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Some Fishermen Go Digital Early as NOAA Prepares for Electronic Reporting This Fall

  • Some commercial fishermen begin to adopt electronic reporting early before it becomes mandatory this fall
  • NOAA Fisheries says shift will allow for better management of fish stocks in the New England and Mid-Atlantic regions
  • NOAA phase-out of paper logbooks taking place alongside long-term plan to eliminate traditional paper charts
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Mask Innovation Challenge Offering $500,000 in Prizes

  • Federal challenge open to innovators interested in “building tomorrow’s mask”
  • Goal is to create a mask with better comfort, utility, and measurable protective capabilities
  • Challenge has a deadline of April 21
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Business News Roundup, April 9, 2021

SVOG technical difficulties, a Johnson + Johnson vaccine shortage, and UConn panel on startup conditions are among the morning's top business news items. National The U.S. Small Business Administration has temporarily suspended its Shuttered Venue Operators Grant portal due to…

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Paycheck Protection Program Likely to Run Out of Funds Before May 31

  • Paycheck Protection Program on track to exhaust available funds before its newly extended deadline of May 31
  • Approximately $68 billion of nearly $292 billion appropriated remains available
  • Business groups differ over whether PPP should receive additional funding or whether the program should be allowed to expire
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Report Projects That Biden Infrastructure Plan Would Create 15 Million Jobs

  • Georgetown University report suggests that President Joe Biden’s infrastructure proposal would create or retain 15 million jobs over the next decade
  • Majority of jobs would be concentrated in transportation and warehousing
  • Analysis suggests that 162,930 jobs would be in Connecticut
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Connecticut Businesses Call for Federal Funds to Cover Unemployment Debt

  • CBIA leading coalition calling for Connecticut to pay down unemployment debt with federal relief funds
  • Businesses argue that requiring businesses to cover this debt will stall post-pandemic growth
  • Connecticut is set to receive $2.6 billion under the American Rescue Plan
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Shuttered Venue Operators Grant Program Opens Today at Noon

  • U.S. Small Business Administration opening grant program for arts and cultural organizations today at noon
  • Qualifying applicants can receive grants based on their gross earned revenue
  • Awards will be given out starting later this month, with priority given to applicants that have suffered the steepest revenue losses during the COVID-19 pandemic
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Business News Roundup, April 8, 2021

Another increase in jobless claims, Governor Ned Lamont's visit to southeastern Connecticut, and cannabis education from UConn are among the top business news items this morning. National Initial jobless claims last week totaled 744,000, up from 728,000 the week before…

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Treasury Reveals Plan to Raise $2.5 Trillion Through Corporate Tax Increase and Other Proposals

  • Treasury Department releases Made in America Tax plan outlining strategy to raise revenues for President Joe Biden’s approximately $2 trillion infrastructure proposal
  • Plan calls for measures that include raising the corporate tax rate to 28 percent, creating a 15 percent minimum tax on the “book value” of major companies, and eliminating fossil fuel subsidies
  • Changes to the plan are likely as some moderate Democrats show wariness about raising the corporate tax rate higher than 25 percent
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UBS Predicts 80,000 Retail Stores to Close Over the Next Five Years

  • UBS anticipates short-term recovery in retail after COVID-19 pandemic followed by a significant number of store closures
  • Prediction based on anticipated increase in e-commerce to represent more than one-quarter of retail sales
  • Retail currently continues to expand, based in part on more commercial space availability and lower rents
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