Here's how to help small businesses in the next round of government stimulus:
just trying to explain how the program works. The forgiveness aspect of the process has been especially frustrating. This added complexity could be a big reason people aren’t pursuing the program in general.
Adam Markowitz, Enrolled Agent and Vice President at Howard L. Markowitz PA, in Orlando, Florida agrees with the blanket forgiveness approach: “The banks don’t want the loans. The business owners don’t want the loans. The tax professionals and the banks don’t want to have to go through the forgiveness documents,” he said. “The government just needs to chalk this up to a gigantic $550B grant program and be done with it.
“If we want small businesses that need the most help to continue being left out, we can keep doing what we’re doing,” Baradaran said. “If we want banks to stimulate the economy for the majority of people, we have to create a system and infrastructure to allocate resources effectively and fairly.”If we aren’t going to remove the complexity of the system, we need to provide additional support for those who need it most.
Another way around this would be giving money to organizations that can help those in vulnerable communities. Romano’s organization has started an initiative through the support of four charitable foundations to help women-of-color owned businesses get funding through PPP. “The reality is that the women we worked with haven’t had the funding to hire a bookkeeper and have a system like many better-resourced small businesses,” he said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Today Is The Last Day To Apply For A PPP LoanWhat’s next for small businesses, and why is there still $134 billion left in the pot?
Read more »
Dow notches best quarter since 1987, a rebound helped by low interest rates and government stimulus amid COVID-19Stocks notched their best quarter in decades, as government stimulus and help from the Fed helped markets start to recover from the damage of COVID-19 at the start of the year.
Read more »
Senate Approves Extending PPP Coronavirus Relief Lending Until AugustThe program was set to expire with $134 million still available for small businesses.
Read more »
Lloyd's calls for state-backed 'Black Swan' reinsurance'Black Swan' reinsurance schemes backed by governments could help businesses get insurance pay-outs after huge shocks such as the coronavirus pandemic, Lloyd's of London said.
Read more »
Australia central bank urges ongoing government stimulus for economyAustralia's economy will need 'considerable' support for some time, Reserve Bank of Australia Deputy Governor Guy Debelle said on Tuesday, adding it would be a 'problem' if the government ended fiscal stimulus in September as initially flagged.
Read more »
Don't simply count on a second round of stimulus checks—here's what to do insteadEven if a second round of stimulus checks is approved, the amount likely won't cover expenses for every American. Rather than count on it, here are five steps you can take now to help pay your bills and get on firmer financial ground, according to money experts.
Read more »