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Business News Roundup, March 12, 2021

The American Rescue Plan becomes law, an ocean mapping business proves successful with fundraising, proposed changes to Connecticut's workers' compensation program, an early success Connecticut's revamped incentive program, and a newly formed alliance to represent the fitness industry are among…

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More States Adopting Age-Based COVID-19 Vaccine Strategy After Connecticut Shift

  • Several states begin adopting age-based COVID-19 vaccine distribution strategies after Connecticut switches to this model in late February
  • Most states make exceptions for people with serious health issues, with Maine as the only other state using age as the sole factor for determining eligibility
  • Some hope for vaccine availability to soon eliminate eligibility factors, with President Joe Biden directing that states be able to offer vaccines to all adults by May 1
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House Small Business Committee Reaches Deal on PPP Extension

  • House Small Business Committee leaders agree to two-month extension of Paycheck Protection Program deadline
  • Extension still needs to be approved by the full membership of the House and Senate
  • There have been several calls to extend the PPP deadline to give small businesses more time to apply and allow lenders to process changes to the program
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What the American Rescue Plan Offers to Small Businesses

  • American Rescue Plan establishes new relief measures for small businesses and makes some modifications to existing programs
  • $28.6 billion will go toward establishing a grant program to assist restaurants, bars, and other eateries and drinking establishments
  • EIDL Advance, PPP, and Shuttered Venue Operators Grant programs receive additional funding
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Business News Roundup, March 11, 2021

The approval of the American Rescue Plan, the purchase of 100 million COVID-19 vaccines, potential changes to the PPP deadline, falling jobless claims, new wind turbine installations, and faster hiring at Sikorsky are among the key business news items this…

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Working Group Aims to Improve Diversity and Inclusion in Connecticut Agriculture

  • Working group to be administered by Connecticut Department of Agriculture looks to promote diversity and inclusion in the state’s agricultural sector
  • Group will identify barriers and make recommendations on engaging farmers who are Black, Indigenous, or people of color
  • More than 98 percent of the state’s agricultural producers were White in the most recent available USDA data
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SBA Touts More Equitable PPP Access as Lenders Struggle With Changes

  • SBA fact sheet illustrates effect of changes made by Biden administration to the Paycheck Protection Program
  • Tens of thousands of businesses gained access to the program after certain restrictions were lifted and a two-week exclusivity period was announced
  • However, lenders have also struggled with the changes and are facing challenges in processing applications before the PPP’s March 31 deadline
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Marketers Report More Optimism About U.S. Economy

  • CMO survey finds improved optimism among marketers at smaller U.S. companies
  • Respondents say marketing has taken on greater importance in their company, with significant investment on digital services
  • Companies show more willingness to take a stance on politically charged issues, but shy away from the most controversial matters
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Poll Shows Americans Starting to Reemerge as COVID-19 Vaccination Efforts Advance

  • Axios-Ipsos poll in early March finds that 30 percent of respondents have resumed socializing with friends and family outside their household
  • Twenty-one percent expect return to normalcy within the next six months, while 36 percent anticipate it within the next year
  • Most respondents expect to continue following COVID-19 safety protocols even after they’re vaccinated
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Fed Issues Interim Rule Supporting Treasury Investment in CDFIs and Minority Depository Institutions

  • Fed announces interim final rule supporting Treasury Department investments in community development financial institutions and minority depository institutions
  • Announcement comes shortly after Treasury’s commitment to invest $9 billion in CDFIs and MDIs
  • Investment aims to help provide loans and other financing options to underserved communities
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