Industry News – September 1, 2020

Small-Business Failures Loom as Federal Aid Dries Up

The United States faces a wave of small-business failures this fall if the federal government does not provide a new round of financial assistance — a prospect that economists warn would prolong the recession, slow the recovery and perhaps enduringly reshape the American business landscape.

Source: The New York Times

A Conversation With the National CEO Of The National Association Of Women Business Owners

Forbes contributor Rhett Buttle sat down with Jen Earle, CEO of The National Association Of Women Business Owners (NAWBO) to discuss the impact of COVID-19 on women-owned businesses, how lawmakers can support them, and the steps female business owners should be taking to remain open and viable.

Source: Forbes

 

Small Business Survey Finds Virus’ Impact Varies Sharply by Region

The latest Small Business Pulse Survey by the Census Bureau, based on responses collected Aug. 9-15, offers a glimpse of how small U.S. firms see their prospects. Nationwide, about a third of the companies said they’ve experienced a large negative effect from the pandemic. Roughly 1-in-20 expect to permanently shut down in the next six months.

Source: NNY 360

 

Growth in Hours Worked Contributing to Wage Gains for Employees of Small Businesses

The latest Paychex |IHS Markit Small Business Employment Watch shows that despite hiring remaining flat since its drop-off in April, employees of small business are seeing the benefits of solid wage growth. Hourly earnings growth was steady at 3.28 percent in August and weekly earnings continue to improve as the number of hours worked increases. The national jobs index stood at 94.39, moderating 0.21 percent from the previous month.

Source: PR Newswire

 

Main Street Looks to Congress for New Lifeline as Pandemic Impact Lingers On

The survey from the advocacy group finds that 84% of respondents have used their entire PPP loan, with the remainder likely not far behind. Just under half say they’d apply for a second PPP loan if eligible, with another 31% saying they would consider applying for more aid

Source: CNBC