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Heard on the Street: SBA lending, Build Back Better, and the labor shortage

By November 1, 2021November 2nd, 2021Heard on the Street

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

SBA Lending Climbs, But Many Of The Smallest Businesses Miss Out: New data from the U.S. Small Business Administration shows that the agency delivered a record $44.8 billion worth of traditional loans to small businesses in fiscal 2021, in addition to $1.1 trillion in COVID-related funding. However, a funding gap persists for very small businesses seeking smaller loans.

How Small Businesses Got Shortchanged by Cuts to Build Back Better: A look at the promises to small-business owners that are missing from the framework–from subsidized paid leave to buoying the Small Business Administration’s lending efforts

New York’s Once-Thriving Asian Businesses Struggle to Recover From 4,000% Unemployment Spike: A lack of access to financial relief—often inaccessible in Asian languages—technology barriers and a surge in anti-Asian hate crimes are hampering a return to normalcy for many restaurants, salons, groceries, laundries and other services that were among the first hit at the onset of the Covid-19 crisis.

4 Ways Small Businesses Are Making Ends Meet Amid a Labor (and Now Revenue) Shortage: Nearly 23 percent of small businesses have cut their operating hours to compensate for their reduced workforce, according to a survey published by the small-business referral network Alignable in September. And fewer hours on the job often means less revenue.