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NFIB Weekly News

NFIB Weekly News Leading the News

Treasury Dept. Told Banks To Prioritize Current Clients For PPP Loans (10/20/2020)

In an exclusive, the Wall Street Journal (10/16, Omeokwe, Tracy, Subscription Publication) said that the House Select Subcommittee on the Coronavirus Crisis on Friday released a report that alleges the Treasury Department had encouraged banks to give preferential treatment to their current customers when allocating loans for the $670 billion Paycheck Protection Program. Lawmakers charged that such actions hurt minority- and women-owned businesses.

Despite New Form, Lenders Still Uncertain Regarding How To Forgive PPP Loans. The Colorado Sun (10/13) reported banks and lenders remain uncertain as to how to forgive Paycheck Protection Program loans. While a “new simpler form” is meant “to make it less complicated for those who borrowed up to $50,000,” the new form “isn’t as simple as some had hoped, said Nim Patel, chief strategy officer for the nonprofit Colorado Enterprise Fund, which had an average paycheck loan size of $23,000.”

Business Climate

Mnuchin Says Agreement On Coronavirus Bill Unlikely Before Election (10/20/2020)

Reuters (10/14, Cornwell) reported Treasury Secretary Mnuchin said Wednesday that he and House Speaker Pelosi are “far apart” on a coronavirus relief package and although it would be difficult to reach an agreement before the election, he would keep trying. Mnuchin, who spoke by phone with Pelosi Wednesday morning, said, “I’d say at this point, getting something done before the election and executing on that would be difficult just given where we are and the level of detail, but we’re going to try to continue to work through these issues.” The Washington Post (10/14, Werner, Stein) reported Mnuchin, who was speaking at the Milken Institute Global Conference, was asked if Democrats do not want to make a deal because they do not want to give the President a win ahead of the election. Mnuchin said, “I think that definitely is part of the reality. That’s definitely an issue. But the President is very focused on when he wins we will need to do more. So that’s part of the reason to continue to work on this. ... The clock will not stop.”

Small Business Marketing

Continuing: National Small Business Week (10/20/2020)

WVNews (10/19) reported that Positively West Virginia podcast host Jim Matuga “hosted a special edition of the podcast highlighting the West Virginia Small Business Administration’s 2020 award winners.” SBA Regional Administrator Steve Bulger and SBA District Director Karen Friel joined the podcast. Friel said: “I just want to say whether it is this year’s award winners or past award winners, these phenomenal small business owners who have gotten into business utilize the resources that were available to them. I have to give a shoutout to my team. If it were not for them, we would not be able to do what we do.”

The Central New York Business Journal (10/16) reported that SBA District Director Bernard Paprocki participated in presenting National Small Business Week award, honoring Josh Gilson, owner of Tradesman Contracting in Rensselaer Falls as the Upstate New York 2020 Small Business Person of the Year as well as Francesca Orsomarso as upstate New York’s Entrepreneur of the Year.

News Is My Business (PRI) (10/16) reported that Nydia Padilla, president of South Puerto Rico Towing & Boat Services Inc., received the “Woman Entrepreneur of the Year” Award for Puerto Rico and the U.S. Virgin Islands as part of SBA’s National Small Business Week.

Wages and Benefits

New Jobless Claims Post Biggest Weekly Increase In Two Months (10/20/2020)

The AP (10/15, Rugaber) The AP (10/15, Rugaber) reported, “The number of Americans seeking unemployment benefits rose last week by the most in two months, to 898,000, a historically high number and evidence that layoffs remain a hindrance to the economy’s recovery from the pandemic recession.” The AP added the report from the Labor Department “coincides with other recent data that have signaled a slowdown in hiring. The economy is still roughly 10.7 million jobs short of recovering all the 22 million jobs that were lost when the pandemic struck in early spring.”

The New York Times (10/15, Schwartz, Friedman) cast the numbers an indication that the economy “is showing fresh signs of deceleration.”

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