The Paycheck Protection Program (PPP) provided many small businesses with much-needed funds during the pandemic, but the program has now ended. And it’s going to force business owners to go back to the funding sources they used before PPP. In this week’s roundup, the Biz2Credit Small Business Lending Index for May found that approval rates are up, albeit slightly.
In the article, Small Business Loan Approval Rates Increase as PPP Ends, the May index reports that small and large banks, credit unions as well as institutional and alternative lenders all saw an increase. But the largest increase, which came from smaller banks, was only 0.5%. While other lenders only saw an increase of 0.1% and alternative lenders an increase of 0.3%. Biz2Credit CEO Rohit Arora said next month will see a significant increase. Since small businesses won’t have much 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 understand why employees say in-person training is better than virtual as well as why overseas qualification is a must for your company.
Small Business News Roundup – June 11, 2021
Take a look at what’s making the news for small business owners this week.
10 Signs of a Toxic Hybrid Workplace
Nine out of ten companies are considering moving to a hybrid working model. That’s the finding of a McKinsey survey, which confirms that the decision to combine remote and onsite work is a check on productivity and employee satisfaction with remote work.
Employees say in-person training is better than virtual
Most employees (67%) think in-person training is more effective than remote training. 62% say physical training is more enjoyable than virtual, and 56% of employees find in-person training more satisfying than remote. These statistics were revealed by a study by Paychex, a provider of HR solutions to meet the needs of businesses of all sizes.
ThryvPay App Processes Payments for Small Business Service Providers
If you have a service-based business, ThryvPay says it has a cheaper, more flexible, and easier-to-use payment processing solution. And it makes the ThryvPay app available for free as a standalone app for non-Thryv customers.
Xerox Acquires Small Business-Focused Document Systems
Xerox, a provider of integrated business solutions, has acquired a document management firm. The acquisition is designed to help Xerox increase its presence in the US small and medium business market.
Why “foreign qualification” is a must for your growing business
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 ready to give up the flexibility of remote working.
Zoho Expense: Streamline travel and expense management
Zoho Expense streamlines travel and expense management for businesses. Zoho Expense makes it easy to approve, track, pay, and record expenses before, during, and after a trip. Additionally, Zoho Expense can be integrated with various accounting software, such as Quickbooks and Amazon Business.
Get ready for the next digital transformation
COVID-19 has forced small business owners to accelerate their own business’ next digital transformation. Despite the decline of the pandemic here in the United States, these digital changes are becoming permanent and continue to increase at a rapid rate.
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