SBDR: Rhode Island Proposes Emergency Loans in Wake of Coronavirus
Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
The polls have closed, but San Francisco is still waiting for the vote tally on proposed legislation to help struggling small businesses. A senator from Rhode Island also wants to support small businesses and has proposed emergency loan funds ahead of coronavirus disruption. Plus, if you don’t think you need to earn your workers’ loyalty, think again …
Rhode Island senator proposes federal safety net for small businesses impacted by coronavirus spread
Closing down shop for even a few days can spell disaster for some small businesses. So Senator Reed from Rhode Island has proposed that the government earmark for emergency loans to businesses hit hard by coronavirus closures. The CDC has urged businesses to create remote and telework plans and conferences, trade shows and sales events across the country are being cancelled or postponed ahead of concerns about the virus’s spread.
The Number: $7.5 billion. Senator Reed’s proposal is part of a $7.5 billion dollar package that would provide funds for state and local emergency responses and vaccine research.
The Quote: “It affects how we schedule, how the business goes, all the way around. When something gets postponed or canceled, it really hurts us.”
San Francisco still counting votes on Proposition D
San Francisco voters are still waiting for the results of yesterday’s Proposition D ballot initiative. As of this morning, nearly 70% of the votes counted were in favor of the measure, which seeks to help struggling small businesses by taxing the owners of vacant retail spaces.
The Number: $250. If the measure does pass, in 2021 owners of “chronically-empty storefronts” will be charged $250 per linear foot for the first year their retail property remains vacant, $500 in the second year, and $1,000 per linear foot each subsequent year.
The Quote: “According to the SF Office of Economic and Workforce Development, some commercial corridors have as many as 27.6 percent of storefronts sitting empty, sometimes for years on end, although the citywide average is significantly lower at about 12 percent.”
How — and why — you should win employee loyalty
When it comes to the topic of loyalty, there’s a big disconnect between employees’ reported loyalty to their company and their perception of the company’s loyalty to them. Supervisors and managers are the key to bridging that gulf. Multiple studies indicate that workers perform better and stay longer when they feel appreciated, making employee loyalty a key part of management. Organizations don’t have to create fancy programs, though. Simple acts, such as treating workers like human beings, providing flexibility and encouraging innovation go a long way toward cultivating positive feelings among employees.
The Number: 81%. According to one survey by Glassdoor, 81% of workers say that they’re motivated to work harder if they feel appreciated by their supervisor.
The Quote: “Survey after survey shows that employees would stay longer and work harder if they felt recognized and appreciated.”
