Small business news from around the web: May 25 – 29, 2020

What’s the best entity type for a family business?
What happens to the family business when your client wants to retire? Or if the cofounders get divorced? Eventually, most family-owned businesses struggle with conflicting business strategies, ownership conditions and combative personalities. Here are the options your clients have regarding business structure.

U.S. small firms leave $150 billion in coronavirus stimulus untapped
Nationally the Paycheck Protection Program remains active, but data from the Small Business Administration shows net weekly PPP lending has actually been negative since mid-May, as fewer firms applied for loans, and some borrowers returned funds. 

Kevin O’Leary’s advice for small business owners as the economy reopens: ‘Practice being thrifty’
As business owners get the green light to reopen, they face concerns like safety, consumer demand, rehiring and paying employees and other costs, to name a few. Kevin O’Leary, a CNBC contributor and an investor on ABC’s “Shark Tank,” advises: “Lower your expectations for what’s going to happen.”

Coronavirus: Life on the front lines of the federal small business loan program
The struggle to qualify for the Paycheck Protection Program was a matter of financial life or death for thousands of small businesses. The fight also took its toll on the bankers who were on the front lines trying to help them business owners save their livelihoods and employees.

Tech Corner - If all your iPhone apps suddenly need updates, you’re not alone
Apple released the final versions of iOS 13.5 and iPadOS 13.5 which contain the Exposure Notification API to create contact tracing apps for the novel coronavirus. Some users were experiencing a bug which made it impossible to open certain apps.

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