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 July 28:
- Democrats signal willingness to compromise on $600 weekly jobless benefit
- The importance of simplifying the PPP loan forgiveness process
- Remote workers and the problem of burnout
Democrats signal willingness to compromise on $600 weekly jobless benefit
“Look, it’s not $600 or bust. Pelosi said the other day, which I thought was a great line: ‘We don’t have red lines, we have values.'”
Top Democratic leadership in the House of Representatives has indicated the party is willing to discuss options other than continuing the federally-supplemented $600 weekly benefit.
While both parties acknowledge the need to do something to support workers, Republicans and Democrats disagree over whether the supplement to state payments disincentivizes people from returning to work.
Despite Democrats willingness to negotiate around the issue of unemployment, the 2 party proposals are still nearly $2 trillion apart and represent different policy priorities.
The importance of simplifying the PPP loan forgiveness process
“We are now incorporating our PPP calculation and process recommendations into a dynamic PPP Forgiveness Tool to help drive a simple and effective forgiveness process. Our broader goal with this tool is to also to help drive a common approach to this process with the payroll and lender communities.”
As Congress debates the next round of economic aid, many small business owners are still trying to figure out how to avoid having to repay loan money received from the Paycheck Protection Program (PPP) earlier this year.
Obtaining loan forgiveness depends on the SBO’s ability to demonstrate that they met certain criteria about how the money was used and, since the program is administered by the government, requires filling out extensive paperwork correctly.
To help small business owners complete this, the American Institute of CPAs has released a free tool to help business owners correctly submit their paperwork.
Remote workers and the problem of burnout
“Although work from home may have offered you a break from the commute, office structure and your regular daily routine for the past few months, the mental break from work, as well as technology, is equally important.”
As the pandemic drags on and more companies announce that they’re extending work from home policies, many remote workers are already on the verge of burnout. Currently, nearly 70% of workers report symptoms of burnout, a 20% jump from May.
Financial and health stresses, concerns about kids and childcare and schooling, and ongoing layoffs all contribute to worker stress. Yet, 59% of workers report that they are currently taking off less time than they normally would and many of them have no plans to take time off out of fear that their name will come up when the next round of layoffs hit.
To help combat burnout, experts recommend setting up routines and structuring to the workday to create healthy boundaries and allow workers to disengage from work and recharge.