Connect with us

Economy

SBA again accepting Paycheck Protection Program applications

Eddie Burkhalter

Published

on

The U.S. Small Business Administration on Monday began once again accepting applications in a program meant to help small businesses keep workers during the COVID-19 crisis. 

The first round of $349 billion in the Paycheck Protection Program loans ran out in just 13 days, and not without controversy. At least $500 million of that money went to larger, publicly-held companies, according to The Washington Post

In Alabama, 27,922 loans went out totaling $4.9 billion in the first round of loans before the money ran out, according to the SBA.

Another $310 billion in loans nationally are up for grabs in this second round. 

“Alabama small businesses are the lifeblood of our state’s economy, and I am grateful to the Small Business Administration and the federal government for offering them a critical lifeline during these uncertain times,” said Gov. Kat Ivey in a statement Monday. “The Paycheck Protection Program has been an effective tool for us in Alabama, and I am proud that the SBA is once again accepting PPP applications. As we work to gradually phase back in our business operations, I urge all small businesses to quickly take advantage of this assistance and to contact your banking institution or financial planner today.”

The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities, according to the SBA. 

Visit the SBA’s website to learn more about which businesses qualify for the loans and how to apply.

Public Service Announcement

Eddie Burkhalter is a reporter at the Alabama Political Reporter. You can email him at [email protected] or reach him via Twitter.

Advertisement

Economy

Alabama Farmer’s Federation starts a relief fund for farmers impacted by Sally

Brandon Moseley

Published

on

A satellite image of Hurricane Sally. (VIA NATIONAL WEATHER SERVICE)

The Alabama Farmers Federation said Monday that it has established a relief fund to help farmers from across the state whose farms were damaged by Hurricane Sally.

“When disaster strikes, I am always impressed by the people of Alabama and their giving spirits,” said Alabama Farmers Federation President Jimmy Parnell. “As we started receiving photos of damaged crops, barns and equipment, we also started getting questions from people about what they could do to help our farmers, and that’s why we’ve established this fund.”

All the donations to the relief fund are tax-deductible and may be made online or by check payable to Alabama Farmers Agriculture Foundation at P.O. Box 11000, Montgomery, AL 36191. Please include “hurricane relief fund” in the check memo line.

“Most of our farmers had as good a crop as we’ve ever seen, and it was so close to harvest for cotton, soybeans, peanuts and pecans,” Parnell said. “It’s devastating to lose a crop that had so much promise. Our farmers are great people who are assisting each other with cleaning up the damage, and we’re so grateful to everyone across the state who is helping in some way, like donating to the relief fund.”

Hurricane Sally made landfall near Gulf Shores as a category two storm Sept. 16 with maximum sustained winds of 105 mph. Official reports from the National Weather Service show more than 20 inches of rain in Baldwin County.

The combination of heavy rains and high winds damaged crops, structures and equipment from Mobile and Baldwin Counties in the southwest through Russell County in the east.

It has been a difficult few years for farmers.

Public Service Announcement

While the general economy had been doing well prior to the coronavirus global pandemic, the farmers were caught in the middle of an international trade dispute over tariffs and fair competition.

Chinese retaliation against Americans farm products depressed commodity markets from 2018 through early this year.

When it appeared that the U.S. and China had come to a trade accord in January, the coronavirus hit along with massive disruptions in the supply chain.

ADVERTISEMENT

Farm bankruptcies were already up pre-COVID-19. The loss of the 2020 crop could push some already struggling agribusinesses over the brink.

The Alabama Farmers Federation is Alabama’s largest and most influential farmers’ organization.

Continue Reading

Economy

Applications open for Alabama’s CARES Act Marine Industry Relief Program

Brandon Moseley

Published

on

(STOCK PHOTO)

The Alabama Department of Conservation and Natural Resources’ Marine Resources Division announced this week that it is currently accepting applications for its CARES Act relief program for fishery-related businesses.

The program was established to provide financial relief for losses suffered by the state’s marine fishing industry due to the COVID-19 pandemic. For more information about the program, visit this website.

Congress awarded $3.2 million of CARES Act money to the state of Alabama to address financial losses caused by the pandemic that occurred in the state’s seafood industry between March 1 and May 31, 2020.

To qualify, fishery-related businesses must have experienced revenue losses greater than 35 percent between the dates listed above. The 35 percent revenue loss is compared to the average revenue earned between March 1 and May 31 in the preceding five years of 2015-2019.

Only Alabama residents and tribal members that are licensed as saltwater commercial fishermen — those that possess licenses for fishing, taking/catching of oysters, taking/carrying shrimp, gill net fishing, and “crab catching” — seafood or oyster aquaculture operators, non-retail seafood dealers or processors, live-bait dealers and for-hire vessel owners-operators are eligible to participate in the program.

Qualifying individuals and businesses must be able to substantiate their income reduction and complete the application process to be eligible for loss reimbursement. Alabama residents who participate in eligible fisheries in other states as non-resident licensees may also be eligible to participate in Alabama’s program.

Completed applications and supporting documentation can be mailed, shipped or hand delivered to the MRD office in Gulf Shores, Alabama, located at 999 Commerce Drive.

Public Service Announcement

The applications must be postmarked no later than Friday, Oct. 30, 2020. Completed applications can also be hand-delivered by 5 p.m. that day. Electronic copies including email will not be accepted. For more information about the program, including FAQs and the application form, visit outdooralabama.com/CARES-ACT.

Learn more about the Alabama Department of Conservation and Natural Resources by visiting outdooralabama.com.

The coronavirus crisis and the economic shutdowns and business limitations to combat the spread of the coronavirus has been devastating to the American economy. At least 28 million Americans are still receiving unemployment benefits and the S&P 500 index closed on Wednesday at 3,236.9, which is still down 4.4 percent from its February peak of 3,386.

ADVERTISEMENT

At least 982,513 people, including 206,598 Americans, have died from COVID-19 and more than 32 million people globally have been diagnosed with the coronavirus including 7,140,137 Americans.

Continue Reading

Economy

Registered nurses, retail salespersons were most sought after employees in August

Staff

Published

on

By

(STOCK PHOTO)

Data collected and analyzed by the Alabama Department of Labor’s Labor Market Information Division shows that the five occupations with the most online wanted ads continue to be for registered nurses, retail salespersons, truck drivers, sales representatives and customer service representatives — with more than 8,000 ads placed for those occupations in August.

The HWOL data is compiled from all online job postings in the state, including those posted on the state’s free online jobs database, AlabamaWorks, and other sources such as traditional job boards, corporate boards and social media sites.

Twelve percent of job ads have salaries of $75,000 and above. Fifteen percent have salaries in the $50,000 to $75,000 range. Eighteen percent have salaries in the $35,000 to $49,000 range, and 55 percent have salaries of $35,000 or less.

The top three employers posting ads in August were UAB Medicine with 992 postings, Lowe’s with 770 and the University of Alabama at Birmingham with 502.

These were followed by the University of South Alabama with 404, Diversicare Healthcare & Therapy Services with 331, Huntsville Hospital with 295, Encompass Home Health with 270, Baptist Health with 246, Advance Auto Parts with 240 and Grandview Medical Center with 236 to round out the top 10 employers with the most online ads.

Software developers are the focus of this month’s in-depth analysis by the LMI division. The median annual salary is advertised as $87,802. This occupation develops, creates and modifies general computer applications software or specialized utility programs.

Software developers also analyze user needs and develop software solutions. They may design software or customize software for client use with the aim of optimizing operational efficiency, analyze and design databases within an application area, and working individually or coordinating database development as part of a team.

Public Service Announcement

Specialized skills in Java and DevOps offer salary premiums based on job ads analyzed.

Continue Reading

Economy

Alabama unemployment rate drops more than 2 points to 5.6 percent

Micah Danney

Published

on

(STOCK PHOTO)

The state’s seasonally adjusted unemployment rate decreased to 5.6 percent in August, down from 7.9 percent in July, according to the Alabama Department of Labor. 

The figure represents 127,186 unemployed people, compared to 176,556 in July. It compares to an August 2019 rate of 2.8 percent, or 62,149 unemployed people.

“August showed a larger drop in the unemployment rate than we’ve seen for a few months,” said Alabama Labor Secretary Fitzgerald Washington. “We are continuing to see our initial claims drop, staying under 10,000 for the past several weeks. We regained another 22,200 jobs this month but are still down more than 86,000 from this time last year.”

Washington said that the number of people who are working or actively looking for work is at its highest level ever, which he described as a sign that people are confident that there are jobs to be found. 

Gov. Kay Ivey said the numbers are good news for Alabama. 

“We have worked extremely hard to open Alabama’s businesses safely, and to put our hard-working families back to work,” Ivey said in a statement. “We know that challenges remain, and we will endeavor to meet them so that we can get back to our previous, pre-pandemic record-setting employment numbers.”

All the state’s counties and metro areas experienced a decrease in unemployment rates from July to August. The most gains were seen in the government sector, the professional and business services sector and the trade, transportation and utilities sector.

Public Service Announcement

Counties with the lowest unemployment rates were:

  • Clay County – 3.4 percent
  • Randolph, Franklin, Marshall, Cullman, Cleburne and Cherokee Counties – 3.6 percent
  • Blount County – 3.7 percent

Counties with the highest unemployment rates were:

  • Wilcox County – 14.8 percent
  • Lowndes County – 13.8 percent
  • Greene County – 10.9 percent

Major cities with the lowest unemployment rates are:

  • Vestavia Hills – 3 percent
  • Homewood  – 3.2 percent
  • Madison – 3.3 percent

Major cities with the highest unemployment rates are:

  • Prichard – 15.4 percent
  • Selma – 12.9 percent
  • Bessemer – 10.7 percent

Continue Reading
Advertisement
Advertisement