Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
Today, a Congressman wants protections for small business, remote work keeps rising, and businesses seek ways around Chinese tariffs.
Congress Told to Help Small Businesses Against Predatory Loans
A US Congressman is speaking out in the House of Representatives, asking Congress to get rid of a provision some lenders use to seize a small business’s assets. So-called “confessions of judgement,” which some lenders require a business to sign, mean the business forfeits the right to defend themselves in court.
The Number: 32,000. Lenders in New York state have used “confessions of judgement” to win 32,000 judgements against businesses, mostly from out of state, in recent years.
The Quote: “My clients are very good at what they do. They know how to fix a boat. They know how to install a sink. But that doesn’t mean they know how to read a contract in 8-point font.”
Remote Work On the Rise
Break out the pajamas. More fields are hiring people to work remotely. One report shows that in some fields are hiring as much as 50% more remote workers.
The Number: 4 million. More than 4 million people in the US now work remotely at least half the time.
The Quote: “Until now, you might have been limited in your choice of jobs. That’s changing.”
Businesses Trying to Get Around Chinese Tariffs
As the trade war with China continues, more businesses are trying to find ways around it. Vietnam’s exports of computers and electronics to the US increased 71.6% in the first five months this year to $1.8 billion.
The Number: 250%. Thee US imposed duties of more than 250% on certain Vietnam steel exports after finding they contained “a significant portion” of Chinese steel.The Quote: “The phenomenon of trade fraud through labeling of the origin of goods as being produced in Vietnam is increasing.”