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Business News Roundup, July 8, 2021

IMF and Fed divergence on inflation, continuing COVID-19 concerns, another record high for job openings, higher than expected jobless claims, the uncertain impact on scrapping supplemental unemployment benefits, and fewer COVID-19 reports in Connecticut are among the top business news…

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Business Organizations Have Until July 23 to Apply for SBA Community Navigator Pilot Program

  • U.S. Small Business Administration extends the deadline for its Community Navigator Pilot Program to July 23
  • Grant awards of $1 million to $5 million to be decided by September
  • SBA expects to use a “hub and spoke” model with central organizations supporting trusted community resources
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Coming Up With a Purpose-Driven Business Idea

  • Considering your purpose can be an important component in developing your business idea
  • Purpose-driven entrepreneurs are more likely to be satisfied and less likely to be stressed
  • Considering your own goals and ambitions along with the problem you’d like your company to address
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Expanded Year-Round “Shop Small” Campaign Gets $100 Million Boost

  • American Express makes a $100 million commitment to its year-round Shop Small initiative
  • Shop Small was launched as a year-long expansion of Small Business Saturday during the COVID-19 pandemic
  • Initiative includes special offers, digital marketing assistance, and support for Black-owned businesses
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Business News Roundup, July 7, 2021

Rising gas prices, state strategies for disbursing federal relief monies, a concerning COVID-19 variant, and more teenagers in the workforce are among the top business news items this morning. National Oil producers are lagging behind increased demand for fuel as…

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Connecticut Small Businesses Could See Lower Electricity Rates Under Regulatory Change

  • Public Utilities Regulatory Authority approves change in electric rates offered to commercial customers of Eversource
  • Businesses may maintain a rate incorporating a demand charge or switch to a volumetric rate that charges per kilowatt-hour of electricity used
  • Many businesses found themselves paying a high fixed cost for electricity during the COVID-19 pandemic despite significantly reduced electricity use
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Backing the B.A.R. Grant Program Supports Black Entrepreneurs Seeking a Liquor License

  • NAACP and Bacardi team up for Backing the B.A.R. grant program
  • Recipients get a $10,000 grant as well as other support
  • Open to Black-owned businesses that have a liquor license or are seeking one
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By the Numbers: Restaurant Revitalization Fund Awards Average of $283,000 to More Than 100,000 Businesses

  • U.S. Small Business Administration releases data on its Restaurant Revitalization Fund
  • About 101,000 businesses in the food and beverage industry received $28.6 billion, with an average grant of $283,000
  • Demand on the program far exceeded available funding, and a proposal before Congress seeks to fully fund all eligible applications
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Connecticut Launches Website Offering Guidance on Recreational Marijuana Legalization, Including Business Information

  • Connecticut launches website to provide information on the effects of a new law legalizing adult cannabis use for recreational purposes
  • Includes a section for prospective business owners as well as information on workplace issues
  • Use and possession of recreational cannabis is currently allowed, but retail sales are not expected to begin until late 2022
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