Industry News – December 9, 2020

Small Businesses Add 110,000 Jobs to U.S. Economy in November

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

 

Community Development and Racial Equity: Does the NMTC Program Need to Reckon with Race?

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?”

Source: Novoco

 

COVID-19 Stimulus May Come Too Late For Struggling Businesses

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

 

Lawsuits Filed Against The Coronavirus Relief Fund for Black-owned Businesses

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

 

Opinion: Wall Street is Surging While Main Street is Suffering

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.

Source:CNBC