Dave Portnoy’s ‘Barstool Fund’ Raises $20M, Helps More Than 90 Small Businesses

The Barstool Fund, created by Dave Portnoy, has helped raise more than $20 million, helping nearly 100 small businesses hurt during the coronavirus pandemic lockdowns. Portnoy started the Barstool Fund one month ago with his own $500,000 to help small businesses.

The fundraiser has raised $20,119,270 from more than 156,000 donors and has aided 92 small businesses across the country as of Thursday evening.

Earlier in the day, Portnoy announced his fundraising success on Twitter, but stressed that their mission is far from over.

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Minimum Wage Hikes Set for 2021 Imperil Businesses Struggling Amid COVID Shutdowns

More than 80 states and local municipalities are slated to see minimum wage hikes in 2021, even as business owners continue to struggle during the coronavirus pandemic.

The Employment Policies Institute, a non-profit based in Washington, D.C., that studies how public policy impacts employment growth, released a comprehensive list of the minimum wage increases that will go into effect next year and in subsequent years.

“Minimum wage increases are demonstrated to cause job losses even in times of economic health,” said Michael Saltsman, EPI’s managing director. “These states and local areas are increasing the cost of labor as businesses are dealing with forced closures or a drastic drop in revenue. Employers and employees will pay the price for these misguided good intentions.”

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Four California Small Business Owners Share Their Struggles to Survive Under Lockdowns

California small businesses are crumbling under the weight of a new stay-at-home order and a lack of meaningful financial assistance. 

Democratic Gov. Gavin Newsom issued a new region-based lockdown order for California on Dec. 3, forcing more California businesses to close their doors or severely limit operations. 

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Four California Small Business Owners Share Their Struggles to Survive Under Lockdowns

California small businesses are crumbling under the weight of a new stay-at-home order and a lack of meaningful financial assistance. 

Democratic Gov. Gavin Newsom issued a new region-based lockdown order for California on Dec. 3, forcing more California businesses to close their doors or severely limit operations. 

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Chamber: Most Small Businesses Say More Federal Aid Necessary for Success

Some two-thirds of small business owners say more federal relief funds are needed for them to be successful in the coming year during the ongoing coronavirus pandemic, according to the fourth quarter Small Business Index survey from the United States Chamber of Commerce.

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Rubio Calls for More Small Business Loan Money in Compromise COVID-19 Relief Bill

The $908 billion pandemic stimulus compromise package being discussed in the U.S. Senate is a hopeful sign of progress, Florida Republican U.S. Sen. Marco Rubio said, but it won’t garner his support until more assistance is tabbed for small businesses.

The four-month emergency package introduced Tuesday by a bipartisan coalition of senators and House representatives on Capitol Hill would fund transportation, food assistance, coronavirus testing centers and the Paycheck Protection Program (PPP) crafted by Rubio’s Small Business and Entrepreneurship Senate Committee to help businesses pay their employees during shutdowns rather than lay them off.

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80 Percent of Small Business Owners Are Waiting to Receive a Loan from the SBA, Survey Finds

The National Federation of Independent Business (NFIB) Research Center released a survey Tuesday that said 80 percent of small business owners are still waiting to receive a loan from the Paycheck Protection Program (PPP).

“Small businesses were prepared and ready to apply for these programs, the only financial support options for most, and it is very frustrating that the majority of these true small businesses haven’t received their loan yet,” Holly Wade, NFIB Director of Research & Policy Analysis, said. “Small businesses make up nearly half of the economy and it’s crucial that their doors stay open.”

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Wells Fargo Bows Out of Small Business Bailout Program After Receiving $10 Billion of Loan Applications

One of the largest banks in the United States announced that it is no longer accepting applications for a federal program aimed at rescuing small businesses affected by the coronavirus pandemic.

Wells Fargo has stopped accepting new applications for the government’s Paycheck Protection Program, an initiative created by the government to assist U.S. businesses that employ fewer than 500 people. The bank’s decision came after it was inundated with billions of dollars in loan requests since Friday.

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Commentary: Small Businesses Urge Federal and State Governments to Reopen America ASAP

Due in large part to government edicts, religious, social, and political gatherings, have been cancelled or drastically altered to meet government requirements. Schools and colleges have closed so there will be no proms or graduations to attend this spring. Restaurant dining rooms are closed, as are community centers, fitness centers, salons, barbershops, theaters, retail stores, and malls. Theme parks, beaches, and even some public parks are closed. Air travel and the use of public transportation has declined precipitously. Traffic on the roads is eerily light, and parking lots are nearly empty.

Of the businesses that have remained open, many have reduced their operating hours. While one can reasonably expect that stay-at-home orders will reduce Chinese coronavirus cases, it remains to be seen what the human and economic toll of these orders will be; but we do know that they are devastating to small businesses and their employees.

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Commentary: Trump Virus Response Calls for Covering Payroll for Every Small Business in America with $300 Billion

In order to meet payroll for every small business and nonprofit in America up to 500 employees for the next month or so during the Chinese coronavirus outbreak, President Donald Trump and Senate Majority Leader Mitch McConnell (R-Ky.) are proposing $300 billion of forgivable emergency loans.

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