Weekly Small Business News Roundup #7: Senate extends PPP loans for 2 months

Hi folks,

The third month of the year is almost over – just like that! Welcome to another weekly round-up news in the small business world.

Enjoy reading!


Monday, March 29th is National mom and pop business owner day!

PPP loans are still available…

Small businesses have 2 more months to apply for forgivable PPP loans. Here’s what you need to know (CNBC)

The Senate on Thursday passed the PPP Extension Act of 2021 with overwhelming support, extending the deadline for the Paycheck Protection Program to May 31 from March 31. Passage of the PPP extension came about one week after the House approved the bill, which will next go to President Joe Biden to sign. In addition to pushing back the deadline for applications by two months, the measure gives the Small Business Administration an additional 30 days to process loans.

U.S. Raises Cap on Small-Business Disaster Loans (NY Times)

Companies harmed by the coronavirus pandemic can soon borrow up to $500,000 through the Small Business Administration’s emergency lending program, raising a cap that has frustrated many applicants.

“The pandemic has lasted longer than expected,” Isabella Casillas Guzman, the agency’s administrator, said on Wednesday. “We are here to help our small businesses, and that is why I’m proud to more than triple the amount of funding they can access.”

The change to the Economic Injury Disaster Loan program — known as EIDL and pronounced as idle — will take effect the week of April 6. Those who have already received loans but might now qualify for more money will be contacted and offered the opportunity to apply for an increase, the agency said.

Some good news in the midst of chaos …

They all made it: four small-business owners reflect on the pandemic year (Market Watch)

Last March, in the frantic few weeks that felt as if the world was falling apart, MarketWatch interviewed four small business owners from around the country. No-one had a playbook for how a global pandemic would play out, much less how it would impact their own lives – but each had already seen their businesses upended and was nervous about what lay ahead. Six months on, with the long dark winter looming, we checked in again. And this week, at the one-year mark, we decided to close the loop. With vaccinations ramping up and the outdoor-dining season ahead, our interviewees were optimistic.

Are You Doing Enough to Promote Your Small Business Branding? – Sela Missirian, Brown Bag Marketing (Atlanta Small Business Network)

Are you searching for that one thing that sets your small business apart from the competition? It often starts with branding. On today’s show, we welcome Sela Missirian, Vice President of Marketing and Business Development at Brown Bag Marketing, who discusses what you need to know about marketing, and how branding could take your small business to the next level.  

Small business savings took a major hit …

Coronavirus: Majority of small businesses used personal money to stay afloat last year (Yahoo)

Almost six in 10 (59%) small business owners reported using their own cash to keep their businesses afloat last year, as they grappled with widespread closures due to the coronavirus pandemic. According to research exclusively given to Yahoo Finance UK undertaken by one of Europe’s largest small business lenders – iwoca, small business owners are also becoming increasingly worried about the viability of their business with almost four in 10 (38%) concerned they’ll have to close this year.

A separate survey, conducted during the same period, surveyed accountants — representing over 23,000 small businesses across the UK — to find out the most important things their clients should focus on in 2021.

Do you need an accountant for your small business or not?

Small business owners: Here’s why you need an accountant even if you do your own taxes (USA Today)

If you own a small business, you need an accountant. Sure, you’ve been filing your taxes using one of those online tax services, but a digital solution can only take you so far. An accountant – a real accountant – is an important part of your small business team. That’s always true, but it’s especially important when dealing with taxes for the year of COVID. 

Speaking oof accountant…

Five Often-Overlooked Small Business Tax Items For 2021 (Forbes)

Tax filing is in full swing for small-business owners. But before you push submit, it’s important to understand all of your options. Through my time as CEO of a company that provides financial services to small businesses, I’ve seen there are a few often-overlooked tax items leaders should review to see if they apply to their companies.

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