The official end of the Paycheck Protection Program, guidance on COVID-19 vaccine requirements, higher restaurant prices, a potential alternate Connecticut budget, and a boost to submarine building are among the top business news items this morning.
National
The Paycheck Protection Program has officially closed to new applications as the U.S. Small Business Administration processes outstanding applications. The program was set to expire on May 31, but the SBA issued notice that it would cease taking applications on May 28 due to a late surge of applications seeking a small pool of funding available through community financial institutions.
The Equal Opportunity Employment Commission has issued guidance stating that employers can require workers to be vaccinated against COVID-19 before they are allowed to return to the workplace. The guidance says employers may be required to provide reasonable accommodations for employees who aren’t vaccinated due to a disability or religious exemption, and that federal law does not prohibit employers from offering incentives to encourage employees to get vaccinated.
Business trends
Small restaurants have been raising their prices in response to a labor shortage and higher prices for foodstuffs and other goods. Restaurants have often had to offer higher wages to attract workers, and shortages in some products such as chicken wings are also causing eateries to pass on costs to consumers.
Connecticut
A Democratic leader in the Connecticut House of Representatives says the chamber may introduce its own budget plan by the end of the week if a compromise is not achieved on aid to Connecticut’s municipalities. Legislative Democrats are looking to increase these local appropriations, while Governor Ned Lamont is pushing for a budget that stays within the spending cap and does not entail tax increases.
President Joe Biden’s budget proposal includes $12 billion for submarine construction, the highest spending proposal for this industry in decades. The budget aims to support the continuing pace of two attack submarines a year as well as the development of the new Columbia class ballistic submarine.
