✍️ Is this new $10B program for you?

$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.

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!

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.