‘My Income Has Dropped to Zero’: About 45 Percent of Small Businesses Risk Closure Within Months

At least 13.9 million of the nation’s small businesses are at serious risk of shuttering their doors by April 1, a recent industry report found.

Forty-four percent of the country’s 31.7 million small businesses are at risk of closing by the end of the first quarter, according to small business group Alignable. Small businesses on the brink of closure expect to earn less revenue than their owners estimate is needed to stay afloat.

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More Than $1 Trillion in Coronavirus Aid Hasn’t Been Spent, Includes $120 Billion for Small Businesses

About $1.1 trillion in coronavirus aid, including more than $120 billion for small businesses, has still not been spent, according to a memo Republicans are circulating on Capitol Hill.

The more than $1 trillion in unspent coronavirus relief funds represents a significant portion of the $4 trillion allocated by Congress as part of multiple 2020 stimulus packages, according to the Republican Study Committee (RSC) memo reviewed by the Daily Caller News Foundation. Of the $828 billion allocated for small business loans, about $123.7 billion has not been spent, according to Small Business Administration data.

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Dave Portnoy’s ‘Barstool Fund’ Raises $20M, Helps More Than 90 Small Businesses

The Barstool Fund, created by Dave Portnoy, has helped raise more than $20 million, helping nearly 100 small businesses hurt during the coronavirus pandemic lockdowns. Portnoy started the Barstool Fund one month ago with his own $500,000 to help small businesses.

The fundraiser has raised $20,119,270 from more than 156,000 donors and has aided 92 small businesses across the country as of Thursday evening.

Earlier in the day, Portnoy announced his fundraising success on Twitter, but stressed that their mission is far from over.

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Four California Small Business Owners Share Their Struggles to Survive Under Lockdowns

California small businesses are crumbling under the weight of a new stay-at-home order and a lack of meaningful financial assistance. 

Democratic Gov. Gavin Newsom issued a new region-based lockdown order for California on Dec. 3, forcing more California businesses to close their doors or severely limit operations. 

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Minimum Wage Hikes Set for 2021 Imperil Businesses Struggling Amid COVID Shutdowns

More than 80 states and local municipalities are slated to see minimum wage hikes in 2021, even as business owners continue to struggle during the coronavirus pandemic.

The Employment Policies Institute, a non-profit based in Washington, D.C., that studies how public policy impacts employment growth, released a comprehensive list of the minimum wage increases that will go into effect next year and in subsequent years.

“Minimum wage increases are demonstrated to cause job losses even in times of economic health,” said Michael Saltsman, EPI’s managing director. “These states and local areas are increasing the cost of labor as businesses are dealing with forced closures or a drastic drop in revenue. Employers and employees will pay the price for these misguided good intentions.”

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Four California Small Business Owners Share Their Struggles to Survive Under Lockdowns

California small businesses are crumbling under the weight of a new stay-at-home order and a lack of meaningful financial assistance. 

Democratic Gov. Gavin Newsom issued a new region-based lockdown order for California on Dec. 3, forcing more California businesses to close their doors or severely limit operations. 

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Chamber: Most Small Businesses Say More Federal Aid Necessary for Success

Some two-thirds of small business owners say more federal relief funds are needed for them to be successful in the coming year during the ongoing coronavirus pandemic, according to the fourth quarter Small Business Index survey from the United States Chamber of Commerce.

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Rubio Calls for More Small Business Loan Money in Compromise COVID-19 Relief Bill

The $908 billion pandemic stimulus compromise package being discussed in the U.S. Senate is a hopeful sign of progress, Florida Republican U.S. Sen. Marco Rubio said, but it won’t garner his support until more assistance is tabbed for small businesses.

The four-month emergency package introduced Tuesday by a bipartisan coalition of senators and House representatives on Capitol Hill would fund transportation, food assistance, coronavirus testing centers and the Paycheck Protection Program (PPP) crafted by Rubio’s Small Business and Entrepreneurship Senate Committee to help businesses pay their employees during shutdowns rather than lay them off.

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