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Business News Roundup, July 14, 2021

A major spending proposal, the disappearance of a ransomware group, uneven inflation, shrinking marketing budgets, growing green energy investments, Pratt & Whitney's move toward expanded remote work, and wind energy supplier opportunities in Connecticut are among the top business news…

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How the Employee Retention Credit Can Help Businesses Cope With Higher Employee Wages

  • Businesses feeling pressure to increase wages and businesses to attract and retain workers, but smaller companies face greater challenges in doing so
  • Employee Retention Credit offers a way for companies to receive funds against employee wages that can go toward the expense of raising salaries
  • While business owners may believe it can only be claimed at tax time, ERC is available immediately or as an advance
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Connecticut Ranks 24th in CNBC’s Top States for Business 2021 Rankings

  • Connecticut ranks 24th in CNBC’s Top States for Business, moving up from 35th in 2019
  • State sees significant improvement in scores for infrastructure and business friendliness
  • Connecticut continues to rank poorly in costs of living and doing business
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“Aim for the Thames” Marketing Campaign to Promote Blue Tech in Southeastern Connecticut

  • Marketing campaign to highlight major developments in the Blue Tech sector of southeastern Connecticut
  • Effort aims to attract interest of companies and professionals, especially as more people relocate from major cities
  • Campaign will include digital marketing, partnerships with local entities, and more
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Will Child Tax Credit Payments Serve to Boost Retail Spending?

  • Starting Thursday, qualifying families will receive $250 to $300 per child each month under child tax credit payments established under the American Rescue Plan
  • Payments aim to reduce child poverty, but could also provide a boost to retail spending
  • Lower-income recipients will likely use the funds for essentials, but recipients with better financial stability are more likely to put the money toward discretionary purchases
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Business News Roundup, July 13, 2021

Competing infrastructure proposals, a call for a united front on China's economic practices, ongoing consumer price increases, higher inflation expectations, and the potential for extended gubernatorial emergency powers in Connecticut are among the top business news items this morning. National…

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PPP Forgiveness Deadline Approaching for Program’s Early Borrowers

  • Deadline to submit an application for forgiveness on a Paycheck Protection Program loan is approaching for certain borrowers
  • Borrowers must apply for forgiveness within 10 months of the end of the covered period of their PPP loan
  • Forgiveness applications can be submitted after the deadline, but borrowers will be responsible for principal and interest payments while awaiting a decision
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Creating a Digital Nomad Policy for Your Workplace

  • Digital nomads, who rely on tech services to complete their work while traveling, have become more common during the COVID-19 pandemic
  • Companies can open themselves up to regulatory and legal risks if they rely on digital nomads without having policies in place
  • Setting certain limits on travel, proper classification, and other steps for working with digital nomads
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Majority of Companies Show Awareness of Employee Mental Health

  • The Hartford’s Future of Benefits Study finds 70 percent of employers identifying mental health as a significant workplace issue
  • Company leaders significantly more likely than employees to believe their business has taken steps to address mental health
  • Business leaders urged to develop strategies such as employee assistance programs and leadership training
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Don’t Be Deterred by Age: Study Suggests Middle-Aged Entrepreneurs Are Most Likely to Be Successful

  • Study suggests that older entrepreneurs are more likely than younger ones to be successful
  • Average successful tech startup founder between 2007 and 2014 was 45 years old
  • Other research suggests similar success rates due to differing qualities benefiting younger and older entrepreneurs
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