Earlier this week, President Joe Biden introduced new rules for the Paycheck Protection Program, which gives the smallest small businesses in America exclusive access to these PPP loans.
As of Wednesday, only companies with fewer than 20 employees will be allowed to apply for PPP loans. This exclusivity is valid for 2 weeks.
Biden says these small businesses have been “kicked out” of the PPP lending process too many times during the pandemic. Since the program started in 2020, more than 5 million small businesses across the country have received a PPP loan.
This is the second round of PPP loans in the coronavirus pandemic.
In addition to the 2 week window for these very small businesses, there are other new rules that are giving more business owners access to PPP loans. For more information on this story, check out our report earlier this week: Biden Changes PPP Loan Rules To Benefit The Smallest Small Businesses
Small Business News Roundup – February 26, 2021
Here’s a look at the rest of this week’s headlines that matter to small business owners across the country:
This laptop riser has a built-in whiteboard
As the age of home office continues, the demand for workplaces that promote competence and productivity is increasing. As a result, more and more products are emerging that are designed to streamline modern workplaces. One such product is known as The Lift.
New tool enables freelancers to get paid faster and in local currency
Getting paid for work, or better yet, getting paid on time, can be the bane of a freelance’s life. A tool designed to streamline the payment process for freelancers should therefore be welcomed with open arms. In walks Accelerated Payment, a new tool from Stoke Talent, a leading freelance management system.
Almost 12 million records sold in 2020
If you thought the pandemic was taking its toll on companies like those that sell records and other forms of music, think again. Approximately 12 million vinyl records were sold in 2020. This was part of more than 16 million physical music pieces sold worldwide. Physical music saw sales increase 40% compared to 2019. This is the result of the Discogs 2020 report.
Zoho Social improves your impact on social media
Social media is one of the most powerful tools small businesses have for reaching customers. But with so many platforms, accounts, and strategies to manage, it can all seem overwhelming. Zoho Social aims to simplify the process and improve the impact of social media for small businesses. Of course, there are many tools out there to help companies plan social media posts.
5 myths about extensions to business tax returns
Businesses are required to file annual federal income tax returns by a specific due date. For partnerships and S-corporations in a calendar year, the deadline is March 15 (e.g. March 15, 2021 for return in 2020); For corporations and sole proprietorships with calendar year C, the deadline is April 15 (e.g. April 15, 2021 for return in 2020).