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Economy

Small Business Owners Show Cautious Optimism In COVID-19 Impact Poll

  • Jessica Moser visits the Small Business Radio Show to discuss the latest results of a Met Life/U.S. Chamber of Commerce poll on COVID-19 impact
  • Most small businesses said they had fully or partially reopened at the time of the survey
  • Small businesses show more optimism about future revenues and ability to rehire employees
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Thousands of Theaters Join Call to “Save Our Stages”

  • Live music venues call on fans to join call to “Support Our Stages” with bipartisan $10 billion relief bill
  • Theaters have been hard-hit due to show cancellations and a lack of viable revenue alternatives during COVID-19 pandemic
  • National Independent Venue Association estimates nine out of 10 theaters may close in the next couple of months if situation continues
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Unemployment Extension Hits Partisan Roadblock As Enhanced Benefits End

  • Democrats reject Republican proposal of short-term extension of enhanced unemployment benefits as insufficient as supplemental $600 a week expires tonight
  • Many states have already distributed their last enhanced unemployment checks
  • With several unemployment options on the table, congressional and White House leaders set to continue negotiations
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1 in 3 Small Business Owners Tapped Personal Funds to Stay Afloat During Pandemic

  • Thirty-five percent of small business owners in recent CreditCards.com survey say they used savings or personal credit cards to help cover expenses during COVID-19 pandemic
  • Seventy percent use some form of assistance, such as PPP or business savings account
  • Most small businesses are hoping for increase in sales to stay in business or meet growth targets
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Dunkin’, McDonald’s, Starbucks To Close 1,400 Locations

  • Sharp decline in sales forces major fast food and coffee chains to shutter 1,400 locations
  • Revenues fall as much as 38 percent during COVID-19 pandemic
  • Companies plan investments in models allowing better response to future pandemics
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Fed’s Main Street Lending Program Extended Through End of Year

  • Federal Reserve lending facilities that were set to expire on Sept. 30 extended through Dec. 31
  • Extension occurs amid rising jobless claims and severe contraction of U.S. GDP in second quarter of 2020
  • Substantial five-year loans offered at low interest rates, but with several restrictions
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What The Proposed Coronavirus Relief Bills Would Do For Agriculture

  • Both the HEALS Act and HEROES Act propose billions of dollars in funding for agricultural producers affected by COVID-19
  • Bills include relief for meat producers forced to euthanize healthy animals due to backlog in animal processing
  • Agricultural processors such as textile mills and ethanol plants would also see financial support
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What the Proposed HEALS Act Means for Businesses and Workers

  • Senate Republicans’ proposal for continued COVID-19 relief would provide additional stimulus while reducing unemployment supplement
  • Second round of Paycheck Protection Program would focus on small businesses
  • Additional funds aim to relieve workers of child care burden
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Small Business Employment Recovery Falters In States With Rising COVID-19 Numbers

  • Job recovery at small- and medium-sized businesses has slowed or reversed in states that have seen a recent surge in COVID-19 cases
  • Employment at these companies is down 23 percent on an annual basis
  • Effect largely concentrated in Sun Belt states, where shutdown orders have been reinstated
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COVID-19 Pandemic Gives Connecticut Opportunity for Greater Regional Cooperation

  • As work-from-home arrangements become more commonplace after COVID-19 pandemic, Connecticut has the opportunity to pursue partnerships with neighboring states to strengthen the region’s economy
  • Aging infrastructure, increasing number of residents working outside the state have been challenges
  • Informal talks on issue began in March
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