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Small Businesses More Likely to Expect Longer Recovery in Census Survey

  • Second phase of U.S. Census Bureau survey on COVID-19 impact on small businesses finds respondents more likely to expect a longer road back to normalcy
  • Majority of respondents report negative impact on business, but some positive signs such as healthy cash on hand and minimal missed loan payments
  • Businesses see marketing/sales and additional capital as key future needs
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Connecticut Faces Dilemma on Controlling COVID-19 and Preserving Economy

  • Enforcement of Connecticut’s rigorous COVID-19 rules has helped maintain consistently low infection rates, but this also has the potential to harm the state’s economy
  • Hotels and lodging have not been asked to screen guests, though several have done so voluntarily
  • Health commitment has been used in tourism marketing, but pitches are limited to neighboring states
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Small Businesses Feel Crunch Under Slowdown of USPS Mail Service

  • Small businesses rely heavily on the U.S. Postal Service for shipments
  • Delays occasioned by the pandemic and recent operational changes under the Postmaster General result in extra fees, forced refunds, and harm to reputation
  • E-commerce groups push back against proposed hikes to shipping prices
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What Small Business Loans Are Available After the Expiration of PPP?

  • The Paycheck Protection Program has expired, and banks have been more reluctant to approve loans to small businesses
  • Businesses have cut back on investments and expenses, but also worry about survival if economic conditions do not improve in the near future
  • Certain loan programs, including options through the Small Business Administration and Federal Reserve, provide continued avenues of support
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Diminished Supply and Demand Cause Tighter Loan Market for Small Businesses

  • 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
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Businesses Prepare For The Waiting Game As PPP Forgiveness Process Opens

  • SBA opens forgiveness portal for PPP this week, but applicants have been advised to bide their time as further guidance emerges
  • Partial forgiveness options available, and low interest rates can also be attractive to those who need to pay the loan back
  • Questions remain on issues such as tax deductions
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Small Business Optimism Index Falls as Owners Reign In Expectations

  • National Federation of Independent Business (NFIB) monthly survey finds small business owners tempering expectations as effects of COVID-19 continue
  • About half of survey respondents report capital outlays, and owners continue to express interest in hiring
  • Business owners less likely to expect conditions to improve in the next six months
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Keeping Your Customers by Refusing Their Cash

  • Survey finds that a large share of small businesses have stopped accepting cash and transitioned to contactless payments during the COVID-19 pandemic
  • Younger customers are more likely to accept cashless transactions and favor companies that require no direct interaction for payment
  • Two-thirds of businesses try a new approach during the pandemic, primarily involving a pivot to digital
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Poll: Customers Willing to Spend More at Local Businesses, But Likely Visit Less Frequently

  • A survey by Red Egg Marketing finds that about 84 percent of respondents are willing to spend more money to support a local business
  • The majority of respondents say they shop locally only once a month, with about one-third shopping at local businesses each week
  • Customers likely to research a product before purchasing, relying primarily on the the company’s website
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Citizens Bank Announces Grant Program for Minority-Owned Small Businesses

  • $1.5 million in grants to be awarded across the 11 states Citizens Bank serves
  • Program includes partnership opportunity with SCORE
  • Deadline of Aug. 7, with grants distributed in September
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