With shutdowns related to the COVID-19 pandemic putting major pressure on brick-and-mortar businesses, entrepreneurs may consider whether their company can feasibly operate with just an online presence
Advantages include minimal overhead, lower operating costs
Business owners must also be aware of customer expectations and greater competition in online-only sales
Large companies with supplier diversity programs support a variety of companies, including small businesses and those run by women, minorities, or LGBTQ owners
Supplier diversity enhances a large company’s reputation while broadening the economic opportunities for partnering businesses
Diversity commitments have been receiving more attention during the COVID-19 pandemic as well as social justice movements
Nearly nine out of 10 employees with a 401(k) retirement savings plan received an employer match in the past year
Just 11 percent of employers suspended their 401(k) match due to the COVID-19 pandemic, and about half of them intend to restore the match as soon as economic conditions allow it
Employee contributions to retirement plans have been largely unaffected by the pandemic
The Paycheck Protection Program gave out billions in loans to small businesses suffering from the effects of the COVID-19 pandemic, but other business loans are becoming scarcer
Less than one in four loans were approved in July, compared to pre-pandemic levels of around 50 percent
Banks are less willing to take on the risk of lending to businesses, while companies have also held off on investment plans
