The Daily Rundown

SMB News Daily Rundown: Update for June 3

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Small Business News Highlights for June 3: 

Highlights:

  • Tips for being a community ally during protests for SBOs
  • PPP amendment legislation held up in Senate
  • COVID-19 related jobless claims tapering off

How to be a community ally during protests

“Small-business owners are some of the most respected members of their communities. What you say and what you do is important.”

For small business owners wondering how to balance protecting their business and livelihood from vandalism or looting against the desire to show support and solidarity with protestors, it’s not an either/or proposition. Consider the following ideas about being a community ally:

  • Security cameras and armed guards are ultimately not the solution to unjust acts. Justice is the answer to injustice. 
  • Consider using your influence and position in the business community to call for change at the local and state level. 
  • Pay attention to growing income inequalities and use your influence to demand change in government spending priorities.
  • Think very carefully before calling the police on a person of color. 
  • Pay a living wage so employees can be with their families instead of working second or third jobs. 
  • Develop relationships with entrepreneurs of color and work together to enact changes 
  • Practice empathy and offer support to employees

PPP amendment held up in Senate

“Sen. Lee does believe that PPP was intended to be a short term solution and that loan applications should be limited to August 15.”

The House of Representatives overhaul of the Paycheck Protection Program (PPP) has faltered as a handful of Republican senators have stood in the way of the bipartisan legislation to increase the loan program’s flexibility. 

Senator Lee and Senator Johnson oppose certain provisions in the legislation that would extend the amount of time that business owners have to spend the money they received from the program while still qualifying for loan forgiveness. 

COVID-19 jobless claims tapering off

“If we get 2 weeks of declines, that is significant.” 

The Department of Labor will announce the number of jobless claims on Thursday and some economists believe that the DOL report will show another week of decreases in the number of people filing for unemployment.

While jobless claims are the best reflection of lay-offs across the country, some economists note that they don’t reflect the number of people furloughed or who have had their hours cut. Still others note that, while the economy has begun to open in all 50 states, only approximately half of all people laid-off due to COVID-19 will be rehired in the next months and that Americans should expect the unemployment rate to still hove around 10% by the end of this year. 

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