The Paycheck Protection Program (PPP) provided many small businesses with much-needed funds during the pandemic, but the program has now come to an end. And this is going to force business owners to go back to funding sources they were using before the PPP. In this week’s roundup, the Biz2Credit Small Business Lending Index for May has revealed approval rates are on the upswing, albeit slightly.
In the article, Small Business Loan Approval Rates Increase as PPP Closes, the index for May reports small and large banks, credit unions as well as institutional and alternative lenders all saw an increase. But the biggest increase, which came from small banks, was only 0.5%. While the other lenders only experienced a 0.1% increase and alternative lenders a 0.3% increase. The CEO of Biz2Credit Rohit Arora says next month will see a significant increase. Considering small businesses won’t have much of a choice, the numbers will likely increase significantly
This is just one of the articles in this week’s roundup that highlights the needs of small business owners. You can also get insights into why employees say in-person training is better than virtual as well as why foreign qualification is a must for your business.
Small Business News Roundup – June 11, 2021
Take a look at what else is making news for small business owners this week.
Nine out of ten businesses plan to move to a hybrid-working model. This was the finding of a survey by McKinsey, which confirms the move to combine remote and on-site working is verification of the productivity and employee satisfaction of remote working.
Most employees (67%) believe in-person training is more successful than remote training. 62% say physical training is more enjoyable than virtual, and 56% of employees find in-person training more satisfactory than remote. These statistics were unveiled by a study by Paychex, providers of HR solutions to fit the needs of any size of business.
If you have a service-based business, ThryvPay says it has a payment processing solution that is less expensive, more flexible, and easier to use. And it is making the ThryvPay App available as a standalone app free of charge for non-Thryv customers.
Xerox, an integrated business solution provider, has acquired a document management expertise firm. The acquisition is designed to help Xerox increase its presence in the U.S. small to medium-sized business market.
As expected so far in 2021, many businesses are still operating virtually. Yes, stores and offices are gradually reopening, but that doesn’t mean employers and employees are willing to give up the flexibility of remote work.
Zoho Expense streamlines travel and expense management for businesses. Zoho Expense makes it easy to approve, monitor, pay and record expenses before, during and after a trip. What’s more, Zoho Expense can be integrated with various accounting software, such as Quickbooks and Amazon Business.
COVID-19 forced small business owners to speed up the next digital transformation of their own company. Despite the waning of the pandemic here in the U.S., these digital changes are becoming permanent and are still increasing at a rapid rate.
This article, “In the News: PPP Closes and Small Business Loan Approval Rates Increase” was first published on Small Business Trends