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Nashville’s Botan Market reopened in time to serve its community during Ramadan.
The New York Fed said each additional week a service business is closed cuts its chance of reopening by 2 percentage points.
Many businesses are pumping money into much-needed improvements, and that spending is rippling through the economy.
“It’s a basic conflict of interest,” says one small-biz advocate.
Business formation doubled between April and July last year, thanks in part to small businesses relying on P2P apps to get revenue.
Estimated taxes are usually predictable, but not this year because many businesses’ 2020 income was so erratic.
The latest loans have moved more slowly than the previous round, due in part to additional compliance checks to prevent fraud.
Companies with fewer than 20 employees have had an exclusive two-week PPP loan application window.
Businesses can only apply for the latest round of loans if their revenue fell 25% or more.
Some pivoted to help their communities. Others have received support from their customers.
