July 30, 2021
SBA launches PPP direct forgiveness portal
If you have a Paycheck Protection Program (PPP) loan under $150,000, this news is for you. The Small Business Administration (SBA) is launching a portal where you can apply for PPP loan forgiveness directly. This new “direct forgiveness” program aims to streamline and simplify the PPP forgiveness process and “help rush relief” to the small businesses that need it most. The portal will open on August 4, 2021.
The majority of small businesses waiting for PPP forgiveness have borrowed under $150,000, so we expect this program to have a significant impact. Learn what information you’ll need to apply through the portal and get answers to FAQs on our blog.
New data: How unemployment benefit changes impact hiring
Throughout the pandemic, we’ve been keeping an eye on employment trends and how they shift with new factors, like the introduction of relief, unemployment insurance (UI) benefits, and vaccines. In our latest report, Gusto Economist Luke Pardue observes how the end of some unemployment programs has impacted hiring, and how the impact differs by age group:
States that have ended enhanced UI provisions early have seen an increase in employment of adult workers 25 or older, which started the week governors announced enhanced UI would soon end, and has been driven by the states in this group with the highest vaccination rates. In states where enhanced UI will not end until September, there has been a simultaneous spike in hiring of 15-19 year olds.
If you’re looking to hire, understanding these trends may help you find out where you’ll have the best luck looking for talent. Read the full report here.
State unemployment updates
Speaking of changes to unemployment benefits, there are a number to be aware of. Several states stopped offering enhanced unemployment benefits in June and July, but many federal benefits will continue through September 6, 2021 — and certain states, like California and Illinois, will offer enhanced benefits till then, too.
Check our state-by-state guide for the latest on unemployment benefits offered in your state.
On our radar
- There’s a War for Talent. What Are You Doing to Win? (Inc.)
- Am I Ready To Raise Venture Capital? (The IFundWomen Show on Apple Podcasts)
- Navigating Mental Health at Work: A Reading List (Harvard Business Review)
Find the latest relief options in our Small Business Relief Finder.
Want more news and resources? Check out past editions in our archive.