Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
Small Business News Highlights for April 22:
- House of Representatives supposed to vote on new stimulus legislation
- President Trump reverses support for opening Georgia businesses
- 26.4 million Americans out of work as hiring slows significantly
House of Representatives expected to pass new stimulus bill
“Frankly, refilling this important account could not come soon enough. It should have happened a week ago. But I’m fully supportive of this important bill.”
The House of Representatives is scheduled to vote this evening on new COVID-19 legislation that would add an additional $310 billion to the Paycheck Protection Program (PPP). The bill would also provide much-needed funds for the Small Business Administrations Disaster Relief loan and for hospitals and testing, 2 major issues championed by Democrats during negotiations.
The initial $249 billion set aside for the PPP ran out within 2 weeks of the program’s launch. Banks warn that this entire round of funding is already accounted for, too. After it came to light that over 70 publicly traded companies received funds, the Small Business Administration has issued new guidelines about who should receive aid.
Despite the criticism that the PPP has faced, there have been success stories.
Trump walks back on support for opening Georgia businesses
“I told the governor of Georgia, Brian Kemp, that I disagree strongly with his decision to open certain facilities. But at the same time, he must do what he thinks is right. I want him to do what he thinks is right. But I disagree with him on what he’s doing.”
Hello doctor, can you help me? I have whiplash, even though I haven’t left the house in days …
President Trump has indicated that he might not support the Georgia governor’s decision to open businesses so soon, after all. Governor Kemp recently announced that gyms, fitness centers, bowling alleys, body art studios, barbers, cosmetologists, hair designers, nail care artists, estheticians, their respective schools, and massage therapists can open tomorrow, causing consternation among small business owners and local authorities, alike.
Meanwhile, Governor Cuomo of New York released preliminary information from a study indicating that roughly 14% of New Yorkers have antibodies to COVID-19.
Unemployment claims continues to skyrocket
“The number of new initial unemployment claims continues to drop, but the cumulative damage from the past 5 weeks is astounding.”
As the number of unemployed Americans continues to skyrocket, the rate at which businesses are hiring is plummeting. In fact, the number or job postings on Indeed.com is down 34% from this same time last year.
Currently, Michigan has the highest rate of unemployment in the U.S.