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Public-Private Educational Series to Help Small Businesses Grow Their Exports Debuts Today

  • Department of Commerce and Goldman Sachs 10,000 Small Businesses collaborate on educational series on export topics
  • Three-part webinar series aims to help small businesses expand their sales to international markets
  • Several other federal resources are also available on export issues
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Consumer Bankers Association Urges CFPB to Extend Supervisory Authority to Small Business Fintech Lenders

  • Consumer Bankers Association says the Consumer Financial Protection Bureau needs to extend its supervisory authority to fintech lenders
  • CBA argues that this action is necessary to protect smaller companies and ensure that federal oversight applies to non-traditional lenders as well as traditional banks
  • CFPB has issued a proposed rule on data disclosures for small business lenders, and Congress is considering legislation to expand Truth in Lending safeguards to small business lending
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Labor Data Suggests Major Shift in Work Arrangements From COVID, More Sector-Specific Impact on Wages

  • About half of employees in recent Bureau of Labor Statistics data saw their companies expand telework options
  • Companies also expanded flexible schedules, job sharing, dependent care paid leave, and other options
  • Wage hikes, relocations, and changes to square footage were less common
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Was Your PPP Loan Only Partially Forgiven? You Can Now Seek a Review

  • Small Business Administration creates a new review process for borrowers whose lenders either submitted a partial approval for their Paycheck Protection Program loan or required them to apply for forgiveness of a sum less than what was borrowed
  • Lenders must notify qualifying borrowers by Feb. 26, and they will then have 30 calendar days to seek a review
  • Eighty-three percent of PPP loans have been fully or partially forgiven
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America COMPETES Act Seeks to Extend SBIR/STTR, Support Small Manufacturers

  • America COMPETES Act of 2022 aims to improve American innovation and make the nation more competitive
  • Several parts of the bill aim to support small businesses, including a five-year expansion of the SBIR/STTR program and provisions to support small manufacturers
  • The Senate passed a similar law last summer, and Congress is expected to work out a final piece of legislation to send to the White House
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Could Offshore Wind Farms Work to Capture Carbon?

  • Columbia marine geophysicist suggests that offshore wind turbines could be paired with carbon capture technology to help reduce carbon dioxide levels in the atmosphere
  • Proposal says that excess wind energy could be used to sequester carbon, creating a net reduction in carbon and reducing costs
  • Offshore sites offer certain advances, though technological uncertainties remain
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Pandemic Resilience, Wage Hikes, Uneven Recovery – The Takeaways From Recent Jobs Reports

  • Robust hiring and demand for labor continues despite disruptions brought by Omicron variant of COVID-19
  • Some sectors have recovered from the job losses at the outset of the pandemic, but others remain well below February 2020 levels
  • Raising compensation remains the most common strategy to attract and retain workers, but could be tapering off
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Feeling the Pinch From Omicron, More Than 4 in 5 Small Business Owners Support Additional Relief

  • In Goldman Sachs survey, 79 percent of small business owners say they are still concerned about the impact of COVID-19 and 82 percent said they support additional relief funds for businesses
  • COVID-19 aid through the U.S. Small Business Administration expired at the end of 2021, though disruptions from the Omicron variant have spurred calls for a renewal of assistance
  • A majority of respondents said they are also facing challenges from broader economic pressures such as labor shortages, inflation, and supply chain issues
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Small Business Week in Review, Jan. 28 to Feb. 3

A blow to Build Back Better, an unexpected decline in jobs, an anticipated consumer shift to service spending, and proposed tax cuts in Connecticut are among the major business news items from the past week.

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