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Economic Injury Disaster Loan Update | East Hartford CT
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SBA defends its call for more low-income grant applicants, even as business owner complaints pile up
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The COVID recession has had an outsized impact on women, particularly minority women, who are more likely to work in areas such as retail and restaurants that were hard hit by the downturn in the economy. According to the Bureau of Labor Statistics (BLS), more women than men in the U.S. have lost their jobs because the industries they tend to work in have been impacted more by the effects of the pandemic.
âSecond, the coronavirus shutdowns have closed schools and daycare centers around the country, keeping kids at home and making it even harder for parents (especially mothers who tend to provide the majority of childcare) to keep working,â said a BLS report The Impact of COVID-19 on Gender Equality. âChildcare poses an additional challenge to working mothers during the pandemic.â
Image courtesy of Midtown Athletic Clubs. Design ©DMAC Architecture. Restaurant industry employment still down 2.3 million jobs at the end of 2020 as establishments look to reopen.
Data suggests that the overall outlook for the restaurant industry has improved in recent months, according to an update from the Biden administration. Specifically, the restaurant industry has added 450,000 jobs since January, but remains down 1.8 million jobs compared to February 2020.
Unfortunately, many restaurants and bars remain partially closed, with reduced revenue and significant pandemic-related debt. In the weeks ahead, the Small Business Administration will prioritize getting the allocated $28.6 billion in Restaurant Revitalization Funds relief to hard-hit businesses so they can keep their doors open.
SBA has $5B grant program for small businesses: Here’s who qualifies for money
Updated May 08, 7:38 PM;
Posted May 07, 3:37 PM
Joe Sciacca serves customers standing outside of Erie Coffeeshop & Bakery in Rutherford in May 2020.Andrew Mills | NJ Advance Media for NJ.com
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The SBA will continue to accept applications until the entire $5 billion in awarded. The program is targeted at up to 1 million small businesses and nonprofits.
To be eligible, the small businesses must have no more than 10 employees, be located in low-income areas, and had an economic loss due to the coronavirus pandemic of greater than 50% over an eight-week period since March 2, 2020, compared to the previous year.
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