✍️ Small businesses are getting $10B

PLUS: Nike vs. Lululemon. January 10, 2022 [The Hustle] One of the creators of Google Glass is back with a new project called SilentSpeller, which is a smart retainer that allows users to text with their tongue. What’s next – braces that can read minds? Today’s rundown: - Small Biz help: The US government’s $10B program to help small businesses. - Nike vs. Lulu: Trouble in athleisure-land. - Digits: An oddball lawsuit, pay increases, and the Hulk. - Around the web: A mannequin mountain, money-saving tips, and more neat internet finds. Let’s do it. The big idea [bundles of money]( Source: [Getty Images]( The US government’s $10B small biz program, explained $1T. The US government has spent more than that amount to prop up small businesses since the start of the pandemic, per [The Wall Street Journal](. The funds haven’t been evenly distributed, though. And the government is trying to rectify that… … with a new $10B commitment The program is called the State Small Business Credit Initiative (SSBCI) and funds will come from the $1.9T covid relief package passed last March. One of the main goals is to direct money toward disadvantaged groups including racial minorities, rural communities, and veterans. Republicans are questioning the need for the Democratic initiative, noting that there is an overlap with other programs. Where did previous funds go? According to WSJ, the flagship Paycheck Protection Program (PPP) — primarily targeted at small businesses — provided fewer loans on average “in areas with majority Black, Hispanic, American Indian or Alaska Native populations.” On top of this, it’s estimated that criminals have stolen [~$100B]( — yes, billions — in covid relief funds. We’re going to go out on a limb and say that money didn’t end up covering payroll for your neighborhood bakery. How it works Per the [Treasury](, the federal government will use the funds to back investing and lending activities, with $3.5B specifically allocated for these buckets: - $500m: Very small businesses (fewer than 10 employees) - $2.5B: Total state funds for businesses owned by the socially and economically disadvantaged - $500m: Technical assistance States will receive money based on a [formula]( that accounts for hardships (e.g., job losses vs. national average). From there, they set programs — from loans to venture capital — that best target their respective locales. A major obstacle for the SSBCI is letting people know they are eligible. So, here’s an [application]( overview. [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=The+US+government%E2%80%99s+%2410B+small+biz+program%2C+explained%0Ahttps%3A%2F%2Fthehustle.co%2F01102022-small-biz-program%3Futm_campaign%3Dsmall%2Bbiz%2Bprogram%26utm_content%3D01102022-small-biz-program%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( SNIPPETS Fundraising flurry: Andreessen Horowitz [raised]( $9B to distribute across its venture, growth, and bio funds. GameStop’s NFT play: The video game retailer [hired]( 20+ people to lead a new division focused on NFTs and cryptocurrency. That’s our word: Snap [sued]( the US Patent and Trademark Office for rejecting the company’s proposed trademark of the term “spectacles” for its AR glasses. Long weekends, forever: After a successful pilot last fall, Bolt, the 1-click checkout unicorn [announced]( a permanent move to a 4-day workweek. --------------------------------------------------------------- Hey — enjoy getting quick updates on what you care about? Take [20 seconds]( to personalize your Snippets. Pick your preferences👇 and we’ll send you more of what you love. Boom. [Personalize my Email →]( Gym Sues [Mirror Home Gym]( Mirror Home Gym. [Photo: Mirror](. Nike sues Lululemon over sports tech patents Lululemon is suing Peloton. Peloton is suing Lululemon. And now, Nike is suing Lululemon? Nike is accusing Lululemon of patent infringement, but this isn’t about leggings. The [lawsuit]( pertains to Mirror Home Gym, a device for live and pre-recorded at-home workouts that Lululemon bought in 2020, [per]( CNBC. Nike says it’s the king of sports tech mountain Nike’s complaint states that it’s been making digital sports tech since 1983, when it filed a patent for a device that tracked a runner’s speed, distance, time, and expended calories. Since then, Nike’s gone on to create numerous digital products and apps that it says attract 75m+ active users. Nike claims Lululemon’s Mirror infringes on 6 patents, which broadly include activity-tracking devices that: - Prompt 2 users in different locations to compete in a challenge - Instruct users based on heart rate - Give users “streak awards” based on performance - Let users share their activity to social media Lululemon’s response asserts that Nike’s patents are “overly broad” and therefore invalid. And if that sounds familiar, it’s because my, how the tables have turned! When Lululemon [claimed]( certain Peloton leggings and sports bras infringed on its patents, Peloton countersued, saying that Lululemon’s patents were invalid for the same reason. Interestingly, one of the leggings Lululemon mentioned in its complaint is a Peloton [collab]( with Nike. Meanwhile, Lululemon received its own patent for a new [shoe line]( coming later this year. Drama! [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=Nike+sues+Lululemon+over+sports+tech+patents%0Ahttps%3A%2F%2Fthehustle.co%2F01102022-Nike-sues-Lululemon%3Futm_campaign%3Dsmall%2Bbiz%2Bprogram%26utm_content%3D01102022-Nike-sues-Lululemon%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( Free Resource We're making marketing planning easy Hold up, there’s no need to make internal strategy docs from scratch. Your time is valuable. We got this one. HubSpot just dropped a tidy template to aid entrepreneurs and marketers at small-to-medium-sized businesses. Swipe the major [marketing plan template](: - Business summary - Business initiatives - Target market - Market strategy - Budget tracking - Marketing channels - Marketing technology If your marketing operation is a mess of moving pieces, it’s time for a cleanup. Use this strategic planning template for all-in-one alignment. [2022 milestones go here →]( Digits [meme]( Digits: An oddball lawsuit, pay increases, and the Hulk 1) A [$6B]( lawsuit against the New York Giants and New York Jets claims the teams take advantage of “New York” branding despite being in New Jersey. “Many NFL fans would not attend… if they were warned in advance that they play in the State of New Jersey,” the suit reads. 2) In 2022, there’s good news and bad news for wages. The good news: companies are expected to set aside [3.9%]( of payroll for pay increases. The bad news: they’re doing it to combat inflation, so it’s less of a gracious gift and more of a band-aid. 3) The Hulk flexed his muscles last week when a private collector dropped [$490k]( on a rare copy of the Incredible Hulk No. 1 comic. The copy is unique in that it shows the Hulk in grey, not green. Marvel realized the grey printed inconsistently, and decided to swap it with green (thankfully). 4) Facebook is banning advertisers that target users’ health conditions, a move many have advocated for some time. But the decision also presents a problem for medical researchers who rely on Facebook to help recruit [~3m]( clinical trial participants each year. 5) Some people subscribe to Netflix. Others, to Spotify. This month, though, some folks might become subscribers to Taco Bell through its [$10]( Taco Lover’s Pass which lets you grab 1 taco per day each month — worth it if you really, really love tacos. [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=Digits%3A+An+oddball+lawsuit%2C+pay+increases%2C+and+the+Hulk%0Ahttps%3A%2F%2Fthehustle.co%2F01102022-digits%3Futm_campaign%3Dsmall%2Bbiz%2Bprogram%26utm_content%3D01102022-digits%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( AROUND THE WEB 💿 On this day: In 2000, AOL and Time Warner [merged]( into a $350B company. But by 2002, profits had sunk. In 2018, Time Warner was acquired by AT&T. 👀 That’s cool: A British woman built [a mountain out of mannequins]( that would have otherwise gone in the trash. Visitors who need mannequins can grab as many pieces as they can in 15 minutes. 🎧 Podcast: Author Diana Kander hosts [The Growth League](, a new podcast where each week, Kander interviews one successful woman about her habits, tactics, and rules for growth. 💻 Useful: [Snipclip]( is a tool you can use to create recordings of yourself and your screen at the same time, which can be super handy if you need to demo something. 💰 How to: Saving up for something? CNBC has [tips]( on adopting a low-buy or no-buy period to save money. 🪁 Chill out: Need a relaxing reset? Enjoy this peaceful [virtual playground](. Meme of the day Which brand is this like for you? (Source: [Buzzfeed]() SHARE THE HUSTLE Hey. Stop keeping us a secret. Refer just 3 people and we’ll start to send The Hustle essentials as a thank you. [My First Million ebook]( Spread the news. Help us grow 🌱 [Share The Hustle 🤠→]( Or copy this custom referral link: [ Your referral count: 0 How did you like today’s email? 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