Budget, Policy & Stimulus News
Small Business PPP-Type Loan Program Needed
An opinion piece in Triangle Business Journal by Editor-in-Chief Sougata Mukherjee summarized the looming disaster faced by small businesses as extended unemployment benefits dry up, along with the initial small business assistance provided by the Paycheck Protection Program to alleviate COVID-19 impacts. Despite wrangling by both major parties before the pending November elections, Mukherjee calls for immediate and comprehensive bipartisan relief efforts before it’s too late for many small businesses. (Source: Phoenix Business Journal)
Oro Valley Giving $1M in Small Business Aid
Oro Valley is allocating $1M to assist local businesses with its new OV Safe Steps initiative. The program gives qualified businesses financial reimbursement of up to $500 for personal protective equipment, $500 for marketing and advertising support, and $500 for business coaching. To qualify, businesses must have 50 or fewer employees, be for-profit, and have brick-and-mortar locations within the town limits. (Source: Arizona Daily Star)
Flagstaff Extends Rent Relief for Airport Tenants
Airlines and tenants at the Flagstaff Pulliam Airport will be seeing three more months of rent relief. It had been set to end this week after the Flagstaff City Council approved six months of rent relief in June. That three-month extension will translate to about $310K in lost revenues. The cost for six months would be roughly double those numbers. (Source: Arizona Daily Sun)
Small Businesses May Face PPP Loan Forgiveness Hurdles
Even as the SBA has put out waves of guidance around PPP loan forgiveness, small businesses looking for a full payoff have several hurdles to overcome, not the least of which is the time it will take to complete the paperwork. An automatic forgiveness process would speed up approval of forgiveness applications and remove a potential expense, at least for some small businesses. (Source: Phoenix Business Journal)
Economic News
JBS USA to Invest $1.3M in Tolleson
JBS USA announced plans to invest $1.3M to help Tolleson respond to needs resulting from the coronavirus pandemic and invest in the community’s future. JBS USA has worked with local leaders to identify where the funds can best help meet immediate and longer-term community needs in three key areas: Food insecurity, community infrastructure and well-being, and COVID-19 emergency response and relief efforts. (Source: Independent Newsmedia)
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