The Daily Rundown

SMB News Daily Rundown: Update for October 27

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 27: 

  • Hopes for stimulus bill fade as Senate adjourns until after the election
  • End of the year represents “enormous cliff” for unemployment benefits
  • Is it time to ditch the standard 8-hour work day?

Stimulus bill post-election

“After the election, we’ll get the best stimulus package you’ve ever seen.”

The Senate adjourned until November 9, effectively ending negotiations between Speaker of the House Nancy Pelosi and Treasury Secretary Steve Mnuchin and killing any hope of timely economic aid.

President Donald Trump expressed his belief that the federal government will pass a large stimulus package after the election.

“Enormous cliff” for unemployment benefits

“The lack of a coherent and sustained federal response to this crisis will leave scars that will last a generation, at least.” 

Despite the optimism coming from the White House, economists warn that there’s a giant crisis looming as pandemic-related benefits expire at the end of the year.

According to the Bureau of Labor Statistics, there are approximately 2 unemployed people for every open position and that unemployment benefits will lapse for approximately 23 million people at the end of the year if new funding is not reauthorized by Congress.

Meanwhile, up to 6 million people are waiting on a determination about their eligibility for unemployment benefits.

8-hour work day — goodbye?

“Three to four hours of continuous, undisturbed deep work each day is all it takes to see a transformational change in our productivity and our lives.”

As more companies announce plans to let employees continue working remotely, many people are questioning whether the classic 8-hour workday should be part of the “new normal.”

Data suggests, however, that the expectation of full productivity from 9-5 should quickly go the way of the dinosaur, as most people are truly only productive for less than 3 hours per day. Furthermore, the quality of work drops significantly after a certain number of hours and most people can only concentrate for up to 90 minutes at a time.

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