between states to attract and keep businesses and residents has been ongoing for decades. The national migration pattern has generally trended from cold, high-tax northern states to warm, low-tax southern and south western states.Retirees, no longer tied to a workplace or raising children, have been a major part of the caravan of migrants heading south. However, for all but the wealthiest, taxes are usually not the main factor."I think for most retirees who move, it's about quality of life," said Ryan Losi, a CPA with Piascik based in Richmond, Virginia. "The [lower] taxes are the icing on the cake for them."The icing, however, is becoming the cake itself for a broader swath of Americans. With tax rates likely to rise, state income, property an...