SBA Administrator Says “Billions” Still Available in COVID Relief Money for Small Business

covid relief money for small business (1)

In an interview with Yahoo, U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman revealed there are still billions of dollars available in COVID relief money for small businesses. Guzman adds small businesses can capitalize on the different pandemic stimulus programs and supplemental grants the federal government still offers.

Billions Still Available in Small Business Aid Money

In the interview by Dani Romero for Yahoo News, Guzman said the SBA and the federal government want to support small businesses with any programs they have. The COVID-19 relief options page of the SBA has multiple programs to address the needs of small business owners.

From the Paycheck Protection Program (PPP) to the Restaurant Revitalization Fund, the Shuttered Venue Operators Grant (SVOG), and Economic Injury Disaster Loans (EIDL), the SBA is looking to further help small businesses. This includes forgiving the loans many of the businesses have received.

Guzman said, “We want to see all of the PPPs — $800 billion — get back into the marketplace.” Adding, “We want to see those loans move to forgiveness if they’re eligible, and those lenders have that capital to now re-lend in the small business community.”

When the PPP forgiveness portal opened, more than 340,000 businesses used the tool in the first two weeks alone. The result was $2.4 billion being forgiven just for those early users of the portal. As Guzman mentioned, forgiving these loans improves the overall economy and allows small business owners to start their road to recovery after the pandemic.

Small Loan Recipients Need to Apply for Forgiveness

According to the August 15 Forgiveness Platform Lender Submission Metrics, small businesses with loans of $50,000 or less, the application rate for forgiveness is only 44.4%. This is despite the fact the group has the largest number of recipients of PPP loans at 9,009,866.

Only 3,999,158 of these businesses have submitted for loan forgiveness. This leaves more than half or 5,010,708 businesses that can apply and potentially qualify for the loan forgiveness. As Guzman said, they are looking to forgive the loans. So, if you are one of these businesses with less than $50K in PPP loans, there is no time like the present to apply.

Image: sba

This article, "SBA Administrator Says “Billions” Still Available in COVID Relief Money for Small Business" was first published on Small Business Trends



RSS Business Feeds

SBA Administrator Says “Billions” Still Available in COVID Relief Money for Small Business

covid relief money for small business (1)

In an interview with Yahoo, U.S. Small Business Administration (SBA) Administrator Isabella Casillas Guzman revealed there are still billions of dollars available in COVID relief money for small businesses. Guzman adds small businesses can capitalize on the different pandemic stimulus programs and supplemental grants the federal government still offers.

Billions Still Available in Small Business Aid Money

In the interview by Dani Romero for Yahoo News, Guzman said the SBA and the federal government want to support small businesses with any programs they have. The COVID-19 relief options page of the SBA has multiple programs to address the needs of small business owners.

From the Paycheck Protection Program (PPP) to the Restaurant Revitalization Fund, the Shuttered Venue Operators Grant (SVOG), and Economic Injury Disaster Loans (EIDL), the SBA is looking to further help small businesses. This includes forgiving the loans many of the businesses have received.

Guzman said, “We want to see all of the PPPs — $800 billion — get back into the marketplace.” Adding, “We want to see those loans move to forgiveness if they’re eligible, and those lenders have that capital to now re-lend in the small business community.”

When the PPP forgiveness portal opened, more than 340,000 businesses used the tool in the first two weeks alone. The result was $2.4 billion being forgiven just for those early users of the portal. As Guzman mentioned, forgiving these loans improves the overall economy and allows small business owners to start their road to recovery after the pandemic.

Small Loan Recipients Need to Apply for Forgiveness

According to the August 15 Forgiveness Platform Lender Submission Metrics, small businesses with loans of $50,000 or less, the application rate for forgiveness is only 44.4%. This is despite the fact the group has the largest number of recipients of PPP loans at 9,009,866.

Only 3,999,158 of these businesses have submitted for loan forgiveness. This leaves more than half or 5,010,708 businesses that can apply and potentially qualify for the loan forgiveness. As Guzman said, they are looking to forgive the loans. So, if you are one of these businesses with less than $50K in PPP loans, there is no time like the present to apply.

Image: sba

This article, "SBA Administrator Says “Billions” Still Available in COVID Relief Money for Small Business" was first published on Small Business Trends



via Small Business Trends Business Feeds

Restaurants Still Battling a Chicken Shortage in 2021

Restaurant supply shortage

Poultry is scarce and that has restaurants fighting back against a chicken shortage this year.

Record breaking winter storms in the south central US are behind the issue. Higher pandemic demand has also dented supply for favorites like chicken wings.

Small Business Trends reached out to restaurant owners to find out how they’re coping with the chicken shortage.

At least one is taking a familiar path small businesses turn to when supply levels dip.

Restaurants Deal with Continued Chicken Shortage

“At the moment, we have had to raise prices,” Sean Kim, part owner of Holdaak in California says. “Pretty much all of our menu items include some form of chicken.”

They’re also looking to tweak their inventory at the source.

“We have had numerous meetings with new suppliers as well. And have changed our main suppliers twice since the beginning of COVID,” he says.

Kim adds his suppliers are telling him they hope things return to normal in a few months.

Restaurants Pivot

Other restaurants have decided to pivot. Lori Bogedin, a chef and culinary expert who runs TwigsCafe, explains.

“Some restaurants have made changes to their menu,” she says. “They’re selling other kinds of meat or chicken alternatives to meet the rising demands.”

Even with the changes, Bogedin says some places are operating in the red.

“The chicken shortage has caused many businesses to go into a loss because they’re selling at discounted prices,” she says.

Sadly, there’s a deeper bottom for some.

“Due to the shortage, the popular restaurant chain Nando’s has had to shut down 45 of its outlets,” Bogedin adds.

She points to other estimates and notes, “Almost 10% of restaurants have halted their operations. That’s due to the combined effect of the pandemic and the chicken shortage.”

Pandemic Related

Some people in the industry focus more on pandemic related issues. Kirk Vogel, President and Owner of the Walnut Grill Restaurant Group, explains.

“We have had a lot of issues with chicken, mainly due to COVID,” he explains. “The plants are shut down for safety reasons  or not enough staff.”

Vogel also says his suppliers are telling him shortages will last well into the fourth quarter with relief only coming in the Spring of 2022.

“Even that depends on  if the plants are fully functional to supply enough product,” he says.

Finally, it would seem size matters when dealing with the ongoing chicken shortage.

Duffy’s Sports Grill is the largest family-owned and operated restaurant group in Florida. A spokesman for the chain reports they’ve been able to supply chicken wings with only a few issues.

Garrett Foster from Pinnacle Advertising says part of Duffy’s success lies in making the most of relationships with local vendors. The result was only a slight price bump for customers.

“While the prices are almost double (for everyone) Duffy’s has only slightly raised their pricing,” he says.

As far as the chicken shortages go, the end might not be in sight anytime soon. Bogedin says suppliers haven’t released any statements about when they think it will end.

“Most agree it will be some time before supply will be able to meet demand,” she says.

Image: Depositphotos

This article, "Restaurants Still Battling a Chicken Shortage in 2021" was first published on Small Business Trends



RSS Business Feeds

Restaurants Still Battling a Chicken Shortage in 2021

Restaurant supply shortage

Poultry is scarce and that has restaurants fighting back against a chicken shortage this year.

Record breaking winter storms in the south central US are behind the issue. Higher pandemic demand has also dented supply for favorites like chicken wings.

Small Business Trends reached out to restaurant owners to find out how they’re coping with the chicken shortage.

At least one is taking a familiar path small businesses turn to when supply levels dip.

Restaurants Deal with Continued Chicken Shortage

“At the moment, we have had to raise prices,” Sean Kim, part owner of Holdaak in California says. “Pretty much all of our menu items include some form of chicken.”

They’re also looking to tweak their inventory at the source.

“We have had numerous meetings with new suppliers as well. And have changed our main suppliers twice since the beginning of COVID,” he says.

Kim adds his suppliers are telling him they hope things return to normal in a few months.

Restaurants Pivot

Other restaurants have decided to pivot. Lori Bogedin, a chef and culinary expert who runs TwigsCafe, explains.

“Some restaurants have made changes to their menu,” she says. “They’re selling other kinds of meat or chicken alternatives to meet the rising demands.”

Even with the changes, Bogedin says some places are operating in the red.

“The chicken shortage has caused many businesses to go into a loss because they’re selling at discounted prices,” she says.

Sadly, there’s a deeper bottom for some.

“Due to the shortage, the popular restaurant chain Nando’s has had to shut down 45 of its outlets,” Bogedin adds.

She points to other estimates and notes, “Almost 10% of restaurants have halted their operations. That’s due to the combined effect of the pandemic and the chicken shortage.”

Pandemic Related

Some people in the industry focus more on pandemic related issues. Kirk Vogel, President and Owner of the Walnut Grill Restaurant Group, explains.

“We have had a lot of issues with chicken, mainly due to COVID,” he explains. “The plants are shut down for safety reasons  or not enough staff.”

Vogel also says his suppliers are telling him shortages will last well into the fourth quarter with relief only coming in the Spring of 2022.

“Even that depends on  if the plants are fully functional to supply enough product,” he says.

Finally, it would seem size matters when dealing with the ongoing chicken shortage.

Duffy’s Sports Grill is the largest family-owned and operated restaurant group in Florida. A spokesman for the chain reports they’ve been able to supply chicken wings with only a few issues.

Garrett Foster from Pinnacle Advertising says part of Duffy’s success lies in making the most of relationships with local vendors. The result was only a slight price bump for customers.

“While the prices are almost double (for everyone) Duffy’s has only slightly raised their pricing,” he says.

As far as the chicken shortages go, the end might not be in sight anytime soon. Bogedin says suppliers haven’t released any statements about when they think it will end.

“Most agree it will be some time before supply will be able to meet demand,” she says.

Image: Depositphotos

This article, "Restaurants Still Battling a Chicken Shortage in 2021" was first published on Small Business Trends



via Small Business Trends Business Feeds

SBA Says Supplemental Grants Available for SVOG Recipients

supplemental grants availability

The Small Business Administration (SBA) says awards for supplemental funds for Shuttered Venue Operators Grant (SVOG) recipients will begin going out within two weeks. As an awardee of the SVOG, you can now apply for supplemental SVOG funds to alleviate any additional financial hardships brought on by the pandemic.

Supplemental Grants for SVOG Recipients

The SVOG supplemental awards are for businesses that received the grant after the law passed on December 27, 2020. Since that time, the SBA says more than 11,500 venues have received around $9 billion in grants. This supplemental grant is going to be available to you if you can show a 70% loss when comparing 2021’s first-quarter revenues to the same in 2019.

You can apply for any amount up to 50% of the original SVOG amount. However, it does have a $10 million cap of the initial and supplemental awards combined. Additionally, you can use the supplemental funds from the grant for expenses you accumulate through June 30, 2022. Furthermore, it allows you to lengthen your budget period to 18 months from the initial grant’s disbursement date.

The SBA goes on to say if there is not enough funding for all eligible applicants to receive a supplemental award, it will give priority to applicants that have shown the biggest revenue loss in the first quarter of 2021 compared to the first quarter of 2019.

You can go to the SBA page for SVOG to apply. When you get on the page it will say it is no longer accepting applications, but this is for new applications. If you are an active applicant and have received an award, login into your account and proceed.

The Economic Impact of Venue Operators

The economic impact of venue operators in cities big and small is huge. From movie theaters and concert halls to convention centers and stadiums, they employ many people across different industries. And the related businesses they support in communities across the country can’t be understated.

This is especially the case for many small businesses that rely on providing catering, security, janitorial services, and more. When the pandemic shut down these venues, the impact on the small businesses that rely on them was immediate. So, getting this supplemental income to these operators is crucial.

In the release, Matthew Stevens, SBA Shuttered Venue Operators Grant Program Director, said, “We know many of these businesses still need assistance to fully recover from the unanticipated expenses and debt caused by the pandemic.” He goes on to say, “These supplemental grants will go to the hardest-hit Shuttered Venue Operators Grant awardees to ensure they can get back on their feet and get back to the business of driving our nation’s economy.”

Programs to Help Small Businesses

In addition to the SVOG, the SBA has helped millions of businesses. It has provided more than $1 trillion in relief for America’s communities.

You can get more information on the SBA’s Economic Relief programs by visiting COVID-19 relief options.

Image: Depositphotos

This article, "SBA Says Supplemental Grants Available for SVOG Recipients" was first published on Small Business Trends



RSS Business Feeds

SBA Says Supplemental Grants Available for SVOG Recipients

supplemental grants availability

The Small Business Administration (SBA) says awards for supplemental funds for Shuttered Venue Operators Grant (SVOG) recipients will begin going out within two weeks. As an awardee of the SVOG, you can now apply for supplemental SVOG funds to alleviate any additional financial hardships brought on by the pandemic.

Supplemental Grants for SVOG Recipients

The SVOG supplemental awards are for businesses that received the grant after the law passed on December 27, 2020. Since that time, the SBA says more than 11,500 venues have received around $9 billion in grants. This supplemental grant is going to be available to you if you can show a 70% loss when comparing 2021’s first-quarter revenues to the same in 2019.

You can apply for any amount up to 50% of the original SVOG amount. However, it does have a $10 million cap of the initial and supplemental awards combined. Additionally, you can use the supplemental funds from the grant for expenses you accumulate through June 30, 2022. Furthermore, it allows you to lengthen your budget period to 18 months from the initial grant’s disbursement date.

The SBA goes on to say if there is not enough funding for all eligible applicants to receive a supplemental award, it will give priority to applicants that have shown the biggest revenue loss in the first quarter of 2021 compared to the first quarter of 2019.

You can go to the SBA page for SVOG to apply. When you get on the page it will say it is no longer accepting applications, but this is for new applications. If you are an active applicant and have received an award, login into your account and proceed.

The Economic Impact of Venue Operators

The economic impact of venue operators in cities big and small is huge. From movie theaters and concert halls to convention centers and stadiums, they employ many people across different industries. And the related businesses they support in communities across the country can’t be understated.

This is especially the case for many small businesses that rely on providing catering, security, janitorial services, and more. When the pandemic shut down these venues, the impact on the small businesses that rely on them was immediate. So, getting this supplemental income to these operators is crucial.

In the release, Matthew Stevens, SBA Shuttered Venue Operators Grant Program Director, said, “We know many of these businesses still need assistance to fully recover from the unanticipated expenses and debt caused by the pandemic.” He goes on to say, “These supplemental grants will go to the hardest-hit Shuttered Venue Operators Grant awardees to ensure they can get back on their feet and get back to the business of driving our nation’s economy.”

Programs to Help Small Businesses

In addition to the SVOG, the SBA has helped millions of businesses. It has provided more than $1 trillion in relief for America’s communities.

You can get more information on the SBA’s Economic Relief programs by visiting COVID-19 relief options.

Image: Depositphotos

This article, "SBA Says Supplemental Grants Available for SVOG Recipients" was first published on Small Business Trends



via Small Business Trends Business Feeds

McDonald’s May Close Dining Rooms Again Due to Rising COVID Cases

mcdonalds may close dining rooms due to rising number of covid delta variant cases in the US

Just as some McDonald’s restaurant franchise owners got to finally re-open their dining rooms to customers for the first time in more than a year, they may be closing again.

Reuters is reporting that it’s seen internal documents and memos indicating that McDonald’s will instruct its franchise owners in areas where COVID cases are steadily climbing to once again close dining rooms to customers.

Many owners are already encouraging customers to once again wear face masks while they’re eating inside their dining rooms.

McDonald’s Franchises May Close Dining Rooms Again Due to COVID

The report from Reuters indicates that in places where COVID cases are topping 250 per 100,000 people – a level the Centers for Disease Control and Prevention considers a “High” risk of community transmission of the virus – McDonald’s restaurants may soon prohibit diners inside.

Right now, McDonald’s is only recommending that franchise owners in those areas “consider closing” dining rooms. The company had hoped to have all its franchise owners open their dining rooms once again by Labor Day.

McDonald’s franchise locations across the country, as well as other fast-food franchises, had to close their doors to customers when business restrictions were put in place to try to limit the spread of COVID.

Restaurants, in particular, were hit hardest by those restrictions. But fast food franchises were able to survive the pandemic due to their ability to serve customers at a drive-thru window.

When restaurants were finally allowed to open to customers in their dining rooms, many were challenged to do that due to an inability to find enough workers.

MORE:

Image: Shutterstock

This article, "McDonald’s May Close Dining Rooms Again Due to Rising COVID Cases" was first published on Small Business Trends



via Small Business Trends Business Feeds

McDonald’s May Close Dining Rooms Again Due to Rising COVID Cases

mcdonalds may close dining rooms due to rising number of covid delta variant cases in the US

Just as some McDonald’s restaurant franchise owners got to finally re-open their dining rooms to customers for the first time in more than a year, they may be closing again.

Reuters is reporting that it’s seen internal documents and memos indicating that McDonald’s will instruct its franchise owners in areas where COVID cases are steadily climbing to once again close dining rooms to customers.

Many owners are already encouraging customers to once again wear face masks while they’re eating inside their dining rooms.

McDonald’s Franchises May Close Dining Rooms Again Due to COVID

The report from Reuters indicates that in places where COVID cases are topping 250 per 100,000 people – a level the Centers for Disease Control and Prevention considers a “High” risk of community transmission of the virus – McDonald’s restaurants may soon prohibit diners inside.

Right now, McDonald’s is only recommending that franchise owners in those areas “consider closing” dining rooms. The company had hoped to have all its franchise owners open their dining rooms once again by Labor Day.

McDonald’s franchise locations across the country, as well as other fast-food franchises, had to close their doors to customers when business restrictions were put in place to try to limit the spread of COVID.

Restaurants, in particular, were hit hardest by those restrictions. But fast food franchises were able to survive the pandemic due to their ability to serve customers at a drive-thru window.

When restaurants were finally allowed to open to customers in their dining rooms, many were challenged to do that due to an inability to find enough workers.

MORE:

Image: Shutterstock

This article, "McDonald’s May Close Dining Rooms Again Due to Rising COVID Cases" was first published on Small Business Trends



RSS Business Feeds

The Second Most Popular Online Marketplace May Surprise You

popular online marketplace

It is easy to guess the most popular online marketplace as they have made a few headlines here and there, but the second most popular might not be so obvious. The answer is surprising because it is an ecommerce site that focuses on handmade or vintage items and craft supplies.

What is especially interesting is that while major brands flock to Amazon as the world’s largest retailer outside of China, it is actually Etsy – the second most popular online marketplace – that has become something of a holy grail for smaller businesses.

Etsy is the 2nd Most Popular Online Marketplace

Small businesses can really stand out on Etsy, with their often unique products attracting plenty of interest. Such businesses owned and operated by individuals, couples or friends, would usually be lost in the shuffle on such a giant platform as Amazon. But Etsy has carved out its own reputation as a home to businesses that sell bespoke products of a quality you won’t necessarily find scrolling through all the major brands and retailers hawking their mainstream goods via Amazon.

The interest of consumers in such a platform and the smaller businesses it promotes is encouraging too. You might expect Amazon to be the most searched online marketplace across the whole of the U.S., but research conducted by CenturyLinkQuote revealed Etsy was actually the most searched in nine states.

Etsy also earned a total revenue of $1.7 billion during 2020. That is some way short of Amazon’s $21 billion, but still incredible when you consider 97% of the Etsy seller respondents ran their businesses from home.

Online Retailer Research Methodology

The research team CenturyLinkQuote are an authorized sales agent of CenturyLink products, and they explained the methodology behind their research: “The team at CenturyLinkQuote.com assembled a list of 18 online-only retailers. We defined ‘online-only’ status as stores with only temporary pop-up locations or less than 15 brick-and-mortar locations worldwide.

“From there, we used SemRush to discover which 13 online retailers had the highest search volume. We then used Google Trends to determine which store each state has searched for the most in the past year.”

The nine states that had Etsy as its most popular online marketplace include Maine, Minnesota, Missouri, New Hampshire, New Mexico, North Dakota, Rhode Island, Vermont and Wyoming.

Home of Handmade and Craft Businesses

The popularity of Etsy is likely down to its prevalence of small businesses, especially those that specialize in handmade and crafted products. So far during 2021, some of the best selling products on the website include a handmade women’s necklace, custom dog portraits and even bespoke men’s lingerie.

There are also lots of businesses who sell one-of-a-kind items, which is something very difficult to find on more mainstream online marketplaces like Amazon. In this way, Etsy is the online shopping experience that is most similar to visiting an actual marketplace to discover all the weird and wonderful items you either want or never knew you needed.

Image: Depositphotos

This article, "The Second Most Popular Online Marketplace May Surprise You" was first published on Small Business Trends



RSS Business Feeds

The Second Most Popular Online Marketplace May Surprise You

popular online marketplace

It is easy to guess the most popular online marketplace as they have made a few headlines here and there, but the second most popular might not be so obvious. The answer is surprising because it is an ecommerce site that focuses on handmade or vintage items and craft supplies.

What is especially interesting is that while major brands flock to Amazon as the world’s largest retailer outside of China, it is actually Etsy – the second most popular online marketplace – that has become something of a holy grail for smaller businesses.

Etsy is the 2nd Most Popular Online Marketplace

Small businesses can really stand out on Etsy, with their often unique products attracting plenty of interest. Such businesses owned and operated by individuals, couples or friends, would usually be lost in the shuffle on such a giant platform as Amazon. But Etsy has carved out its own reputation as a home to businesses that sell bespoke products of a quality you won’t necessarily find scrolling through all the major brands and retailers hawking their mainstream goods via Amazon.

The interest of consumers in such a platform and the smaller businesses it promotes is encouraging too. You might expect Amazon to be the most searched online marketplace across the whole of the U.S., but research conducted by CenturyLinkQuote revealed Etsy was actually the most searched in nine states.

Etsy also earned a total revenue of $1.7 billion during 2020. That is some way short of Amazon’s $21 billion, but still incredible when you consider 97% of the Etsy seller respondents ran their businesses from home.

Online Retailer Research Methodology

The research team CenturyLinkQuote are an authorized sales agent of CenturyLink products, and they explained the methodology behind their research: “The team at CenturyLinkQuote.com assembled a list of 18 online-only retailers. We defined ‘online-only’ status as stores with only temporary pop-up locations or less than 15 brick-and-mortar locations worldwide.

“From there, we used SemRush to discover which 13 online retailers had the highest search volume. We then used Google Trends to determine which store each state has searched for the most in the past year.”

The nine states that had Etsy as its most popular online marketplace include Maine, Minnesota, Missouri, New Hampshire, New Mexico, North Dakota, Rhode Island, Vermont and Wyoming.

Home of Handmade and Craft Businesses

The popularity of Etsy is likely down to its prevalence of small businesses, especially those that specialize in handmade and crafted products. So far during 2021, some of the best selling products on the website include a handmade women’s necklace, custom dog portraits and even bespoke men’s lingerie.

There are also lots of businesses who sell one-of-a-kind items, which is something very difficult to find on more mainstream online marketplaces like Amazon. In this way, Etsy is the online shopping experience that is most similar to visiting an actual marketplace to discover all the weird and wonderful items you either want or never knew you needed.

Image: Depositphotos

This article, "The Second Most Popular Online Marketplace May Surprise You" was first published on Small Business Trends



via Small Business Trends Business Feeds