首頁最新消息簡介攝影畫廊讀經日引網上資源網上下載網上討論區聯絡我們
聖經金句

耶和華是我的巖石,我的山寨,我的救主,我的神,我的磐石,我所投靠的。他是我的盾牌,是拯救我的角,是我的高臺。
詩篇18:2



 
聖經查詢
聖經查詢(新版)
關於我們
目錄導覽
音樂詩歌點播
文化天地
時事論壇
網上教會
世界經濟
育博通
珠璣集
幽默
News
教育中心
Century Tribune 時代論壇报
山行文化出版社
文藝園地
健康資訊
美國新聞 ( 国际日报 报道)
Amazing Qingdao
教會機構專欄精選
網上奉獻與支持
故障申告
聯絡我們
網站維護

設為首頁
加入「我的最愛」
瀏覽流量統計
人數: 3,050,472 
頁數: 34,920,673 
下載: 14,173 
Since 11/2005


訂閱電子報

訂閱電子週報
自訂閱名單移除
電郵Email:



  
   

Bookmark and Share   
 
WHAT’S IN THE PIPELINE TO REVIVE ETHNIC SMALL BUSINESSES?
6/1/2020




Photo, Top: Charles Phillips, a director of the Federal Reserve Bank of New York (left); Rep. Ted Lieu, D-California. Bottom: Sumita Batra, CEO, Ziba Beauty Salons (left); venture capitalist Shelly Kapoor Collins, member of California Governor Gavin Newsom’s Entrepreneurship Task Force.

By SUNITA SOHRABJI/EMS Contributing Editor

SAN FRANCISCO — Main Street America, its plethora of largely minority-owned small businesses ravaged by the COVID-19 pandemic, will see opportunities to revive with the help of federal stimulus funding, a May 29 group of panelists concluded.

Speakers at the discussion, organized by Ethnic Media Services, included Rep. Ted Lieu, D-California; businessman and philanthropist Charles Phillips, director of the New York Federal Reserve Bank; venture capitalist Shelly Kapoor Collins, a member of California Governor Gavin Newsom’s Entrepreneurship Task Force; and Sumita Batra, CEO of ZIBA Beauty Salons.

More than 100,000 small businesses have had to shut their doors permanently, according to a study released in April by the National Bureau of Economic Research. Of the businesses it surveyed, 43% have closed temporarily and owners have laid off 40% of their staff.

Six out of 10 small businesses will close by Labor Day if the current environment continues, reports the National Federation of Independent Businesses. In California, 95% of businesses are classified as small businesses.

Congress’ $350 billion stimulus package — approved in April and known as the Paycheck Protection Program — is a loan program to help small businesses survive during the COVID 19 pandemic by providing eight weeks of payroll and some additional funds for operating expenses. The Small Business Administration defines small businesses as those with fewer than 500 employees.

Fourteen days after the program began, it ran out of funds. Money had been quickly gobbled up by larger businesses — many backed by venture capital — and by hotel and restaurant chains with fewer than 500 employees at various locations.

“It wasn’t even a fair fight,” said Phillips.

Larger entities had relationships with big banks and artificial intelligence bots that filled out loan applications, he explained. Smaller businesses, also known as micro businesses, normally are funded by Community Development Financial Institutions, not by large banks. Of the more than 1,000 CDFIs in the United States, only 90 participated in the first round of stimulus funding, said Phillips, noting that the process for applying was extremely difficult.

Many micro businesses are sole proprietorships, especially in the African American small business community. Such businesses were unlikely to receive PPP loans because they had no employees and thus no documented payroll. Phillips gave the example of a barbershop where the owner simply rents out chairs to barbers who are independent entities. For many micro businesses, payroll is not its largest expense, but the PPP program stipulates that 75% of the loan must be used to cover payroll.

Phillips expressed optimism for the second round of funding, an additional $484 billion approved by Congress in late April to keep the PPP program going. It set aside $60 billion to be distributed by smaller banks with less than $50 billion in assets.

In this round, 324 CDFIs are participating, and an additional $10 billion was set aside specifically to channel loans through them.

Loan amounts also have dropped, from $260,000 in the first round to an average $115,000, which means smaller businesses are applying and getting funded, Phillips said. To date, about 4.5 million loans have been distributed.

Rep. Ted Lieu, who represents California’s 33rd Congressional District, said Democrats fought hard to make the second round of stimulus funding accessible to businesses with fewer than 20 employees. The challenge, however, lies in letting business owners know these funds are available.

Re. Lieu used his own immigrant parents, who ran a small gift shop as an example of a typical very small business: “We had no idea what a chamber of commerce was. We had no idea what really was happening in most of government. We were just trying to survive and try to sell gifts and make sure that we had money to make payroll,” he said.

Every member of Congress has a staff member dedicated to helping business owners manage their PPP loan applications, Rep. Lieu noted, and added that he is
advocating for future rounds of stimulus funds. “We just have to provide additional sustenance to the American people, both to families and to businesses.”

Even if governments all across America lifted the stay-at-home orders, the economy would still be sluggish, he said. “People are simply not going to engage in a lot of activities that they previously did because they want to protect themselves and their families. That’s going to keep our economy slow until there’s a drug therapy or a vaccine.”

During the briefing, the congressman lambasted President Trump for refusing to wear a face mask: “I think it’s shameful and disgraceful of the president of the United States not to wear a mask in public and to post things on his social media that suggest people shouldn’t wear a mask. It is a ridiculous way to govern.”

Shelly Kapoor Collins, a general partner at the Shatter Fund, which invests in women-founded businesses, said even in a good economy, women get only 2% of venture capital funds. “So, can you imagine what will happen in a post COVID era?”

Collins, who also served in the Obama administration’s National Women’s Business Council, stressed the importance of ensuring that women have access to capital to start and grow their businesses. About 12.3 million businesses nationwide are owned by women. They employ nine million people and generate $1.7 trillion in revenue.

“If women continue to scale their businesses, we have the opportunity to grow our GDP by $500 billion,” Collins said.

The United States must have an economy that includes businesses owned by diverse founders, she said, “especially [in] minority communities and especially [by] women. It’s the right thing to do, without which we cannot have a full economic recovery.”

Sumita Batra shared the story of ZIBA Beauty Salons, a business her mother founded that brought the centuries-old beauty technique of threading to this country. In March, before Newsom issued his statewide stay-at-home orders, Batra made the difficult decision to close all 14 branches of her salon and laid off 144 employees. Their final paychecks came out of her personal savings.

She applied for a PPP loan when the program began and received funds 10 weeks later. Those funds can only be used for operations and payroll after receipt and not for past debts, such as unpaid rents or leases.

Touch-based services, such as threading and nail salons, will have a harder time recovering postpandemic. Batra said she will not re-open her salons until she can ensure that her employees and clients are absolutely safe. She advocated for having stimulus funds directed specifically to services like her own.

“Touch services coming back too soon will be one of the things that ends up spreading COVID,” Batra said.


相關訊息

Governor Newsom and Google Partner to Bring Earthquake Early Warning to Millions of Smart Phones 
Newsom announced the launch of the nation’s first statewide Earthquake Early Warning System, which marries a new smartphone application dubbed “MyShake” with traditional alert and warning delivery methods such as Wireless Emergency Alerts (WEA).

TRUMP ESCALATES WAR ON IMMIGRANTS AMIDST WORSENING COVID-19 PANDEMIC 
 

族裔媒體服務社(EMS) 網上會議:疫情期間,移民在川普總統的政策之下面對的挑戰 
 

科技大企業因疫情獲利數十億 他們有縮小學生數位鴻溝的責任 
 

TECH GIANTS EARNED BILLIONS FROM PANDEMIC – NOW THEY NEED TO BRIDGE DIGITAL DIVIDE FOR KIDS 
 

族裔媒體服務社(EMS) 網上會議:K-12年級的遠程學習:是否可以公平對待所有孩子? 
 

NO SHELTER IN THE COVID-19 STORM: 28 MILLION AMERICAN RENTERS FACE EVICTIONS 
 

加州高度多元化 人口普查準確性受考驗 
 

族裔媒體服務社(EMS) 網上會議:即將席卷美國的驅逐海嘯 A Tsunami of Evictions Poised to Hit U.S. 
 

Governor Gavin Newsom Lays Out Pandemic Plan for Learning and Safe Schools 
 

Governor Newsom Announces $600 Million in Homekey Funds Now Immediately Available for Local Governments to Purchase Housing for Homeless Californians 
 

加州冠狀肺炎COVID-19「熱點」的教訓 – 公共衛生規例與現實不符 
當帝國縣 (Imperial County) 成為加州冠狀肺炎 (COVID-19) 感染率第一大熱點時,它暴露了三個變數 -- 低薪工人,擠迫家庭和醫療保健不足-- 這使某些地區成為冠狀病毒的主要攻擊目標。

冠狀病毒打開了潘多拉盒子 (PANDORA’S BOX) 的騙局 
自冠狀肺炎大流行以來,騙局激增,包括向公司支付大量前期付款,這些公司聲稱它們可以協助房主重新協商因冠狀 (COVID) 相關工作裁員而錯過的抵押貸款; 或以欺詐手段,可使小企業有機會獲得聯邦薪資保護基金以留住員工。

加州洛杉矶 Alhambra公寓apartment出租 
 

加州抗疫焦點:帝國縣抗疫的教訓 Ethnic Media Services briefing on the impact of COVID-19 in Imperial County 
 

本目錄中最多閱覽的文章

第二次宗教改革的呼聲 
新興教會的運動是教會的第二次宗教改革, 它將徹底改寫教會歷史, 並開創全新的教會時代.

叛逆 (1) 


洗衣婦成為最富足的人 (1) 
人們尊敬她,是因為她的奉獻僅僅是出於對下一代的愛心,她只想讓她辛苦積蓄下來的錢派上用場。正是由於這個樂天知命的態度和簡樸無華的智慧感動了世人。

你手若有行善的力量,不可推辭,就當向那應得的人施行 - 箴言, 三章二十七節


朱易 :非洲要接福音大使命的最後一棒 

天主教非洲教區的發展朝氣蓬勃, 讓不少非洲區主教相信, 耶穌基督再來前的福音最後一波, 將會在非洲出現. 他們認為, 福音複興在歐洲出現過, 在美洲出現過, 在亞洲也出現過, 如今複興該臨到非洲大地了.


朱易 : 教會崇拜多媒體化:有效策略還是偶像崇拜 
他們甚至認為,傳統的講道,就是用文字描述圖像來傳達信息,而多媒體則是用圖像說明文字來傳達信息。因此,文字是圖像的抽象化,而圖像則是文字的具體化。因此多媒體并不是改革宗傳統的消失,而是將多元對話引進到傳統中。


   Email: sino.american2020@gmail.com    Powered by Web4Jesus (W4J) Ministry