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 October 26:
- Stimulus deal before election seeming less and less likely
- Chart: Top states expecting job losses in coming months
- Restaurants gearing up to continue outdoor dining through the winter
Stimulus deal before election?
“Ten days after Secretary Mnuchin went on CNBC to declare that he was accepting our testing plan, the Administration still refuses to do so.”
An inability to agree on funding for Coronavirus testing and tracing is at the heart of the continuing stalemate between Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin.
While the Senate has agreed to vote on any package that the House and Administration agree on, it looks very unlikely that COVID-19 aid legislation will be signed into law before the November 3 election.
The United States set a new daily record for infections on Sunday, while many parts of Europe impose new restrictions in an attempt to curb rising infection rates.
Largest states’ job losses
“Premature withdrawal of fiscal support would risk allowing recessionary dynamics to become entrenched, holding back employment and spending, increasing scarring from extended unemployment spells, leading more businesses to shutter, and ultimately harming productive capacity.”
As members of the Federal Reserve Board of Governors continue to call for federal economic aid, the Census Bureau found that nearly 40% of Hawaiians believe that someone in their household will suffer the loss of a job in the next 4 weeks. Furthermore, “three of the country’s four most populous states expect to see at least one in four citizens lose some employment income in the next four weeks.”
Outdoor dining through winter
“If you’ve got more space heaters, if everyone’s somewhat comfortable, we’re going to be cold, but you adapt. If you look even further north of us in Ottawa, other North American climates, they’re all doing it so why can’t we?”
A restaurant in Connecticut put up plastic igloos to seat parties outside, while other establishments are stocking up on space heaters and fire pits to make customers comfortable when the temperature drops.