Fed Eases Main Street Lending Requirements & 4 More Small Business News Stories You Need To Know

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Why this matters to you: A mass migration could impact small companies in various methods. Besides staff members of little organizations moving away, some companies in high-cost-of-living locations could lose clients as a growing number of Americans head towards more inexpensive areas.

Major cities have the prospective to be particularly affected– 20.6% of those preparing to move currently live in a major city. Upwork’s findings enter line with recent data from Apartments.com which showed that the top 10% markets have seen a 13 percentage point bigger decline in rent costs compared down 10% markets.

In between 14 million to 23 million Americans are thinking about transferring to a brand-new city or area According to a report by freelancing platform Upwork since of the rise of remote work throughout the pandemic. When these numbers are contributed to the variety of individuals who are moving regardless of the remote work circumstance, Upwork said that “near-term migration rates may be three to four times” greater than usual.

Why this matters to you: With a lower minimum loan size, more businesses will be able to take advantage of the Main Street Lending Program. This could be specifically useful as another stimulus bundle looks unlikely anytime soon. Nevertheless, the Fed’s relocation still will not suffice for many small companies– plenty requirement loans of under $100,000 and the program’s 3%-and-higher rates of interest aren’t exactly luring.

American Cities Are Facing A Mass Exodus Because Of Remote Work

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