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Business News Roundup, Dec. 22, 2021

Significant theft in COVID-19 relief programs, a request to modify CDC protocols on COVID-19 quarantines, falling confidence in the economy, small retailers' hopes on holiday shopping, a review of Connecticut's emergency powers laws, job growth trends in Connecticut, a delayed…

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Restructuring of Connecticut’s Small Business Express Program Included in State Bonding

  • Connecticut State Bond Commission approves millions of dollars in investments designed to spur small business growth
  • Includes $21 million to restructure the Department of Economic and Community Development’s Small Business Express program
  • Other allocations focus on community development and workforce training efforts
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More Companies Explore Offering Cryptocurrency to Pay Their Employees

  • More companies are exploring the possibility of offering cryptocurrency as part of their employees’ compensation
  • Benefits include the potential for workers to receive higher value compensation and the ability for employers to attract younger job candidates
  • However, crypto payments also come with several complications, and one human resources group recommends restricting their use to bonuses
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New London County Hit Hardest by COVID-19 Economic Disruptions

  • New London County suffered an 11.1 percent decline in economic output and jobs in 2020
  • Data shows that all eight Connecticut counties experienced decreases in economic indicators, though the impact was least pronounced in Tolland County
  • CBIA head says factors that predate the COVID-19 pandemic have had an impact on the state’s recovery
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Connecticut Debuts Digital Option for Residents to Store COVID-19 Vaccine Records

  • Connecticut introduces option for accessing COVID-19 vaccination records through a digital system
  • Governor Ned Lamont says the “SMART Health Cards” are optional and meant to offer a more convenient than paper cards issued through the CDC
  • There is no statewide COVID-19 vaccine mandate in Connecticut, but some larger venues require proof of vaccination to enter
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IRS Announces Guidance on Small Business Accounting Methods, Updates Mileage Rates

  • Internal Revenue Service updates its guidance on accounting methods available to small businesses
  • Guidance aims to simplify the accounting process for smaller firms
  • IRS also announces update to its standard mileage rates
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Connecticut Launches Winter Tourism Marketing Campaign

  • Connecticut launches its latest seasonal marketing campaign, focusing on winter activities for the first time in years
  • “The State I’m In” includes TV, social media, paid marketing and content seeding, and more
  • Part of an ongoing effort to support and revive Connecticut’s tourism industry
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Want to Stop Employee Turnover? Focus on Employee Well-Being

  • Gallup compares the quits rates for “thriving” and “suffering” employees
  • Workers classified as suffering are more likely to quit, especially in production and frontline positions
  • Tips on improving your employees’ well-being
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Workers Are Largely Satisfied With Their Jobs; Why Are They Quitting?

  • Worker dissatisfaction is often cited as a driving factor in the “Great Resignation”
  • The General Social Survey contests this notion, suggesting that the vast majority of workers remain satisfied with their work
  • The findings suggest that employers need to keep aware of their employees’ motivations and what may cause them to seek opportunities elsewhere
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