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Business News Roundup, Sept. 10, 2021

The Fed plans to start tapering, an automatic retirement plan enrollment proposal, a boost in wholesale prices, studies on the impact of supplemental unemployment benefits, concern over COVID-19 outbreaks in Connecticut, and uncertainty over a Connecticut law on rehiring workers…

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SBA Increases COVID EIDL Loan Cap to $2 Million

  • U.S. Small Business Administration increases borrowing limit for COVID EIDL loans from $500,000 to $2 million
  • Other changes also announced, including the ability to use COVID EIDL funds to prepay commercial debt or make payments on federal debt
  • A 30-day exclusivity window will give priority to loans that fall under the previous $500,000 cap
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Biden Proposes COVID-19 Vaccine Mandate for Companies with 100 or More Employees

  • President Joe Biden proposes COVID-19 vaccine mandate for companies employing more than 100 people
  • Rule would be implemented through an OSHA temporary emergency standard
  • White House ramps up efforts to encourage vaccinations amid new surge in COVID-19 infections and faltering economic growth
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Labor Department Projects That 11.9 Million Jobs Will Be Created by 2030

  • Bureau of Labor Statistics forecasts that the U.S. economy will add 11.9 million jobs over the next decade
  • COVID-19 pandemic expected to influence some long-term trends, including decline in retail demand and growth in information technology jobs
  • Aging baby boomers expected to contribute to accelerating demand for health care workers
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SBA: Small Businesses With Equal Male/Female Ownership Employ Nearly 8 Million Workers

  • SBA Office of Advocacy releases report on equally-owned businesses, where ownership is split evenly between men and women
  • These businesses made up just 15.7 percent of employer small businesses in 2018, but still employed nearly 8 million people
  • Equally-owned businesses tend to be family-owned, well-established, and concentrated in retail, real estate, and accommodation and food services
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Job Opening Numbers Are at Record Levels, But Employee Resignations Are As Well

  • A record 10.9 million job openings were posted in July, according to Labor Department data
  • The number of people quitting their job has also stayed at record levels in recent months, with nearly 4 million resigning in July
  • Professional and business services, health care and social services, and accommodation and food services account for the majority of available jobs
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SBA Expands Access to COVID EIDL Program, Allows Funds to Be Used for Debt Payments

  • U.S. Small Business Administration issues interim final rule expanding access to its COVID EIDL program
  • Loans are now available to applicants in hard-hit industries who have up to 20 locations and fewer than 500 employees per location
  • Other changes include the ability to use COVID EIDL funding to pay down debt
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Survey Suggests Paid Family Leave Could Accelerate Return to Work for More Than One-Third of Unemployed

  • Survey finds that 37 percent of unemployed workers would return to work faster if they had access to paid family leave
  • 58 percent of those who reduced their hours during the COVID-19 pandemic indicated that they would seek more hours if paid family leave was available
  • Nearly four in five respondents said they currently don’t have access to paid family leave
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Companies Focusing on Employee Experience Improvements in IT Investments

  • “State of Workplace Tech” report finds that employee experience has been a key driver in employers’ information technology investments
  • Supporting remote work and improving employee communications were the top motivators for such investments
  • 42 percent said cost presented a barrier in making IT investments
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