Latest Small business News

Treasury Secretary Steve Mnuchin testifies during the Senate's Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress on Capitol Hill, Wednesday, Sept. 24, 2020, in Washington. (Toni L. Sandys/The Washington Post via AP, Pool)

Mnuchin and Powell back jobless aid and small business loans

Sep. 24, 2020 2:23 PM EDT

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell said Thursday that the government’s top priorities in any new economic relief package should be to provide affordable loans to small businesses and further support for millions of Americans still...

Federal Reserve Chair Jerome Powell testifies during a House Financial Services Committee hearing about the government’s emergency aid to the economy in response to the coronavirus on Capitol Hill in Washington on Tuesday, Sept. 22, 2020. (Caroline Brehman/Pool via AP)

Powell and Mnuchin voice optimism but back more economic aid

Sep. 22, 2020 1:13 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism Tuesday that the U.S. economy is rebounding from the pandemic-induced recession with federal support but that more help from the government is likely needed. Powell told the House...

Amy and Cody Morgan pose in their new warehouse, Friday, Sept. 4, 2020, in Cypress, Texas. The couple, who lost their jobs as corporate executives during the coronavirus pandemic, decided to start a pool servicing company, Pit Stop Pools. (AP Photo/David J. Phillip)

New companies face tough task overcoming pandemic, recession

Sep. 17, 2020 12:37 AM EDT

NEW YORK (AP) — Julie Campbell had to rethink her new wallpaper business before she could sell her first sheet. Campbell launched Pasted Paper in February, but soon after, the coronavirus forced the cancellation of the trade shows where she expected to introduce her wallpaper to prospective retail...

FILE - Daymond John of ABC's Shark Tank speaks at the Manufacturer and Business Association's 113th Annual Event at the Bayfront Convention Center, Thursday, Oct. 4, 2018, in Erie, Pa. Lowe's is offering small businesses, particularly those owned by minorities, the “Shark Tank” treatment. The home improvement chain is teaming up with Daymond John to give potential suppliers the chance to pitch their products to a Fortune 500 company.( Jack Hanrahan/Erie Times-News via AP, File)

Lowe's offers small businesses the "Shark Tank" treatment

Sep. 15, 2020 10:44 AM EDT

NEW YORK (AP) — Lowe's is offering small businesses, particularly those owned by minorities, the “Shark Tank” treatment. The home improvement chain is teaming up with Daymond John, star of ABC’s “Shark Tank," to give potential suppliers the chance to pitch their products to a...

JPMorgan: some customers, employees misused COVID programs

Sep. 8, 2020 5:17 PM EDT

NEW YORK (AP) — JPMorgan Chase said Tuesday that a number of its employees and customers may have abused the Paycheck Protection Program and other coronavirus stimulus programs. The New York-based bank said it is working with law enforcement in some cases, although in a memo sent to employees it did not...

This photo provided by CFBanc Corporation shows Brian Argrett, CEO of CFBanc Corporation. Argrett spoke to The Associated Press about plans to merge the Washington, D.C.-based minority deposit institution with Broadway Financial, another MDI based in Los Angeles. Argrett talked about the need for MDIs in today's day and age, and what banks should do to solve racial and financial inequality. (CFBanc Corporation via AP)

Insider Q&A: City First CEO on why Black-led banks matter

Sep. 6, 2020 9:10 AM EDT

NEW YORK (AP) — Last month majority Black-owned banks City First Bank of Washington DC and Broadway Financial of Los Angeles said they would merge to create the U.S.’s largest minority deposit institution, or MDI. MDIs are banks and financial service companies majority owned by racial and ethnic...

FILE - In this Saturday, Aug. 8, 2020, file photo, President Donald Trump prepares to sign four executive orders during a news conference at the Trump National Golf Club in Bedminster, N.J. As employees of small businesses get their first September paychecks, they’re probably receiving their usual amount, as company owners are still withholding money for Social Security despite a presidential order allowing the tax to be deferred. (AP Photo/Susan Walsh, File)

Thanks, but no: Small businesses shun payroll tax deferral

Sep. 5, 2020 8:57 AM EDT

NEW YORK (AP) — As employees of small businesses get their first September paychecks, they’re probably receiving their usual amount — company owners are still withholding money for Social Security despite a presidential order allowing the tax to be deferred. The order President Donald Trump...

FILE - This Friday, July 1, 2005, file photo, shows the Mustang Ranch in the Truckee River canyon near Patrick, Nev. The legal brothel in northern Nevada is eligible to apply for a small business grant under a federal coronavirus relief package, county officials have decided. The Mustang Ranch, the only brothel in Storey County, is owned by a county commissioner, Lance Gilman. Local governments are allowed to use their share of the $150 billion in state and local government aid in the CARES Act to offer grants reimbursing businesses for costs related to the pandemic and the shutdown. (AP Photo/Debra Reid, File)

Mustang Ranch brothel eligible for coronavirus relief grant

Sep. 4, 2020 4:21 PM EDT

LAS VEGAS (AP) — The famed Mustang Ranch brothel is eligible to apply for small business grants as part of money a Nevada county received under a federal coronavirus relief package, officials have decided. The brothel, located about 15 miles (24 kilometers) east of Reno, is the only one in Storey County...

Chicago Alderman Tom Tunney poses inside his main Ann Sather restaurant, Tuesday, Sept. 1, 2020, in Chicago. Tunney estimates he's put $250,000 of his own money into running his three Ann Sather restaurants.  (AP Photo/Charles Rex Arbogast)

Business owners tap into savings to withstand pandemic

Sep. 2, 2020 2:52 PM EDT

NEW YORK (AP) — When the coronavirus outbreak forced cruise lines to cancel trips to Alaska, it wiped out Midgi Moore’s tour business, leaving her with thousands of dollars in deposits to refund. Moore’s company, Juneau Food Tours, didn’t have enough cash on hand. So, she withdrew...

Treasury Secretary Steven Mnuchin testifies before the House Select Subcommittee on the Coronavirus Crisis, during a hybrid hearing, Tuesday, Sept. 1, 2020, on Capitol Hill in Washington. (Graeme Jennings/Pool via AP)

Mnuchin says Trump still wants virus deal with Democrats

Sep. 1, 2020 9:16 PM EDT

WASHINGTON (AP) — Pressed by Democrats to quickly negotiate a new coronavirus relief package, Treasury Secretary Steven Mnuchin said Tuesday the administration remains willing to work on a bipartisan agreement to help small businesses, the unemployed, children and schools. Democratic leaders in Congress...