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Fed Report: Just 3 Percent of Currently Shuttered Service Businesses Likely to Reopen

  • Federal Reserve Bank of New York researchers look at rehiring trends in the services sector
  • Thirty-five percent of businesses in this sector remain closed, with most having been shuttered since the start of the pandemic
  • Researchers anticipate that just 3 percent of currently closed service businesses will be able to reopen
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SBA Says It Has Received More Than 186,000 Restaurant Revitalization Fund Applications

  • More than 186,000 businesses applied for the Restaurant Revitalization Fund in the first two days it was open
  • More than half of the applicants are underserved businesses whose applications will be prioritized in the program’s first 21 days
  • SBA says the average applicant can expect a 14-day waiting period between submission and funds distribution
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Business News Roundup, May 6, 2021

Fed reassurances on inflation, a higher cost projection for the Biden administration's families plan, an anticipated COVID-19 surge, falling jobless claims, unfilled job openings, and New York migration to Connecticut are among the top business news items this morning. National…

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PPP Runs Dry, But Some Borrowers May Still Be Able to Find Loans

  • SBA indicates to lenders that funding for the Paycheck Protection Program has been exhausted
  • Approximately $8 billion of a set-aside for community financial institutions remains available
  • Several COVID-19 relief programs remain in effect, including newly launched grant programs targeted at specific industries
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Downtime, Data Loss, and Other Costs Ransomware Can Have on a Business

  • The CEO of a cybersecurity company looks at the costs associated with a ransomware attack
  • Beyond the direct costs, an attack can also cause monetary losses through downtime, lost employee productivity, diminished customer confidence, and more
  • Tips for strengthening your protections against a ransomware attack
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Survey Finds 85 Percent of Small Businesses Have Reopened

  • Share of small businesses that has fully reopened jumps sharply in Kabbage report
  • Small businesses also report a stronger share of in-person transactions
  • Majority of small business owners say COVID-19 vaccination efforts are vital to economic recovery
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CTNext Postpones Spring Entrepreneur Innovation Awards

  • Spring Entrepreneur Innovation Awards, which was accepting submissions until today, have been postponed
  • Program is typically offered three times a year and offers $10,000 grants to promising and technologically innovative startups
  • CTNext says it will debut a new format for the fall program
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Business News Roundup, May 5, 2021

A new White House vaccination goal, the Treasury Secretary's remarks on inflation, the end of a Trump-era gig worker rule, improved job satisfaction, and Cabinet secretaries' visit to southeastern Connecticut are among the top business news items this morning. National…

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PPP Lending in Connecticut Increases Slightly as Program Deadline Approaches

  • With about one month left to go before the Paycheck Protection Program expires, lending picks up slightly after waning in April
  • A total of $76 million in PPP loan were approved for Connecticut businesses for the week ending May 2
  • PPP ends on May 31 and has about $33.5 billion left to disburse
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Connecticut Personal Incomes Falter in The Pew Charitable Trusts Report

  • Report from The Pew Charitable Trusts finds that Connecticut and 40 other states see a decline in personal income during the COVID-19 pandemic when public assistance is excluded
  • Connecticut fares 41st in nation in 2020 personal income growth
  • Finding follows Connecticut’s last-place ranking in personal income growth from 2018 to 2019
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