The Daily Rundown

SMB News Daily Rundown: Update for September 4

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 September 4: 

  • Economy adds 1.4 million jobs in August 
  • New York restaurants in danger of closing by the hundreds 
  • National Small Business week slated for later this month

Economy adds 1.4 million jobs in August

“More people with more jobs is something to celebrate, but we need to be concerned about how sustainable these gains will be.”

The U.S. added just under 1.4 million jobs to the economy last month, according to the Department of Labor, and the unemployment rate fell to 8.4%. Economists note, however, that the economy is still down 11.5 million jobs since February of this year. They also point out that the temporary hiring of over 240,000 Census workers artificially inflated the number.

Meanwhile, more than 881,000 people filed for first-time unemployment benefits last week, indicating that ongoing layoffs continue to plague the country … and will probably continue to do so in the coming months if the next story is any indication… 

New York restaurants in danger of closing

“It is painfully clear that without financial assistance, the restaurant industry in New York State could collapse.” 

A recent study found that only 36% of restaurant owners in New York expect to still be in business in January without the help of additional government aid. 

The survey was conducted by the New York State Restaurant Association and collected responses from 1,000 restaurant owners across the Empire State. While many establishments have been able to add temporary outdoor seating to comply with public health restrictions, they will not be able to continue to serve as many patrons in the upcoming winter months when indoor seating is the only option. 

National Small Business Week is coming up

“This year, we will spotlight America’s outstanding small businesses and their stories of perseverance and their ability to pivot and overcome adversity.  This event will also feature many educational forums that will inspire entrepreneurs around the country as they recover and sustain their operations.”

Sponsored by the U.S. Small Business Administration, National Small Business Week shines a light on the role that small businesses play in the economy. Originally scheduled for May of this year, the event was postponed due to the COVID-19 pandemic. 

Now, the SBA has announced that an all-virtual event has been rescheduled for September 22 through 24. The 3-day event will feature educational panels and forums. 

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