Small businesses are the lifeblood of the U.S. economy: they create two-thirds of net new jobs and drive U.S. innovation and competitiveness, and account for 44 percent of U.S. economic activity. With the latest round of PPP, there is a focus on monitoring banks to see how quickly and efficiently they can get the funds in the hands of the small businesses that need it most.
Last time there were headlines of well-established enterprises that received the money, while many smaller businesses did not. Banks struggled to efficiently operate and distribute money during the first PPP window. It appears to be going smoother, but what about after the funds expire?
How will small business pivot in the new economy, with global sales, e-commerce, delivery services, online-only models, and digital currency? How will small businesses compete with the e-commerce global behemoths? How are banks partnering with SMBs, especially minority and women-owned SMBs to bridge the divide?
