Tag: businesses

Posted in Finance

Business owners and politicians call for financial support for Melbourne’s businesses

Sacha Koffman, co-founder of startup Build Labour. Source: supplied.

Daniel Andrews’ extension of metropolitan Melbourne’s stage four lockdown, and the reopening roadmap unveiled last weekend, mean many businesses won’t be able to trade as normal until the end of November.

And that’s in a best-case scenario.

Since Sunday’s announcement, there have been more and more calls to extend the financial support available to affected businesses, including doubling the grant funding available and relaxing eligibility criteria to support those that have fallen through the cracks.

This morning, Andrews said the state government will reveal plans for additional support for affected businesses “very soon”, saying it is receiving input from business advocates.

“We’re giving business an opportunity to provide direct input to the government about the support that they need,” he said.

The announcement itself will be “very substantial”, the Premier promised.

“There is substantial business support that we’ve provided already, and

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Posted in Personal

Small businesses using personal funds to stay afloat during coronavirus crisis, study finds

One-third of small businesses are relying on personal funds to stay afloat during the coronavirus pandemic and subsequent economic lockdown, according to new findings published Thursday.

A CreditCards.com report found that 35 percent of small business decision-makers said either they or their businesses’ owners have used their own money to help the business survive the crisis. That includes 24 percent who say they or the owners used a personal credit card and 21 percent who tapped a personal savings account since March.

HALF OF US JOBS LOST TO VIRUS COULD BE GONE PERMANENTLY, POLL FINDS

Still, small businesses also turned to other resources during the virus outbreak: About 30 percent of respondents said they applied for and received loans through the taxpayer-funded $670 billion Paycheck Protection Program. If at

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Posted in Business

NJ health insurance tax would raise costs for small businesses at the worst time

Eileen Kean
Published 5:00 a.m. ET July 30, 2020 | Updated 7:18 a.m. ET July 30, 2020

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The Small Business Lease – Emergency Assistance Grant Program is designed to help small businesses impacted by Covid-19

Asbury Park Press

As you read this, legislation is being considered in Trenton that would impose higher health insurance costs on small businesses at the worst possible time — during a pandemic when they are struggling to stay afloat.

Despite the financial hardship, many small business owners have done all they can to keep their employees on their group health plans at a time when everyone is exceptionally concerned about the risks posed by a very contagious virus. Lawmakers pushing this bill need to know it would not only hurt already battered small businesses but their employees, who risk losing that important insurance coverage if the bill passes.  

The companion bills introduced by the

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Posted in Business

Pandemic Forces Digital Change on Japan’s Analog Businesses

(Bloomberg) — The coronavirus pandemic may be a drag on economies across the globe, but in Japan it’s bringing long-overdue change in work habits and tools.

About 90% of Japanese refiner Idemitsu Kosan Co.’s non-manufacturing employees have worked from home. Department-store chain Isetan Mitsukoshi Holdings Ltd. is using video chats to offer shopping suggestions online, while smaller enterprises are emracing digital tools. Digital signatures are finally taking hold, replacing official stamps and seals.

Despite being at the forefront of technologies ranging from imaging chips to electric-vehicle batteries, Japan ranked 23rd out of 63 nations in digital competitiveness last year, according to the International Institute for Management Development. While a chronic labor shortage caused by a declining population was already spurring businesses to automate, the Covid-19 outbreak is pushing the transition to the digital workplace into higher gear.

“Many companies small and large have talked about digitization as being important, but

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Posted in Business

More businesses are folding and leaving laid-off workers in the lurch

The number of businesses going under in South Florida is growing at an alarming rate, cutting the chances for laid-off workers to find other jobs during the COVID-19 pandemic.

According to Yelp, the national online business listing firm, nearly 3,000 businesses closed in the tri-county area between March 15 and July 1.

Owners are losing their investments. Employees are losing jobs. And lower income workers — among the most vulnerable to layoffs because they work in hard-hit service industries — are under severe financial pressure as they struggle to find new employment, according to ParentsTogether, a Washington, D.C.-based advocacy group for parents across the country.

In a survey conducted among its Florida members from July 16 to July 19, ParentsTogether found that “a vast majority of families,” including 73% in Miami-Dade, Broward and Palm Beach counties, consider themselves to be struggling economically as a direct result of the COVID-19 crisis,

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Posted in Finance

3 New York City businesses on what it’s been like reopening in the first U.S. epicenter of the pandemic

Subscribe to How To Reopen, our weekly newsletter on what it takes to reboot business in the midst of a pandemic.

New York City quickly became the epicenter of the COVID-19 pandemic in the United States this past spring. As the novel coronavirus has spread rapidly elsewhere nationwide, New York has been able to bring cases down and began to reopen businesses this summer, making it a possible blueprint for other American cities once they have the virus under control.

Anyone who has ventured out to a store or small business that is not a grocery store or a pharmacy (which are also quite different than they used to be but remained open during the shutdown) knows that retail experiences and services are not like what they once were. There are a lot of new rules put in place to keep customers and employees safe, which might look very different

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Posted in Business

Virus Resurgence Sends A Clear Message To Small Businesses That The Future Remains Uncertain

Small business owners are contending with some of the most trying economic conditions in recent memory. Suppliers are seeing their orders limited by a hobbled supply chain, shops and retailers are facing lower sales from a financially insecure client base and restaurants and bars are being forced to weigh the needs of their staff against the lower capacity imposed by socially-distanced dining areas.

But the most trying aspect of running a small business in the time of a pandemic is the reality that these conditions may continue for months on end. The U.S. and many other countries are already seeing a resurgence of infections and hospitalizations after just a few weeks of reopening measures.

Small Business Strife

The COVID-19 pandemic has put a halt to many business owners’ innate hopes for future growth. A recent article from William Dunkelberg, the Chief Economist for the National Federation of Independent Business, describes

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Posted in Business

More Than 200 Businesses Receive HoCo RISE Business Relief Grants

HOWARD COUNTY, MD — More than 200 Howard County businesses have received grants in the first round of funding issued by the HoCo RISE Business Relief Grant Program. Howard County officials allocated $5.7 million in CARES Act funding toward the grant program to provide financial assistance to businesses in targeted sectors that have been most impacted by the coronavirus and plan to reopen. New grants supporting local childcare businesses and the hotel industry have been established, too.

“All of us are trying to get by and move forward. I applaud those making sacrifices in the hope that we will make an impact and save lives, including Howard County small businesses. The first 203 recipients of these grants provide jobs, value and support to our community, and we want to ensure that they too are able to survive,” said Howard County Executive Calvin Ball. “These grants address immediate needs and ensure

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Posted in Business

$20M In Grants For Camden County’s Small Businesses Amid Pandemic

CAMDEN COUNTY, NJ — Small businesses in Camden County will share in $20 million worth of federal grants amid the coronavirus pandemic, local officials announced Wednesday afternoon.

The county has received federal funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act to assist struggling businesses during the coronavirus pandemic. The funding is for both profit and nonprofit organizations, and priority will be given to businesses that have not received state or federal funding already.

“We know the business community, especially the foundation of our economy, small businesses, have been hurting and are in need of dire relief,” Camden County Freeholder Director Louis Cappelli Jr. said. “We need to ensure that every proprietor and principal of a small business has access to these grant funds in order to help maintain and stabilize their operations. Moving forward the grants have the potential to provide a business owner with up to

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Posted in Business

Small businesses around the world struggle to survive

Hour after hour in the dark, Chander Shekhar’s mind raced ahead to morning.

More than three months had dragged by since the coronavirus forced him to shut down his business — a shop racked with vibrantly colored saris, on a block in New York’s Jackson Heights neighborhood once thronged with South Asian immigrant shoppers. Today, finally, merchants were allowed to reopen their doors.

But they were returning to an area where COVID-19 had killed hundreds, leaving sidewalks desolate and storefronts to gather dust. Overnight, the uncertainties of reopening had woken Shekhar nine times.

“This is an invisible enemy that nobody can see,” said Shekhar, who is anxious about the $6,000 monthly rent at his store, Shopno Fashion. “I have worked hard for this for more than 20 years, then I got my shop. It’s not easy to leave it.”

The pandemic’s toll leaves Shekhar reluctant to complain, and he knows

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