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Business News Roundup, Aug. 20, 2021

The impending end of federal supplemental unemployment benefits, research suggests cutting unemployment can hurt state economies, more employers requiring COVID-19 vaccines, and another Connecticut county becoming high-risk for COVID-19 transmission are among the top business news items this morning. National…

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Connecticut Vaccine Mandate Extends to Child Care, Schools, State Employees

  • Governor Ned Lamont issues COVID-19 vaccination requirement for state employees, schools, and child care facilities
  • Workers and contractors with these entities must receive at least one dose of a vaccine by Sept. 27
  • Order follows a similar mandate for long-term care facility workers
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UConn, UNH Launch Initiative to Help Connecticut Manufacturers With Sustainable Practices and Workforce Development

  • Initiative through the Department of Energy will support efforts to improve energy efficiency and workforce development at Connecticut manufacturers
  • Faculty from the University of Connecticut and University of New Haven will participate
  • Program will look to specific efforts, such as reducing energy and water use
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SBA: Average Self-Employed Person Has More Wealth Than People Working for Others

  • U.S. Small Business Office of Advocacy looks at wealth comparisons between self-employed and those who work for others
  • Business equity is a considerable driver of wealth, second only to home equity
  • Report cautions that certain factors skew the data, such as uncertainty over whether self-employed started with more wealth, created it, or both
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Considerations When Mandating COVID-19 Vaccines in Connecticut

  • COVID-19 vaccine mandates are becoming more common as businesses seek to combat the spread of the Delta variant of the virus
  • Connecticut has not issued a vaccine mandate except in the case of long-term care staffers
  • Tips on how businesses can establish a vaccine mandate
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SBA: Average PPP Borrower Completes Direct Forgiveness Application in Six Minutes, Gets Decision Within a Week

  • U.S. Small Business Administration says more than 340,000 applications have been submitted to its Direct Borrower Forgiveness Program in its first two weeks
  • Average borrower with a loan under $150,000 can complete forgiveness application in six minutes and get a decision within a week
  • Portal aims to provide a more user-friendly way for borrowers with smaller PPP loans to receive forgiveness and avoid principal and interest payments
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Bonding with New Employees When You’re Still Separated by Remote Work

  • Managers may feel it is difficult to bond with employees, especially new hires, through videoconferencing
  • A recent study looks at the interactions between managers and interns at a global company
  • “Virtual watercooler” Zoom sessions were associated with benefits such as better job performance and improved job satisfaction
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PPP Loans Made Through Fintech Lenders More Susceptible to Fraud, Study Suggests

  • Researchers scrutinize 10 million Paycheck Protection Program loans to identify signs of potential fraud
  • Study concludes that as many as 15 percent of PPP loans could be fraudulent, with fintech lenders accounting for more than half of suspicious loans
  • Major fintech companies decry findings, defending their fraud detection measures and questioning the study’s methodology
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