Millions of Black-, Latinx-, and women-owned businesses will fail unless this happens

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As D.C. lawmakers wrangle over a 4th round of stimulus, a small business advocate argues for structural changes to better serve struggling companies owned by POC and women. Lawmakers in Washington resumed negotiations over a fourth round of economic stimulus this week and for many pandemic-stricken small businesses, the clock is ticking. Loudly. Millions will fail if the government does not take bold action and fix structural flaws in how aid is distributed. Black-, Latinx- and women-owned businesses have been hit the hardest, shut out for varying reasons from the Paycheck Protection Program (PPP). So, when the loan program, designed to help small businesses keep workers on payroll, was recently extended to Aug. 8, it was still not reaching those who needed it most. And with the recent spike in COVID-19 cases around the country, President Trump is now acknowledging the worst is yet to come. Read Full Story

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IRS stimulus check calculator: How much will you get from the American Rescue Plan?

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Here’s an easy way to get a little piece of mind as you wait for Capitol Hill lawmakers to do their jobs. With the Senate expected to vote this week on the latest stimulus package for coronavirus relief, a new round of stimulus checks could be authorized very soon. The $1.9 trillion package, dubbed the American Rescue plan , contains a huge wish list of much-needed aid, including additional unemployment, child tax credits, housing assistance, small business grants, and more. Read Full Story

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Supporting Small Business Saturday with 2020-Conscious Marketing

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Posted by MiriamEllis Image credit: Elvert Barnes “Conscious spending with the community can contribute to neighborhood sustainability.” — Christine Araquel, The Park’s Finest I encountered this quote from a restauranteur on the American Express Small Business Saturday website , and just these few words called a vivid image to my mind: local business owners and customers gazing together toward the horizon, hoping to pierce the clouds of COVID-19 and see them clearing away, revealing communities that are still standing, and still capable of sustaining our hometowns, our cities, and our dreams. 72% of consumers believe they will frequent neighboring businesses more after the crisis is over, but that will take all of us doing our part now to ensure as many SMBs are still there to greet us when better days return. In Q4 of 2019, I used my column to encourage local business owners to start having meaningful conversations …

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First-ever report on the state of Black entrepreneurs in NYC reveals sharp disparities

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Analyzing America’s top high-growth sectors—healthcare, technology, and energy—shows that only a small fraction are owned by Black entrepreneurs. A new report from BE NYC and New York City’s Department of Small Business Services mirrors the disparity and challenges faced by Black entrepreneurs across the country. Although New York City’s Black population stands at 22% (1.9 million), only 2% of the city’s businesses are Black-owned, the first-of-its-kind report revealed. Read Full Story

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