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Counting Down the News - June 17, 2020

Counting Down the News - June 17, 2020

Having trouble sorting through the endless barrage of news and content online every day? You aren’t alone. Every week, we publish a curated list of some of our favorite articles for small businesses. Tune in every Wednesday to read the latest SMB news, thought leadership pieces from our favorite bloggers, #smallbiztips, and much more.

Counting Down the News this week: Expansions to relief funding for freelancers and small businesses, a 17.7% surge in retail sales, members of Congress who benefited personally from PPP loans, and more.

Forbes: The SBA has reopened the EIDL grant and loan program, meaning that “that independent contractors, freelancers, and gig workers are eligible to receive a $1,000 grant that does not have to be repaid.” Small businesses can also apply to receive $1,000 per employee up to $10,000.

Fast Company: The Federal Reserve has expanded the Main Street Lending Program, “making it more accessible to small and medium-size businesses, while also offering a wider range of loan amounts with more flexible payback terms.”

The New York Times: What happens when aid money isn’t aiding anyone? According to one analysis, $130 billion in small business aid still hasn’t been used. 

CNBC: What comes next for the small business owners who are almost out of their PPP funding? Here’s what could be coming.

The Motley Fool: If you own a small business, it’s crucial to know about these tax credits in the midst of the COVID-19 crisis.

Washington Post: After a crushing two-month collapse, retail sales surged 17.7% in May as the economy started reopening.

Fast Company: Cashless payments have spiked during COVID-19, but does this mean the end of paper money? Not so fast.

Forbes: What are the relevant details for entrepreneurs in regard to the latest Paycheck Protection Program changes?

CNN: It’s true that retail sales surged this month, but analysts are cautioning that the recovery could be short-lived “if US consumers become less willing to spend on discretionary items like clothing, especially if there's a second wave of the virus.”

Politico: “At least four members of Congress have reaped benefits in some way” from the half-trillion-dollar PPP loan program they helped create – and of them also opposed legislation requiring lending transparency. 

Bonus content: 

  • As the COVID-19 outbreak continues to disrupt our lives across the board, we’ve received many questions about how tax and accounting pros should respond. To help, we created a Coronavirus Resource Hub with all the info you need to keep up. Be sure to explore and bookmark this page as we’re updating it daily.

Don’t miss our most recent CountingWorks posts: 

  • Expert Q&A: What Our Small Business Data Shows, and How COVID-19 Affects Everything
  • How Google My Business Can Help Your SMB Pivot (and Survive) During COVID-19
  • Small Businesses in the USA: Before, During and After the COVID-19 Crisis

Did we miss a great article this week? Let us know in the comments below!

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Lauren Detweiler

Lauren Detweiler

I am equal parts marketer, traveler, and writer, and I've been doing all three for as long as I can remember. I have spent most of my time since graduating university traveling and working remotely in Africa and Europe. My passion lies in conveying the right messaging to the right people, and being a part of the CountingWorks and TaxBuzz team means I get to do that not only for our company, but for clients across the country as well.

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