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Looting devastates businesses already shaken by virus

America Protests-Small Business Devastation

Looting and vandalism in cities across the country have dealt another blow to small businesses that were already reeling from the coronavirus outbreak. Along with big chain stores like Target, Walgreen and Macy’s, independent retailers in neighborhoods and downtown sections were targets of vandals and looters who struck as police mobilized to contain large demonstrations over the killing of George ...

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A flood of small business bankruptcies likely in coming months

Closed sign, virus outbreak

The billions of dollars in coronavirus relief targeted at small businesses may not prevent many of them from ending up in bankruptcy court. Business filings under Chapter 11 of the federal bankruptcy law rose sharply in March, and attorneys who work with struggling companies are seeing signs that more owners are contemplating the possibility of bankruptcy. Companies forced to close ...

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‘Absolute chaos’ as businesses try to tap into rescue funds

Virus Outbreak

Desperate small business owners who hoped for a quick government lifeline to help them survive the coronavirus crisis are still without funds, instead battling red tape, wary banks and swamped computer systems. Thousands of owners who applied for loans under the government’s Paycheck Protection Program are in their second week of waiting for their money. And thousands who sought relief ...

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Computer issues at SBA said to hold up small business loans

Virus Outbreak Small Business Relief

Small business owners hoping for quick help from the government’s emergency $349 billion lending program were still waiting Tuesday amid reports of computer problems at the Small Business Administration. The SBA’s loan processing system stopped working Monday, making it impossible for loans to be approved and funds distributed, according to a trade group for community bankers and the CEO of ...

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