For the 5,116 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC), aggregate net income totaled $18.5 billion in first quarter 2020, a decline of $42.2 billion (69.6 percent) from a year ago. The decline in net income is a reflection of deteriorating economic activity, which resulted in the increase in provision expenses and … [More]
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Disaster Loan Programs Reopened for Eligible Small Businesses and Nonprofits
Small Business Administration
To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19 today. “The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the … [More]
Fintech Co. Closes $2M Seed Funding Round with Venture Capital Firm to Propel Growth
Dovly
Dovly, a consumer-focused credit improvement company, today announced it raised $2 million in seed funding. The round was led by venture capital firm NFX, which focuses on helping grow companies based on the principals of network effects and marketplaces. The funding will accelerate Dovly’s commitment to provide consumers with a more efficient, effective credit improvement … [More]
New and Revised Guidance Regarding the Paycheck Protection Program
Small Business Administration
The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, issued new and revised guidance for the Paycheck Protection Program (PPP). This guidance implements the Paycheck Protection Program Flexibility Act (PPPFA), signed into law by President Trump on June 5, 2020, and expands eligibility for businesses with owners who have past felony … [More]
Arizona Hospital Leaders Speak Out as Ducey Announces Remain-Open Plans
by Mike Hunter
Governor Doug Ducey announced, yesterday, that Arizona would remain open saying that Arizona is not seeing an increase in patient volume. "We put the stay-at-home order in place so that we can prepare for what we’re going through right now,” Ducey stated in Thursday's press conference. Earlier Thursday, Arizona hospital leaders issued the following statement regarding the … [More]
Arizona Startup to Supply System Solutions under License from First Solar
REPlantSolutions
REPlantSolutions, a recently-founded Arizona start-up, aims to support grid security and optimize the cost of photovoltaic (PV) solar electricity. Founded by First Solar alumni, the company supports the needs of solar developers and asset owners with field-proven solutions. “We are proud to provide the solar industry with leading edge solutions under license from … [More]
Poll: Nearly Two-Thirds of Job Seekers Laid Off or Have Less Work Due to Pandemic
Job-Applications.com
Job-Applications.com announced the results today of a detailed, nine-question poll that reveals job-seekers’ thoughts on how they view the coronavirus' effect on the economy, and the effectiveness of business and public health officials to implement safety protocols. There are now roughly 2 million confirmed cases of COVID-19 in the United States, which have resulted in more … [More]
COVID-19 Drive-Thru Testing Sites Opening
Walmart
In light of increased cases, two COVID-19 drive-thru testing sites are opening in Walmart parking lots located at 4435 W. Anthem Way in Anthem and 1060 S. Watson Road in Buckeye. These sites are supported by Walmart, eTrueNorth and state and local officials to test anyone who meets CDC and state and local guidelines on who should be tested, including first responders, health … [More]
Center for the Future Expands Data Breadth to Gain More ‘Meaningful Information’
Center for the Future of Arizona
The Center for the Future of Arizona (CFA) today announced the addition of new tools and resources to The Arizona We Want Progress Meters portfolio. The organization significantly expanded the breadth of information available in the portfolio by adding more than 144,000 data points and its newly developed Data Profile reports featuring demographic data for Arizona and all 15 of … [More]
Another 1.54 Million Americans Filed for Unemployment Benefits Last Week
U.S. Department of Labor
In the week ending June 6, the advance figure for seasonally adjusted initial claims was 1,542,000, a decrease of 355,000 from the previous week's revised level. The previous week's level was revised up by 20,000 from 1,877,000 to 1,897,000. The 4-week moving average was 2,002,000, a decrease of 286,250 from the previous week's revised average. The previous week's average was … [More]
EEOC Updates Return-to-Work Guidelines
U.S. Equal Employment Opportunity Commission
The U.S. Equal Employment Opportunity Commission (EEOC) today posted an updated and expanded technical assistance publication addressing questions arising under the Federal Equal Employment Opportunity Laws related to the COVID-19 pandemic. The publication, “What You Should Know About COVID-19 and the ADA, the Rehabilitation Act, and Other EEO Laws,” provides approaches … [More]
Starbucks Gradually Transforms Model amid COVID-19
Starbucks Coffee Company
Starbucks announced plans to accelerate the transformation of its store portfolio in the U.S. through the integration of the physical and digital customer experience. These changes are accelerated due to a retail environment that has shifted because of COVID-19 and to meet the already evolving customer needs of convenience, connection and personalization offered through a … [More]
76% of Workers Think Racism Is a Problem at U.S. Workplaces — but Only 44% Think It’s a Problem at Their Workplace
Clutch
Three-fourths of American workers (76%) think racism and discrimination is an issue at U.S. workplaces, but fewer than half (44%) think it's an issue at their company, according to a new survey from Clutch, a B2B ratings and reviews platform. Clutch found that just 14% of workers say racism and discrimination is a major problem at their own workplace, compared to 43% who … [More]
Cómo negociar su contrato de arrendamiento comercial durante COVID-19
por Edgar R. Olivo
La pandemia, las protestas, la falta de liderazgo, la economía en declive y la poca confianza en el mercado, han hecho la negociación de un arrendamiento comercial un problema financiero grande para los propietarios de pequeñas empresas. Como vemos todos los días en las noticias, las pequeñas empresas están a la vanguardia de los toques de queda y los cierres obligatorios. … [More]
How Small-Business Owners Are Negotiating Their Lease with Commercial Landlords during COVID-19
by Edgar R. Olivo
The pandemic, protests, lack of leadership, declining economy and low confidence in the market have made negotiating a commercial lease a major financial problem for small-business owners. As we see every day in the news, small businesses are at the forefront of stay-at-home orders, curfews and mandated closures. Most cannot afford to wait for these major obstacles to pass, … [More]
Core and Overall Consumer Price Index Both Fall 0.1 Percent in May
by Dean Baker
Both the core and overall Consumer Price Index (CPI) dropped 0.1 percent in May. It was the third consecutive month of decline for both indexes. The overall CPI has fallen 1.3 percent over the three months since the pandemic began to have a major economic impact, while the core index has dropped 0.6 percent. The pandemic has had sharply divergent impacts, as would be … [More]
Paycheck Protection Program Flexibility Act Guidelines Coming, Says SBA
Small Business Administration
Following the enactment of the Paycheck Protection Program (PPP) Flexibility Act, the Small Business Association, in consultation with U.S. Treasury, will promptly issue rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing these legislative amendments to the PPP. These modifications will implement the following … [More]
More than $748M in Arizona Unemployment Assistance Issued Last Week, Highest Ever
Arizona Department of Economic Security
The Arizona Department of Economic Security (DES) announced the availability of Pandemic Emergency Unemployment Compensation (PEUC), which provides a 13-week extension of benefits to individuals who have exhausted their state unemployment insurance (UI) and remain unemployed. PEUC launched on June 7. “While Arizona is safely reopening, there is still a significant need for … [More]
