The Daily Rundown

SMB News Daily Rundown: Update for September 14

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

wildfire-oregon-workest

Small Business News Highlights for September 14: 

  • Wildfires exacerbate economic woes of western states
  • States attempt to make up difference in unemployment benefits 
  • Lack of additional stimulus support takes disproportionate toll on Black workers

Wildfires’ economic devastation continue to rise

“Urban areas like the suburbs of Portland — they’ll probably recover pretty quickly. But these rural communities that are impacted by nearby fires — this could be a drag on their economy that lasts months or years.’’

As wildfires continue to burn across Northern California and Oregon, the economic devastation continues to rise as property is destroyed and businesses are shuttered due to horrific air quality conditions.

While officials estimate  the damage is currently estimated in the billions of dollars, entire communities are seeing their businesses and homes destroyed

States looking for ways to help unemployed citizens

“West Virginia is the only state in the union that is providing that particular benefit. We understand this benefit is critical to many West Virginians.”

States across the country are looking for ways to help unemployed citizens meet the $100 threshold to qualify for the Trump Administration’s temporary unemployment benefit. The Executive Order issued by President Trump provides $300 a week in additional assistance for up to 6 weeks, provided that the claimant qualifies for at least $100 a week in benefits. 

Critics of the program note that the unemployed workers who don’t meet the cutoff point are the ones who need it the most — and state officials in Arkansas, Rhode Island, Idaho, and West Virginia are finding workarounds to make sure that people get the help they need.

Lack of additional stimulus support takes disproportionate toll on Black workers

“Unequal opportunity to rebuild wealth coming out of the crisis is leading to widening racial disparities.”

The likelihood of Congress passing another round of economic stimulation legislation before the next election is growing more unlikely by the day. And the impact on American workers is not one size fits all. In fact, economic data shows that the unemployment rate among White Americans has dropped to single digits while it remains in the double digits for minority groups.

Furthermore, economists note that many of the job losses among minorities are permanent, as opposed to the temporary layoffs and furloughs experienced by many White workers.

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