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Small Business Employment Recovery Falters In States With Rising COVID-19 Numbers

  • Job recovery at small- and medium-sized businesses has slowed or reversed in states that have seen a recent surge in COVID-19 cases
  • Employment at these companies is down 23 percent on an annual basis
  • Effect largely concentrated in Sun Belt states, where shutdown orders have been reinstated
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COVID-19 Pandemic Gives Connecticut Opportunity for Greater Regional Cooperation

  • As work-from-home arrangements become more commonplace after COVID-19 pandemic, Connecticut has the opportunity to pursue partnerships with neighboring states to strengthen the region’s economy
  • Aging infrastructure, increasing number of residents working outside the state have been challenges
  • Informal talks on issue began in March
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“Let’s Go 860” Campaign Boosts Promotion of Southeastern Connecticut Businesses

  • Let’s Go 860 marketing campaign lets residents of southeastern Connecticut know which businesses have reopened after COVID-19 shutdowns
  • Google Maps and traditional advertising involved in effort to address confusion over status of small businesses
  • Partners include local chambers of commerce and media
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Small Business Employees Return to Work – With Reduced Hours and Wages

  • Data shows a 2.4 percent increase in small business headcount in June compared to the previous month
  • Cuts in hours and pay rates have been more than furloughs likely to account for reduced wages
  • Employees have also shown an increased willingness to voluntarily leave a job for new opportunities
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Main Street Lending Program Modified to Expand Credit Access for Nonprofits

  • Federal Reserve Board modifies Main Street Lending Program to improve credit access for nonprofits such as educational services, hospitals, and social service organizations
  • New and expanded loan options available
  • Loan conditions generally mirror those of for-profit organizations
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Small Business Loan Approval Rate Improves In June

  • The approval rate for small business loans from big banks increased from 11.5% in May to 13.5% in June, according to the Biz2Credit Small Business Lending Index.
  • The approval rate was higher among smaller banks, increasing from 16.9 percent in May to 18.4 percent in June.
  • Approval rates at institutional lenders and credit unions rose slightly.
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Yes, You Can Restart Unemployment Benefits If You’re Laid Off Again

  • American workers may find themselves unemployed a second time due to resumed shutdowns or PPP depletion
  • The CARES Act and other rules allow people to get benefits over a longer period of time
  • What happens when the ‘benefit year’ ends
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U.S. Producer Prices Fall Unexpectedly

  • U.S. producer prices unexpectedly fell in June as weakness in services offset rising costs for energy goods
  • Deflation remains unlikely as the economy battles depressed demand caused by the COVID-19 pandemic
  • Lower interest rates likely to continue
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Fed Buys More Corporate Bonds, But May Slow Purchases Soon

  • The Federal Reserve purchased $1.3 billion in corporate bonds in late June, on top of other purchases earlier in the month
  • The purchases are part of an effort to keep interest rates low and allow large companies to borrow money by selling corporate debt
  • The Fed has slowed such purchases in recent weeks and may stop altogether if the markets remain healthy
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Insurers Crafting New Policies For Pandemic-Related Disruptions

  • New insurance products aim to protect businesses from disruptions caused by future pandemics
  • COVID-19 creates new opportunities for insurers to plug gaps in policies
  • Products provide peace of mind, but usually don’t come cheap
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