Small Business

A federal coronavirus small-business loan program has helped millions of companies stay afloat during the pandemic, but may have also sunk billions of dollars on “fraud, waste, and abuse,” House Democrats said Tuesday. The conclusion from majority staff on the House coronavirus subcommittee came in a new report on the Paycheck Protection Program, a key

U.S. President Donald Trump reacts at the Republican National Convention in Charlotte, North Carolina, August 24, 2020. David T. Foster | Pool | Reuters The IRS issued long-awaited guidance on President Donald Trump’s payroll tax deferral Friday night. And it appears to put the onus on employers to collect any taxes due after the holiday

As stimulus talks remain deadlocked in Washington, the situation on Main Street is becoming increasingly dire. The window to apply for new Paycheck Protection Program loans has expired and many who have accessed loans have used the funding. As businesses operate with limited capacity due to Covid-19 restrictions, new data show many anticipate more aid

Westend61 | Westend61 | Getty Images If there’s a magic bullet to two-parent families getting by on one salary, especially in these tough economic times, it’s controlling cash flow. Couples who succeed at either saving one salary or living on one paycheck are very disciplined about spending. They use several strategies to make living on less work

The Covid-19 crisis is requiring everyone to do something that former FBI hostage negotiator Chris Voss built a career on: make tough, stressful decisions. “I like action, I hate inaction and inertia, and with the pandemic, it is requiring us to make decisions,” said Voss, who now runs his own consulting firm, Black Swan Group.

The exterior of OneUnited Bank in Boston. It is one of less than two dozen Black-owned banks in the U.S. Pat Greenhouse | The Boston Globe | Getty Images Black Americans have been hit disproportionately hard by the Covid-19 pandemic, and the White-led financial institutions that could theoretically offer economic support may simply not be

The coronavirus pandemic has thrown into sharp focus the role of government in supporting the economy during periods of crises. But it has also highlighted the role big business can play. Look at Singapore. As the Asia-Pacific headquarters for many major corporations, the country has long invested in business stability even as geopolitical tensions flare globally. So when

Delmaine Donson | E+ | Getty Images Each year, more women head out on their own as entrepreneurs.  Women currently are majority owners of 39% of U.S. small businesses, a 45% increase from 2007 to 2016, according to SCORE, a network of volunteer business mentors sponsored by the Small Business Administration. These businesses employ nearly 9

President Donald Trump speaks during a rally at Yuma International Airport in Arizona on Aug. 18. Brendan Smialowski | AFP | Getty Images Employers and payroll companies have less than two weeks to put President Donald Trump’s payroll tax deferral in place. It’s looking like an uphill battle. The president signed an executive order on

Small-business devastation during the coronavirus crisis presents risks to capitalism in the United States, Mohamed El-Erian told CNBC on Thursday.  “If you want capitalism to be sustained, you need buy-in from a lot of people. You cannot get buy-in if it’s all about large corporations,” the chief economic advisor at Allianz said on “Squawk Box.”  “Remember

Kevin O’Leary told CNBC on Thursday that he does not believe Democratic presidential nominee Joe Biden would impair the stock market if the former vice president were to defeat President Donald Trump in November.  “I don’t think Biden is going to hurt the markets at all if he gets elected. His hands are tied,” the

A convoy of emergency vehicles drives along an emptied Interstate 80 during the LNU Lighting Complex Fire on the outskirts of Vacaville, California, U.S., August 19, 2020. Stephen Lam | Reuters Kena Hudson’s 7-year-old son Clarence has asthma that’s sometimes landed him in the hospital. Typically, when wildfire season starts in Northern California, he’ll stay

Facebook founder and CEO Mark Zuckerberg. Chesnot | Getty Images Facebook announced Wednesday that it is launching initiatives to support Black entrepreneurs. It’s dedicating $40 million from its $100 million small business grant program to 10,000 Black-owned businesses in the U.S. Grants include $2,500 in cash and a $1,500 Facebook ad credit. The company is

Rob Frohwein, CEO of Kabbage Adam Jeffery | CNBC As small businesses continue to feel the pressure from Covid-19-related restrictions, American Express announced Monday that it has agreed to acquire small business lender Kabbage, ranked No. 24 on this year’s CNBC Disruptor 50 list. Kabbage, headquartered in Atlanta, is a data and technology company providing

Entrepreneurs who received up to $10,000 in federal grants and took a forgivable Paycheck Protection Program loan as well are in for a surprise: They won’t be getting the full loan forgiveness they had hoped for. The CARES Act offered small businesses a couple of lifelines this spring. First, it established an emergency grant program,

As the U.S. and Chinese governments battle over the fate of TikTok, with tech giants including Microsoft vying to acquire the popular social media app, advertising guru Gary Vaynerchuk says small business owners also have a big TikTok opportunity to exploit.   “It’s really hard to go on Twitter, Instagram, YouTube, or Facebook right now and

The Small Business Administration opened the forgiveness portal for its Paycheck Protection Program loans this week, but companies may want to think twice before rushing in. The CARES Act made these PPP loans available to cash-strapped small businesses starting on April 3. Since then, more than 5 million loans have been approved, accounting for $525

Investor Kevin O’Leary believes in tough love, especially now when entrepreneurs on Main Street are trying to figure out whether it’s time to hang onto their business — or shut down. “This is the time to stay focused and positive,” O’Leary said, speaking at CNBC’s Small Business Playbook virtual summit on Wednesday. “Entrepreneurs are creative by

A security guard wearing a protective mask gives a shopper hand sanitizer at a store in San Francisco, California, during a phase of reopening in June. Michael Short | Bloomberg | Getty Images After 102 days with no community spread of Covid-19, New Zealand on Tuesday announced four new cases that were transmitted locally, causing

Sheryl Sandberg, COO of Facebook speaks onstage during ‘Putting a Best Facebook Forward’ at Vanity Fair’s 6th Annual New Establishment Summit. Matt Winkelmeyer | Getty Images Facebook COO Sheryl Sandberg on Wednesday said the social media company needs to work with whoever wins the 2020 U.S. election to address their concerns about Big Tech. “We