The Daily Rundown

SMB News Daily Rundown: Update for October 13

Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.

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Small Business News Highlights for October 13: 

  • Senate to vote on small business aid bill as impasse continues
  • Prime Day can be important for small businesses too
  • “Temporary” unemployment turns permanent for 4 million American workers

Small business aid bill

“Republicans do not agree that nothing is better than something for working families.”

Senate Majority Leader Mitch McConnell announced today that the Senate will vote on a “targeted” Coronavirus relief bill as the White House and House of Representatives remain at an impasse.

The Senate, scheduled to resume their legislative session next Monday, has largely been left out of negotiations between Treasury Secretary Steve Mnuchin and Speaker of the House Nancy Pelosi. The bill will provide more money for the Paycheck Protection Program, liability protection for businesses, and funding for schools and hospitals.

So far, Democrats have rejected any offers for pared-down aid packages.

Prime Day

“It gives small businesses like us the ability to kind of just plug into the world’s best fulfillment network and a website, which gets traffic many times more than we could on our own website.”

Despite the concerted efforts of small business owners to encourage shoppers to support local businesses with their holiday dollars this year, many SBOs note that Amazon Prime Day brings in much needed revenue.

Prime Day, which begins at midnight tonight, gives as many as 1.7 million small and medium-sized businesses an opportunity to peddle their wares on the e-commerce site.

Permanent unemployment

“We’re still at a high level of layoffs in the economy. The new job losses will, by and large, be perceived as permanent.”

Economists have noted 2 troubling trends in the country’s ongoing unemployment data. First, after months of furloughs and temporary layoffs, the number of permanent job losses is rising. And second, more people have been unemployed for longer amounts of time.

The number of permanently unemployed people has grown to just under 4 million, while more than 800,000 people filed for first-time unemployment benefits last week.

Economists consider a person as being unemployed “long term” after they’ve been out of work for a period exceeding six months. As of September, 2.4 million Americans had been unemployed for 27 weeks or more — an increase of 781,000 from the previous month.

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