Business News

As loans run out, small businesses face reckoning amid COVID-19 surge

ABC NewsBy DEVIN DWYER and JANET WEINSTEIN, ABC NEWS(WASHINGTON) — The resurgence of COVID-19 across the country this summer has deepened anxiety for millions of American small business owners who face another imminent cash crunch in their battle to survive a historic pandemic.The government’s $660 billion Paycheck Protection Program, first rolled out in April, was…read more »

Prominent Latino voices call for Goya Foods boycott after CEO praises Trump

Nikki Kahn/The Washington Post via Getty ImagesBy CATHERINE THORBECKE, ABC News(NEW YORK) — Goya Foods, the New Jersey-based producer of many canned foods that have become staples in American homes, is facing calls for a boycott from prominent Latino voices after its CEO Robert Unanue lauded President Donald Trump.”We are so blessed to have you…read more »

While some PPP beneficiaries have raised eyebrows, most remain secret

Kativ/iStockBy SHANNON K. CRAWFORD and CHEYENNE HASLETT, ABC News(NEW YORK) — Kanye West’s fashion brand. Investment firms that manage billions. Businesses tied to the Trump family and owned by prominent lawmakers. The Church of Scientology.The Small Businesses Administration’s (SBA) massive data dump that included the names of over 650,000 Paycheck Protection Program (PPP) recipients revealed…read more »

Starbucks will require masks for customers at all US locations

iStock/Wachiwit(SEATTLE) — BY: KELLY MCCARTHY, ABC NewsAs cafes, restaurants and businesses continue to navigate the throes of the pandemic under guidance from top health officials, Starbucks announced that all customers will soon be required to wear masks at all of its U.S. locations.The Seattle-based coffee chain announced Thursday that beginning on July 15, it will…read more »

West Elm home-goods retailer takes ‘15% pledge’ supporting Black-owned brands

Michael Brochstein/SOPA Images/LightRocket via Getty ImagesBy JACQUELINE LAUREAN YATES, ABC News(NEW YORK) — In an effort toward creating more retail shelf space for Black-owned brands in stores, Aurora James, a fashion designer and the founder of Brother Vellies, created the “15% pledge” — which calls on major retailers to commit a minimum of 15% of…read more »

Another 1.3 million workers filed for unemployment insurance

courtneyk/iStockBy CATHERINE THORBECKE, ABC News(WASHINGTON) — Another 1.3 million U.S. workers filed for unemployment insurance last week, the Department of Labor said Thursday. While the new jobless claims have leveled off some since peaking at 6.9 million in late March, they remain at historically high levels — and have been in the millions each week…read more »

Consumer Financial Protection Bureau abandons payday loan limitations

Pineapple Studio/iStockBy CATHERINE THORBECKE, ABC News(WASHINGTON) — After a years-long battle, the Consumer Financial Protection Bureau has rolled back a series of proposed limitations to payday loans in a move advocacy groups call a “grave error” that could potentially trap vulnerable people in debt.The CFPB announced Tuesday that it was rescinding mandatory underwriting provisions –…read more »