The Daily Rundown

SMB News Daily Rundown: Update for August 20

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Man fills in Unemployment benefits application form.

Small Business News Highlights for August 20: 

  • New jobless claims creep back up over a million this week
  • Work from home…in Estonia?
  • Wildfires put even more pressure on California small businesses

Jobless claims creep back over a million

“The fact that the claims are so high this far into the crisis is concerning. Yet the depths of the damage remain to be seen. I would definitely call it a canary raising alarms in the economic coal mine.”

New jobless claims spiked up to over a million again this week, causing economists concern and indicating that any signs of lasting economic recovery were not as strong as they’d hoped.

A total of 1.1 million people filed for unemployment benefits for the first time, however continuing jobless claims dropped to 14.8 million. This decrease was larger than expected and represents the lowest number of continuing unemployment claims since April of this year.

Americans are finding their way overseas

I’m considering running my business in another country, like Estonia or Barbados or Bermuda that will allow me to be closer to home.”

As work from home and remote work increasingly becomes the norm, many Americans are deciding to change their definition of “home” for a while.

Lured by countries who have relaxed immigration requirements in order to attract foreigners with money to invest in the local economy, U.S. workers are finding ways to run their businesses from thousands of miles away.

Even before COVID-19, the number of digital nomads was rising, as increasingly flexible remote work policies made it easier for people to work from wherever they could find reliable wifi.

Wildfires put even more pressure on California small businesses

“[I]f you must leave your home and go out for essential activity, remember to bring your face coverings and socially distance from people outside of your household to protect yourself and your community from COVID-19.”

Raging wildfires in northern California are causing even more problems for businesses already struggling due to the pandemic. As air quality plummets, restaurants depending on outdoor dining and outdoor shopping malls and stores are closing out of concern for public health and safety. In fact, public health officials in San Francisco have urged people to stay home altogether, a move that jeopardizes the future of restaurants surviving on already limited revenue.

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