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Business News Roundup, Dec. 2, 2021

The first confirmed case of the COVID-19 Omicron variant in the United States, tightened travel restrictions, an increase in jobless claims, higher venture capital investments in cryptocurrency, a report on the challenges facing Connecticut working women, and a dismissed complaint…

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Forecasts Anticipate Slow Recovery for Business Travel, With Full Recovery Not Expected Until 2024

  • Several forecasts see business travel expenditures growing substantially in 2022, but don’t see recovery to pre-pandemic levels for several years
  • Many industries rely on business travel for a major portion of revenues, including transportation, hotels, tourism, and restaurants
  • Numerous variables will impact business travel trends, including the expanded use of remote options and sustainability commitments
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SBA Inspector General Raises “Serious Concerns” About Improper Payments in COVID EIDL Program

  • U.S. Small Business Administration Office of Inspector General finds more than $3.6 billion in payments to potentially ineligible recipients in its COVID EIDL and emergency EIDL grant programs in 2020
  • OIG recommends strengthening its controls to make sure only eligible recipients are approved for funding
  • Previous reports from the OIG have also highlighted issues caused by a lack of controls as well as fraud risks
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ADP Report Shows Another Strong Month of Hiring, With 534,000 Private Sector Jobs Added in November

  • Private nonfarm jobs increase by 534,000 in November, according to ADP report
  • This marks the third consecutive month where the report reflects jobs gains of more than 500,000
  • Jobs growth is concentrated at larger companies, with leisure and hospitality continuing to lead the gains
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OSHA Extends Comment Period for COVID-19 Vaccine Mandate to Jan. 19

  • Occupational Safety and Health Administration has extended comment period on emergency temporary standard on COVID-19 vaccines in the workplace by 45 days
  • Extension made to allow stakeholders additional time to review the measure and collect information
  • Implementation and enforcement of the standard has been suspended as it faces numerous court challenges
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Business News Roundup, Dec. 1, 2021

A potential acceleration of the Fed's tapering schedule, an injunction against COVID-19 vaccine mandates at health care facilities, the impact of the Omicron variant on certain business sectors, a drop in Thanksgiving weekend shopping, sustained growth in renewable energy, and…

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Connecticut Employees Can Begin Applying for Paid Family Leave Starting Today

  • Connecticut employees may begin filing for paid leave under the state’s new program for foreseeable leaves that will take place in the new year
  • Paid leave benefits will become available starting Jan. 1
  • Income replacement is available for a variety of circumstances, including personal illness, caring for a new child, or coping with an incident of family violence
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Research Shows More Small Businesses Support Paid Family Leave After Implementing a Program

  • Research shows that the share of small business owners supporting paid family leave increases after a program has been in place for a few years
  • The United States does not have a national paid family leave program, though some states and private companies offer them
  • A proposal for a national program of four weeks’ paid family leave is under consideration, and Connecticut’s program will make benefits available starting next year
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White House, Businesses Offer Reassurances on Supply Chains and Holiday Shopping

  • White House holds roundtable discussion on supply chain issues and holiday shopping season
  • Businesses say they have taken several steps to ensure adequate inventories to meet consumer demand
  • Strategies have included diversifying supplier bases, sourcing new products, and developing closer relationships with vendors
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Spring Seminars on Naval Topics Returning to UConn, URI

  • Seminar series on naval technology issues returning to University of Connecticut and University of Rhode Island starting in January
  • Intent of presenting real-world naval applications and career opportunities to engineering students
  • Presenters get a chance to connect with and recruit students
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