The struggle small business owners are facing and have been facing since the COVID-19 pandemic started seems like a never-ending nightmare. So the fact that most small business owners support the $1.9 trillion COVID Relief Plan shouldn’t come as a surprise to anyone. However, business owners don’t support the plan across the board.
This article, Majority of Small Business Owners Support Biden’s $1.9 Trillion Recovery Plan – But Not All of It is part of this week’s roundup, which includes a range of topics affecting small businesses.
The data in this particular article comes from the CNBC/SurveyMonkey Small Business Confidence Index Q1 2021 report, which includes some revealing insights into the confidence level of small business owners. This as the pandemic keeps chugging along and a new administration is settling in. And according to the CNBC/SurveyMonkey Small Business Index, the issue of the $15 an hour minimum wage is not going to sit well with many businesses.
For more data from this survey, check out the full story. And for the rest of the week in small business news and information, check out our full roundup below.
Small Business News Roundup – February 19, 2021
Some of the headlines making news for small businesses this week are:
The PRO Act is back. It was passed by the House last year but never advanced beyond that. Now, the PRO Act is back — reintroduced in early February — and it could have a big impact on your small business. The PRO Act is touted as “a labor rights bill” needed to improve worker benefits and safety.
Check out the video our team put together recently highlighting the growing number of cases of PPP loan fraud:
For the full story on PPP loan fraud, check out our full story here.
One of the biggest challenges small businesses face is shoring up their cash reserves. And the February 2021 Alignable: Road to Recovery Report, highlights this very issue. According to the report, 32% of small businesses only have a month or less in cash reserves. Even more distressing, more than 15% don’t have any cash reserves at all.
At $200 billion, the COVID-19 Economic Injury Disaster Loan (EIDL) program has reached a noteworthy milestone. According to the Small Business Administration (SBA), to date, the EIDL program has provided U.S. small businesses, non-profits, and agricultural businesses this impressive sum. And the SBA says it is not done giving out the loans.
One of the challenges of being a freelancer is getting a steady stream of revenue. Fiverr Subscriptions looks to solve this challenge by allowing customers to subscribe to a service with a freelancer. Not only does Fiverr Subscriptions gives the freelancer a steady income, but it allows the business to build a long-term relationship.
Having a massive base of loyal customers who make frequent purchases, leave good reviews about your brand, and refer new customers to your brand is the dream that drives most eCommerce businesses today. Studies show that highly engaged customers are likely to buy 90% more often and spend 60% more per transaction compared to a new customer.
Getting visibility for your business today encompasses much more than paid advertising. Social media, blogging, influencer marketing, and more are all options. Yet ad spend keeps growing as advertising statistics prove. By 2021, worldwide advertisement spending will touch a hefty $559.85 billion.
Time is never on your side when you’re a small business owner. While you can’t forgo too much sleep without ruining your health, you can work more efficiently using artificial intelligence (AI) tools in your back office operations. Below are four tasks where using AI helps you save time. How to Improve Back Office Operations 1.
During the COVID economy, small business owners must get to know what their customers need now. If you haven’t checked on how you can help customers in the last few months, it is critical you do that because what they want in 2021 is changing on an ongoing basis.