The Daily Rundown

SMB News Daily Rundown: Update for September 9

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Small Business News Highlights for September 9: 

  • Republicans introduce “slimmed down” stimulus bill; fraud uncovered in PPP 
  • The necessity and challenges of digital transformation for small businesses
  • Popular new job title: “Head of Remote Work”

Republicans introduce “slimmed down” stimulus bill; fraud uncovered in PPP 

“I’m optimistic in the next 2 weeks that the pressure and the voice of the American people will start to have an impact on members of Congress.”

Senate Majority Leader Mitch McConnell introduced a new Coronavirus relief bill yesterday and signaled his intentions to move forward with a vote later this week. The bill would allocate $500 billion for key priorities, such as small business support, enhanced unemployment insurance, child care, the post office, coronavirus testing, and schools. The bill is not expected to pass the House of Representatives and is viewed by many as an attempt to put Democrats on the offensive. Congress and the White House reportedly continue to agree on the need for more direct payments to Americans, however the amount and the details have yet to be hammered out. 

Meanwhile, new information has brought to light widespread fraud within the Paycheck Protection Program (PPP) and JPMorgan Chase is investigating employee and client misconduct regarding the appropriation of program funds. 

The necessity and challenges of digital transformation for small businesses

“The COVID-19 pandemic has exacerbated the digital divide that was already present in the small business market, and it is forcing companies to accelerate their digitalization.”

The COVID-19 pandemic has accelerated the need for small businesses to adopt digital transformation as a means of survival, a new study found. 

The study looked at 2,000 small businesses from the U.S., Canada, German, Mexico, UK, Brazil, Chile and France and found that increasing digitization efforts would allow businesses in these 8 markets to experience a 42% faster rate of growth and increase their economies by 5.5%.

The study also found that about half of respondents expect at least 30% of their business to be digital by 2021.

Popular new job title: “Head of Remote Work”

“You need somebody with an HR background, but they also need to be really strong at [communication skills] and to be pretty adept — or at least knowledgeable — about technology.”

As more companies make remote work a permanent part of their workplace strategy, the importance of appointing someone as the Head of Remote Work has gained traction. 

While some may balk at the need for the creation of yet another new title to manage workers, experts point out multiple issues that can be overlooked in remote work and hybrid situations, such as equitable perks and benefits for remote workers compared to their on-site counterparts. 

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