Late yesterday, the news reported that The Small Business Administration (SBA) sent a memo to lenders alerting them of two changes to SBA’s Payroll Protection Program (PPP) set to reopen at 10:30 AM ET today.
President Trump has signed a $484 billion coronavirus relief bill that includes an additional $310 billion for the Paycheck Protection Program, with $60 billion of that money reserved for small lenders. Previously, many small business owners who had applied were left disappointed as the $350 billion program was exhausted in just 13 days. If you do not have an application in now, the additional funds are expected to run out quickly, but it is advisable to take your place in line in case there is a Round 3 or 4.
Credit expert Gerri Detweiler explains the Payroll Protection Program, Economic Injury Disaster Loans, and how to be prepared when Congress approves additional stimulus.
In the last three weeks, over 15 million people have filed jobless claims. This is sharpest employment loss in history. The unemployment rate will surpass 15% in short order and could even go to 20%+. Optimists say that when the economy re-starts, jobs will return; however, we are concerned that not all jobs will come back right away and employment will take time to recover.
Founder and CEO of Roybi, Elnaz Sarraf talks about launching an ed-tech company from lean years to raising a 4.2 million seed round.
There is an investment adage that says, "Don't fight the Fed." Put simply, when the Fed is providing liquidity to the markets, it should be an overall positive for the stock market, and you should be invested. Historically, this meant investors should watch what the Fed is doing in terms of interest rate policy. Today, with the Fed already hacking the rate back to zero, investors have to look at quantitative easing and it is truly epic.
Dani Zoldan, owner of Stand Up NY, shares how the comedy club helps him to build relationships and launch multiple businesses.
Taught lessons of real estate investing from his self-made grandmother, Willie Mandrell talks about real estate, creating his own path, and the power of niching down.
The novel coronavirus information and number of coronavirus disease 2019 (COVID-19) cases change daily. Here are helpful links and resources for tracking and keeping up-to-date.
It should also be noted that the New York Times has removed the paywall for all coronavirus articles.
The Senate today agreed to a massive $2 trillion stimulus deal (roughly 10% of GDP) to combat the economic fallout from COVID-19. This is a bigger stimulus deal than the Great Recession. Here are some of the highlights:
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