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 September 17:
- New jobless claims hold steady at 860,000 last week
- SBOs still seeking rent assistance from landlords
- Facebook launches new small business platform
New jobless claims hold steady at 860,000 last week
“The labor market may not be sinking but it sure isn’t getting any better either.”
The number of Americans filing for unemployment for the first time rose very slightly last week to 860,000 new claims, while the overall total number of claims fell slightly to 12.63 million.
Economists believe that unemployment will remain high over the next few years and that Congress’s inaction on further stimulus legislation is only compounding the country’s economic woes.
SBOs still seeking rent assistance from landlords
“This is a very handcrafted deal. We’ll probably be operating at a third of our previous volume for the next six to 12 months. This arrangement gives us flexibility.”
As the country continues to slowly reopen, many small business owners find themselves in six-figure debt for back rent during the time they were closed. Now, often operating at only partial capacity, SBOs across the country are experiencing varying degrees of success negotiating with their landlord for a break.
Main Street businesses, such as music venues, gyms, restaurants, and bars are looking for grace from landlords who often aren’t keen to extend it, citing their own overhead, expenses, and mortgages.
Still, other landlords are working with tenets on a case-by-case basis to find solutions that work for all parties involved.
Facebook launches new small business platform
“This is a long-term investment to make this the main interface for businesses of all sizes who use Facebook, Messenger, Instagram and WhatsApp.”
Facebook is launching a new interface called “Business Suite” in an effort to support small businesses that have been hit by the COVID-19 Pandemic.
According one business owner who has already tried the social media company’s new tool, “Facebook Business Suite makes it faster and easier to analyze post results from both Facebook and Instagram all in one glance The inbox feature organizes messages and comments nicely, making it effortless to reply to customers, which will increase our engagement and reach on both platforms.”