The ADP Small Business Report, produced by the ADP Research Institute in collaboration with Moody’s Analytics, tracks employment figures for private sector businesses with 49 or fewer employees. Small businesses with one to 19 employees experienced the most growth, adding 60,000 new jobs, while companies between 20 to 49 accrued marginally less, 50,000 jobs.
Source: Small Business Trends
The Novogradac 2020 New Markets Tax Credit Fall Virtual Conference in October explored the issue of COVID-19 pandemic and economic recession disproportionately affecting people of color in the context of community development with a panel called, “Does the New Markets Tax Credit Program Need to Reckon with Race?”
As many as four million small businesses could be lost in 2020, analysts say, as the pandemic takes its toll on local economies. WSJ visits Yuma, Ariz., where small business owners say another round of stimulus from Congress may be too little too late.
Source: Wall Street Journal
The Oregon Cares Fund uses $62 million from the federal CARES Act for grants. To be eligible, individuals, families and businesses must live in or be based in Oregon, demonstrate hardship due to COVID-19 and self-identify as Black. While the fund is seen as a social justice measure meant to level the playing field, two Oregon business owners feel different and have taken legal action against the fund.
Source: Fox News
The rehiring of workers has slowed considerably and could head into reverse as the pandemic rages on. Permanent layoffs are rising, and the labor force is shrinking again. The pain will continue to hurt Main Street far more than Wall Street, since the public financial markets have no active discounting mechanism for the success or failure of small, private shops.