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As Businesses Seek to Ramp Up Hiring, More Workers Are Quitting

  • Workers quitting at an accelerated pace, further straining businesses that are facing difficulties in filling job openings
  • Leisure and hospitality, retail, and business and professional services are most likely to see departures
  • Different motivations at play, including workers deciding during the COVID-19 pandemic to make a career shift
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People Eager to Treat Themselves to Bigger Purchases in 2021, Survey Finds

  • Two-thirds of respondents in recent survey say they plan to spend more on at least one discretionary item this year
  • Travel, entertainment, and dining out among the most popular splurges
  • Forty-four percent say they’ll take on debt for a major purchase
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SBA Announces Funding Competition to Improve Federal Procurement from Veteran-Owned Businesses

  • U.S. Small Business Administration announces opportunity to compete for up to $500,000 to help veteran-owned businesses access federal contracting opportunities
  • Funds to be used to cover the costs in educating veteran entrepreneurs who intend to pursue federal procurement or are currently engaged in it
  • Applications being accepted through July 12
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LGBTQ Business Owner Survey Highlights Lack of Succession Plans

  • Poll of LGBTQ business owners finds that the majority do not have a succession plan in place
  • About one-third of respondents saw their business drop by at least 50 percent during the COVID-19 pandemic, but the majority believe they can make a full recovery
  • Fifty-six percent said they do not believe their sexual orientation or gender identity might result in the loss of a contract
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Business News Roundup, June 14, 2021

A fourth COVID-19 vaccine candidate, e-commerce pressures on small businesses, and a rise in unruly customers are among the top business news items this morning. National Novavax has announced that its COVID-19 vaccine proved 90 percent effective in late-stage studies,…

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Final Approval Fails to Materialize for Some Business Legislation Before Connecticut General Assembly

  • Several bills related to doing business in Connecticut were left partially approved after the Connecticut General Assembly concluded business last week
  • Measures related to price gouging, modifications to the Small Business Express program, business registration changes, and others among those that received approval from only one chamber
  • Some bills could receive final approval as the legislature is set to convene a special session in the coming weeks
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Small Business Lending Picks Up Slightly as PPP Closes

  • Small business loan approval rates improve slightly in May, but remain low
  • Approval rate is highest among alternative lenders and lowest among large banks
  • June data likely to be significant, as it will reflect changes in lending patterns following the expiration of the Paycheck Protection Program
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Connecticut Earns Award Recognizing High-Value Investment Projects in the State

  • Connecticut earns economic development honors in two national magazines
  • Area Development Magazine gives the state the Silver Shovel Award for attracting high-value investment projects
  • Business Facilities Magazine gives Connecticut high marks in several categories
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Bipartisan Proposal Seeks $60 Billion Funding Boost for Restaurant Revitalization Fund

  • Bipartisan proposal introduced in Congress aims to increase funding for the Restaurant Revitalization Fund to meet demand
  • Bill would add $60 billion to go toward grants to businesses in the food and beverage industry
  • Demand on the program far exceeded available funding, with 362,000 applicants seeking $75 billion
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Business News Roundup, June 11, 2021

An infrastructure compromise, reduced services and staff at hotels, a special legislative session in Connecticut, and an East Coast collaborative on offshore wind are among the top business news items this morning. National A bipartisan group of senators has reached…

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