Small Business

Owner Mark Cuban of the Dallas Mavericks reacts prior to the game against the Philadelphia 76ers at the Wells Fargo Center on December 20, 2019 in Philadelphia, Pennsylvania. Mitchell Leff | Getty Images Small businesses should apply to multiple banks in order to boost their chances of receiving a loan through the Paycheck Protection Program,

Large companies that received money from the small business loan program are not to blame, according to former TARP watchdog Neil Barofsky. “You have to go back to the design of the program itself,” Barofsky told CNBC on Thursday.  “I mean, Congress went out of its way to carve out businesses that have more than 500

Phynart Studio Prior to the Covid-19 pandemic, an astounding 53% of the American population felt anxious about personal finances. Undoubtedly, that percentage has grown significantly, with more than 26 million Americans becoming unemployed since then. The statistics are alarming, but it is not time to panic — it’s time to plan. Although many financial plans

CNBC’s Jim Cramer on Tuesday criticized banks for approving small business loans to larger companies that were not meant to benefit from the federal Payroll Protection Program. “I just want to know who made the bad loans. Somebody did,” Cramer said on “Squawk on the Street,” suggesting the names of the banks who facilitated the

[The stream is slated to start at 3 p.m. TIME ET. Please refresh the page if you do not see a player above at that time.] President Donald Trump on Tuesday is slated to deliver remarks on the Paycheck Protection Program. The government relief program offers forgivable loans to small businesses that keep employees on

Subway CEO John Chidsey on Wednesday defended the company’s franchisees who applied for small business loans to help offset the economic impacts from the coronavirus pandemic.  “We literally have 10,700 franchisees in the U.S., and on average they own two restaurants apiece,” Chidsey said on CNBC’s “Squawk on the Street.”  “We are the ultimate mom-and-pop, if

Dr. Laura Heisler is hoping that the new round of congressional funding for the Payroll Protection Program will provide a lifeline to keep her practice afloat. The chiropractor has gone from seeing 15 patients a day to an occasional emergency case over the last month, since the coronavirus pandemic hit her community in New Rochelle,

Sen. Amy Klobuchar (D-MN) speaks during a campaign rally at the Altria Theatre on February 29, 2020 in Richmond, Virginia. Zach Gibson | Getty Images Sen. Amy Klobuchar and 21 other senators on Monday urged the Trump administration to take more steps to ensure the small businesses devastated most during the coronavirus pandemic do not

A masked pedestrian walks past shuttered shopfronts in Hollywood, California on April 23, 2020. FREDERIC J. BROWN/AFP via Getty Images Many Americans collecting unemployment benefits may be wondering: Why isn’t my check bigger? The $2.2 trillion coronavirus relief package enacted last month expanded unemployment benefits in several ways, partly by increasing jobless pay by $600

A woman wearing a face mask at her house. Robin Utrecht | Echoes Wire | Barcroft Media via Getty Images As the economy shut down, businesses diverted spending to technology, while cutting back more broadly on other outlays including their payments to suppliers, according to data tracking business-to-business spending.  Even before the state shutdowns took

People wait in line to receive food at a Food Bank distribution for those in need as the coronavirus pandemic continues on April 9, 2020 in Van Nuys, California. Mario Tama | Getty Images This week, Congress approved $310 billion to add to the initial $349 billion Paycheck Protection Program (PPP). The program provides small

Father-daughter team Steve and Leah Kim model the masks their New York City alterations business, Master Tailor, started making when the coronavirus hit. When New York City largely shut down last month due to the spread of Covid-19, it was a devastating blow for some businesses. That included the Master Tailor, an alteration shop on

A customer taste tests a beer before ordering a growler to go at Harlem Public in northern Manhattan. April 24, 2020 Spencer Kimball | CNBC Just when Kal Narvilas thought his loan applications were about to get approved, his bank delivered the bad news — there was no more money left.   The $349 billion Paycheck

A sign alerts Potbelly Sandwich Shop customers that it is open for pick-up and takeout only due to the coronavirus outbreak in Washington, D.C., U.S., on Tuesday, March 17, 2020. Photographer: Andrew Harrer/Bloomberg via Getty Images Andrew Harrer | Bloomberg | Getty Images Potbelly said Saturday that it will return its $10 million loan from

Fabian Videla Source: Fabian Videla In March, Fabian Videla realized that his 20-year-old construction and renovation company, Smarter Remodeling,in Jacksonville, Florida, might not survive the coronavirus outbreak.  “People started canceling sales appointments,” Videla, 49, said. “Current customers were apprehensive about letting crews in their houses. All of a sudden, it was a massive shutdown.” Soon,

U.S. President Donald Trump speaks during a news conference in the White House in Washington, D.C., U.S., on Thursday, April 23, 2020. Michael Reynolds | Bloomberg | Getty Images President Donald Trump signed a $484 billion coronavirus relief package into law Friday as Washington plans the next steps in its unprecedented attempt to rescue an

Senate Minority Leader Chuck Schumer, a Democrat from New York, speaks during a news conference on Capitol Hill in Washington, D.C., on Tuesday, April 21, 2020. Sarah Silbiger | Bloomberg | Getty Images Three leading Democratic senators are urging the Small Business Administration to investigate whether banks gave the wealthy preferential treatment as they doled

Despite outrage on Main Street and new pressure from the Treasury Department this week, several publicly traded companies that received payroll relief funds from the Small Business Administration oppose demands to return the cash. The companies said the Paycheck Protection Program loans have allowed them to keep employees on payroll and that they disagree with

Food Network star Willie Degel said Thursday he does not plan to immediately open his restaurant in Georgia when the state’s coronavirus-related restrictions on his business are relaxed next week.  “Being that we’re more of a middle-serve, finer-dining restaurant, I’m going to wait on the sidelines and see how the customers are reacting,” Degel said

House Speaker Nancy Pelosi of Calif. arrives on Capitol Hill, Thursday, April 23, 2020, in Washington. Andrew Harnik | AP The House passed a $484 billion package Thursday to bolster small businesses and hospitals ravaged by the coronavirus crisis and expand testing desperately needed to start the return to normal life. Donning face coverings and