Small businesses

U.S. commercial bankruptcy filings are up 33% so far this year with new cases in September surging by 78% from a year earlier as the recession triggered by the COVID-19 pandemic hits small businesses, data released on Monday showed.

Lowe’s CEO Marvin Ellison said the company is launching a pitch contest for small businesses.

E-commerce platform has tapped into small businesses needing websites, doubling its revenue.

The payment company asked business owners to share their stories of managing through the trials of an unprecedented pandemic—creating a support hub for entrepreneurs in the fight of their lives.

After pausing all advertising in April due to the coronavirus crisis, Coca-Cola is back with a new campaign advocating for a better life post-pandemic and a package of marketing support for the hospitality sector.

Lowe’s said it will donate $25 million toward small business grants in rural communities, in addition to $30 million in grants for minority-owned businesses.

New Paycheck Protection Program (PPP) guidance released Monday night declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money.

Small businesses have received nearly $630 billion in combined funding through the Paycheck Protection Program and the Economic Injury Disaster Loan program. Nearly a quarter of small businesses are considering closing permanently due to Covid-19, one survey found. All PPP loans and EIDL loans of less than $25,000 have terms that are relatively favorable to borrowers if they need to close.

The Paycheck Protection Program offered forgivable loans to entrepreneurs whose businesses were affected by Covid-19. Originally it was intended to cover up to eight weeks of payroll costs, rental expenses, utilities and more.
Businesses that received money in April are coming up on the end of their eight-week period. For restaurants and other businesses, it means they’re out of aid before they’re up and running.
Senate Democrats have proposed a new lifeline to allow the hardest-hit firms to apply for a second injection of PPP funding.

Conglomerates learn important lessons, while small breweries and distilleries just try to stay alive