Latest Small business News

The Women LLC offers microloans to black business owners

Aug. 9, 2020 3:04 PM EDT

KNOXVILLE, Tenn. (AP) — Kanika White read a statistic in passing a few years ago that jarred her. She wanted to understand what was causing a 42% poverty rate among Black Knoxville residents. “Like with anything that is that huge and complex...the initial thought is (the issue is) too big for...

FILE - In this Nov. 25, 2019 file photo Federal Reserve Bank of Boston President Eric Rosengren, left, speaks during a round table discussion at Silver Lane Elementary School, in East Hartford, Conn. Rosengren  on Friday, Aug. 7, 2020 defended the central bank’s efforts to launch a Main Street lending program and said the small number of loans approved so far would likely expand by a significant amount in coming months, especially if the pandemic worsens.  (AP Photo/Steven Senne, file)

Fed official defends slow start to Main Street loan program

Aug. 7, 2020 12:56 PM EDT

WASHINGTON (AP) — A top Federal Reserve official on Friday defended the central bank’s efforts to launch a Main Street lending program and said the small number of loans approved so far would likely expand by a significant amount in coming months, especially if the pandemic worsens. While the Fed...

FILE - In this May 6, 2020 file photo, a woman walks past a closed barber shop in Cleveland. Small businesses are in limbo again as the coronavirus outbreak rages and the government’s $659 billion relief program draws to a close. Companies still struggling with sharply reduced revenue are wondering if Congress will give them a second chance at the Paycheck Protection Program, which ends Friday, Aug. 7,  after giving out 5.1 million loans worth $523 billion.  (AP Photo/Tony Dejak, File)

Loan program ends, hard-hit businesses hope for 2nd chance

Aug. 7, 2020 12:34 PM EDT

NEW YORK (AP) — Small businesses are in limbo again as the coronavirus outbreak rages and the government’s $659 billion relief program draws to a close. Companies still struggling with sharply reduced revenue are wondering if Congress will give them a second chance at the Paycheck Protection...

Treasury Secretary Steven Mnuchin speaks to reporters as White House chief of staff Mark Meadows stands left on Capitol Hill in Washington, Thursday, Aug. 6, 2020. (AP Photo/Carolyn Kaster)

Virus talks on brink of collapse, sides still 'far apart'

Aug. 6, 2020 10:34 PM EDT

WASHINGTON (AP) — Washington talks on vital COVID-19 rescue money are teetering on the brink of collapse after a marathon meeting in the Capitol Thursday night generated a wave of recriminations but little progress on the top issues confronting negotiators. “There’s a handful of very big...

Treasury Secretary Steven Mnuchin arrives for continued negotiations ahead of a meeting, Wednesday, Aug. 5, 2020, on Capitol Hill in Washington. (AP Photo/Jacquelyn Martin)

Capitol negotiators still stuck, still trying on virus aid

Aug. 5, 2020 9:11 PM EDT

WASHINGTON (AP) — After more than a week’s worth of meetings, at least some clarity is emerging in the bipartisan Washington talks on a huge COVID-19 response bill. Negotiators are still stuck, but still trying. A combative meeting Wednesday involving top Capitol Hill Democrats and the postmaster...

FILE - This Saturday, Aug. 5, 2017, file photo shows the U.S. Securities and Exchange Commission building in Washington. Securities regulators are investigating three hotel companies, Wednesday, Aug. 5, 2020,  that returned tens of millions in federal virus-relief money for transactions going back to 2018. The companies controlled by Dallas hotelier Monty Bennett came under scrutiny after taking tens of millions of dollars from a fund designed to help small businesses survive the pandemic.  (AP Andrew Harnik, File)

Hotels criticized for taking virus money face investigation

Aug. 5, 2020 6:38 PM EDT

DALLAS (AP) — A group of hotels that took, and later returned, tens of millions of dollars in federal virus-bailout money are under investigation by securities regulators for transactions between companies in the group going back to 2018. The Ashford companies were among the biggest recipients of federal...

Prosecutors: Texas man stole $1.6M in COVID-19 relief money

Aug. 5, 2020 4:08 PM EDT

HOUSTON (AP) — Federal prosecutors say a Houston man bilked the government out of $1.6 million in COVID-19 business relief funding and spent some of the money on a Lamborghini, jewelry and trips to strip clubs, among other things. Lee Price III, 29, is charged with making false statements to a financial...

FILE - In this July 16, 2019, file photo, a man walks across the street from a Capital One location in San Francisco. Delayed receipt of money from the coronavirus relief bill is one of the newest difficulties faced by people who don’t have bank accounts. But there are other challenges as well, and it may come as an unwelcome surprise that banks sometimes turn down those applying for their first account.  (AP Photo/Jeff Chiu, File)

How to get started if you’ve never had a bank account

Aug. 5, 2020 10:51 AM EDT

Managing your money without a bank account is doable. But it can pose challenges — and the COVID-19 pandemic has only added more. Your economic impact payment might’ve arrived weeks or months after others’ did, in the form of a check or prepaid debit card, because you couldn’t choose...

In a July 2020 photo provided by Wolf's Ridge Brewing, owner Bob Szuter, employees Allison Randolph and Alicia Herrmann, sous chef Andy Zamagias, general manager Corey Schlosser and employee Andy Powell, from left, gather inside the restaurant's tap room in Columbus, Ohio. Szuter says he’s trying to figure out new ways to bring in revenue, focusing more on the brewery side of the business until it’s safe to have a full dining room. (Charlie Wilkerson/Wolf's Ridge Brewing via AP)

With loan money gone, restaurants are at mercy of virus

Aug. 3, 2020 9:59 AM EDT

NEW YORK (AP) — The check has arrived and beleaguered restaurant owners across America are looking down on their empty wallets. Government coronavirus loans in the spring helped eating establishments rehire laid-off employees and ride out the pandemic's initial surge and wave of shutdown orders. But that...

Democratic presidential candidate former Vice President Joe Biden speaks at a campaign event at the William

Biden vows to fight racial inequality with economic agenda

Jul. 29, 2020 4:26 PM EDT

WILMINGTON, Del. (AP) — Democratic presidential candidate Joe Biden promised Tuesday that his economic agenda would combat long-standing racial inequalities as he sought to draw another sharp contrast with President Donald Trump. Biden said the Republican president is exacerbating social discord across the...