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71% of Small Business Owners Fear They’ll Never Recover From Pandemic Losses

Despite the news that loan relief with extremely low interest is on the way, it’s unclear if it’ll be enough to save entrepreneurs hit hard by COVID-19. A new LendingTree survey of more than 1,200 small business owners found that 71% worry they’ll never recover from the downturn. Business owners are holding on by a thread as more governors join the long list of states closing non-essential businesses. Nearly half of small business owners have temporarily closed their businesses, our survey found. They have also laid off workers or reduced their hours and sought funding, often unsuccessfully, to stay afloat. Key findings 71% of small business owners are worried their business will never recoup the losses associated with the COVID-19 pandemic. Business owners in the accommodation/food service and retail trade sectors are among the most likely to fear for their company’s future. Nearly half — 47% — of small business owners surveyed have taken on debt to keep their business afloat...

Lending Tree

Apr 15, 2020

SoundCloud Reveals $15M Plan to Support Musicians on Platform

Musicians are another group of people who took a large hit during the pandemic, but SoundCloud is stepping up to help the creators on their platform in need. Variety reported that on Thursday, the online music streaming site announced a series of initiatives they plan to kick off to garner more attention for artists using the platform. SoundCloud described the plan as a $15 million investment to provide promotional support through their “artist accelerator program.” “As the coronavirus crisis has unfolded, we’ve seen a global outpouring of tracks on SoundCloud with a 50% surge in creators uploading in the past month alone,” CEO Kerry Trainor wrote in a statement on their website. “But behind this creative response, we know there continues to be financial loss and uncertainty for our creator community.” Programs within the plan include a new direct fan-support button for all artists, $5 million in free promotional support for all creators to drive more plays, a $10 million artist...

Njera Perkins

Apr 3, 2020