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‘I Can’t Keep Doing This:’ Small-Business Owners Are Giving Up New York Times July 13, 2020

Submitted by Anonymous (not verified) on Tue, 07/14/2020 - 15:21


More owners are permanently shutting their doors after new lockdown orders, realizing that there may be no end in sight to the crisis.

The federal government extended the Paycheck Protection Program after $130 billion out of $660 billion went uncollected. Here's what new applicants need to know.

Submitted by Anonymous (not verified) on Mon, 07/06/2020 - 22:00

July 5, 2020
Yahoo News

  • The application deadline for the Paycheck Protection Program was extended on Saturday after President Donald Trump signed the extension bill that Congress passed into law.
  • Potential applicants now have until August 8 to request federal relief funds under the program intended to help businesses affected by the coronavirus pandemic.

With pandemic, NYC taxi drivers' livelihoods hang in the balance CBS News July 5, 2020

Submitted by Anonymous (not verified) on Mon, 07/06/2020 - 21:31

We may tell our children in years to come that there was a time, especially if it was during rush hour on a rainy day, when you couldn't get a cab in New York City for love or money.  These days, the streets are mostly empty. It's estimated that 90% of the taxi business has dried up.

That's part of the reason why the city, with help from the National Guard, started a program that pays cab drivers to deliver food to low-income housebound residents.

Wave of bankruptcies may swamp courts

Submitted by Anonymous (not verified) on Wed, 07/01/2020 - 16:17

June 29, 2020
Marketplace

Many economists and bankruptcy lawyers expect a wave of bankruptcies coming this year.

Giant bankruptcies of companies that owe more than $100 million, are up 40% from a year ago, which means they are up 120% from 2018.  Chapter 11 bankruptcies of all kinds have increased 20% since last year. This is obviously traumatic for the people who work at those companies but there is a silver lining.

A Massive Wave Of Student Loan Defaults Is Coming

Submitted by Anonymous (not verified) on Sun, 06/28/2020 - 15:06

June 25, 2020
Forbes

There are increasingly urgent signs that an unprecedented wave of student loan defaults could be arriving within a matter of months. A cratering economy and expanding pandemic are about to collide with the expiration of critical temporary student loan relief programs, and the end result could be catastrophic.

Here's how to get your PPP loan forgiven Crains New York Business June 23, 2020

Submitted by Anonymous (not verified) on Thu, 06/25/2020 - 16:45

The federal government has finally offered some clarity on how mom-and-pop businesses can avoid repaying their bailout loan—a major sticking point in the Paycheck Protection Program.

In the past month officials in the Small Business Administration and the Treasury Department have worked with Congress to make much-demanded changes to the law, which culminated in the PPP Flexibility Act signed by President Donald Trump on June 5.

How Subchapter V Could Save Your Small Business

Submitted by Anonymous (not verified) on Thu, 06/25/2020 - 04:58

June 3, 2020
International Business Times
By Amy Fontinelle 

Declaring bankruptcy is never pleasant, but for small businesses it's often been disastrous. Filing under chapter 11 -- the method that allows a firm to re-organize -- was designed for large corporations. Technically, a small firm could do it, but the process was lengthy, costly, and creditor-friendly. As a result, insolvent small businesses often had to file for chapter 7, which meant closing shop entirely.

Fed worries about small business failures due to coronavirus

Submitted by Anonymous (not verified) on Thu, 06/25/2020 - 04:50

June 12, 2020
NY Post

A large number of small US business could fail during the coronavirus recession, the Federal Reserve said on Friday, slowing recovery and creating lasting damage to the world’s largest economy.

Valentino sues NYC landlord to get out of 5th Ave lease amid pandemic

Submitted by Anonymous (not verified) on Thu, 06/25/2020 - 04:46

June 22, 2020
NY Post
by: Priscilla DeGregory

Fashion brand Valentino wants to break the lease on its chic Fifth Avenue location — because the coronavirus is stopping it from conducting “high-end” business, a new lawsuit says.

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