SBA released data on the Paycheck Protection Program (PPP) this week for all approved loan activity through April 13 and told banks Wednesday night that the program is nearly out of funds. The data show more than 1 million loans worth more than $247 million approved across all states and territories.

The House and Senate have both passed a bill that would alter the SBA’s Paycheck Protection Program. Businesses will now have up to 24 weeks to use forgivable funds, instead of the original eight weeks. The portion of the costs that must be spent on payroll has been reduced from 75 percent to 60 percent. The bill also changes many of the original legislation’s hard deadlines from the end of June to Dec. 31.

A trio of recent reports reflect the pernicious effects the pandemic is having on small businesses. Last month, a survey from the Society for Human Resource Management (SHRM) found that 52 percent of small businesses expected to be out of business within six months. SHRM President and CEO Johnny C.

The relief bill passed last night falls short of assisting states that face strains on their budgets and increasing demand for assistance from their constituents. However, the bill does provide $900 billion for the first broad COVID-19 relief package to pass since the CARES Act was signed into law on March 27th. The major items in this legislation are the extension of unemployment insurance benefits, direct payments to individuals, and a new round of loans through a modified Paycheck Protection Program.

When the full impact of the COVID-19 virus was just beginning to be realized in spring of 2020, small businesses across the country were faced with nearly insurmountable challenges and emergency orders, shutting down operations in many instances and choking off funding sources. Many in the technology-based economic development (TBED) community stepped in and pivoted their own organizations and plans to help others. We reached out to our SSTI members to hear about how they responded.

Most states, businesses, families, and individuals spent the pandemic walking on the edge of a jagged economic cliff. Luckily, there were some guardrails in the form of fiscal recovery funds, disaster loans, paycheck protection, and childcare grants. These devices helped pull thousands back from the edge.

But now, with the pandemic emergency over, the cliff is still in sight, but the guardrails are gone. Without them, will states, businesses, and others tumble over the economic cliff? The answer may depend on how they used those guardrails during the pandemic.

The Department of Defense recently awarded six Defense Manufacturing Community Support Program (DMCSP) grants totaling approximately $30 million from the Office of Local Defense Community Cooperation (OLDCC). The DMCSP invests long-term in critical skills, facilities, workforce development, research and development, and small business support to strengthen the national security innovation base.

In 2021, U.S. microbusinesses reported $8.1 billion in research and development (R&D) expenditures, of which the microbusinesses themselves performed 75% ($6.1 billion) The $6.1 billion in microbusiness-performed R&D represents an increase of 9% over the prior year and 17% since 2019. Microbusinesses are those with nine or fewer employees.

The U.S. Small Business Administration (SBA) has announced the 2024 Growth Accelerator Fund Competition (GAFC) Stage One winners. Each received $50,000 in prize awards for impactful and inclusive approaches to foster a thriving, collaborative national innovation support ecosystem to advance small business R&D.

The Internal Revenue Service recently published new interim guidance for companies to use when amortizing research or experimental expenditures — a new requirement for tax year 2022 created in the Tax Cuts and Jobs Act.

By automating routine tasks, improving data analysis, and enhancing marketing efforts, AI can revolutionize how small firms conduct business—and that should impact the type of assistance technology-based economic developers offer their innovation-driven entrepreneurs. Understanding how small business owners perceive and utilize AI is crucial for developing strategies that support their growth and competitiveness. 

The U.S. Small Business Administration (SBA) recently announced plans to launch a 7(a) Working Capital Pilot (WCP) Program later this year. The program will offer a lines of credit, made by 7(a) lenders and backed by the SBA. It is designed to give greater flexibility than a traditional term loan.

Over the past 40 years, many people involved in SBIR and empirical analysts in the research, finance, and technology sectors have said SBIR awardees, as a group, are uniquely important for America’s innovation goals.

If you are an entrepreneurship service organization (ESO), you likely are seeing more companies within your scope adopting artificial intelligence (AI). But how well do you understand their needs for further assistance with the transformative platform technology?