A surprisingly smooth rollout

INC. THIS MORNING A surprisingly smooth rollout Good morning, After a series of tumultuous and chaotic launches in 2020, the Paycheck Protection Program might be experiencing its first smooth rollout this week. On Monday, the Small Business Association and the Treasury Department pre-launched the newest round of the forgivable loan program to specifically help "underserved small businesses" that were unable to secure PPP loans last year. So far, the program has been open only to lenders like Community Development Financial Institutions (CDFIs) and microloan intermediaries--which typically work with smaller businesses than traditional banks do. Experts say that’s a breath of fresh air. And while it’s too soon to gauge the program’s overall success--many of Monday's applicants won't get approvals until at least Wednesday--early signs for those underserved businesses are positive. That’s important for the country’s smallest enterprises, and particularly Black-owned businesses, which were among the least likely to obtain PPP loans in 2020. "CDFIs are more hands-on. They're willing to work with smaller businesses," Ron Busby, president and CEO of the U.S. Black Chambers, tells Inc. "Many of our businesses are going to be smaller loans, and are going to be a little more difficult and challenging [to process]." Still, there are potential problems lurking on the horizon--especially once big banks gain access to the program later this week. Read our story to learn how the PPP is providing more help for tiny and minority-owned businesses this time, and what needs to happen to keep it going. Inc.’s Best Workplaces. Apply today! Inc. ’s Best Workplaces awards the company cultures that thrive in the face of adversity. Cultures that in response to a pandemic redefine the workplace and continue to enrich it. Cultures that foster employee growth and advancement at all levels. Apply today to be recognized as a place where people love to work, one that sets the standard for excellence in company culture. Regular rate deadline: January 15, 2020. Apply Now. HERE'S WHAT ELSE I'M READING TODAY: Business leaders spoke up after a mob stormed the U.S. Capitol last week. Their voices may signal a shift in businesses' rhetoric and policies. --Inc. Here are eight workplace policies from 2020 you should keep this year--and beyond. --Inc. Uber and Lyft drivers are suing to overturn California’s Prop 22, which lets ride-hailing companies classify drivers as independent contractors. --The Verge Day 2 at the Consumer Electronics Show: Rollable and foldable phones could soon become all the rage. --CNET Don’t assume your company will fetch a lower valuation during the Covid-19 pandemic. Here’s why. --Inc. A new survey uncovered four practices that make an effective manager. --Inc. --Cameron Albert-Deitch Reporter, Inc. How are we doing? Send me ideas and feedback for Inc. This Morning at calbertdeitch@inc.com or on Twitter, and sign up for daily text messages from me. Click here to forward to a friend. This email was sent by: Mansueto Ventures 7 World Trade Center, 29th Floor New York, NY, 10007, Unsubscribe • Update Profile • View in Browser • Privacy Policy