Heard on the Street: PPP forgiveness, Amazon and Goldman small business lending, and corporate grant programs for minority-owned businesses

By June 15, 2020 Heard on the Street

Heard on the Street – here’s what we were reading last week:

Small Businesses Tackle New PPP Puzzle: Forgiveness: Small businesses that received government-backed loans to ease the pain of the coronavirus pandemic are beginning to turn to a process some say is as complex as getting the money: figuring out whether they have to pay it back.

Amazon And Goldman Sachs: A Small Business Lending Wake-Up Call For Banks: Amazon and Goldman Sachs announced a partnership to provide lines of credit up to $1 million to merchants selling on the Amazon platform. It’s also important to note how the Amazon/Goldman Sachs approach will differ from the traditional bank approach: Goldman will cherry pick who they want to lend to and send invitations to apply through Amazon, keeping processing costs down.

Lowe’s opens applications for $25 million in minority small business grants: Late last month, Lowe’s CEO announced Lowe’s would assist minority-owned businesses with $25 million in grants to support efforts to relaunch the American economy. LISC, the nation’s largest community development organization, will manage the process of vetting applications for grants.

PPP Isn’t Enough for Black-Owned Businesses: Federal small-business aid, even if it gets through, is not a long-term solution to what ails low-income communities of color.